Advantages and disadvantages of bitcoin

 Advantages :

1.Freedom
BTC is designed to stay out of control from legal authorities or third parties,
helping to reduce transaction costs. In recent years, when buying something,
paying with cryptocurrency has also become more convenient. Especially if you
buy things from some deep web market, BTC is the most ideal form of payment
compared to other currencies.
2.High convenience
One of the other hallmarks of Bitcoin is convenience: easy to store and easy
to use. Since Bitcoin is a digital currency, all funds are kept in an app or hardware
wallet, or even stored online.
Cryptocurrencies give people the freedom to send and receive money just by
scanning a QR code or through a few steps of accessing an online wallet.
Therefore, users will not take too much time, transaction fees will not be
exorbitant and money will be transferred directly from one person to another
without having to go through any intermediary. All you need is just an Internet
connection.
3.Not included in PCI
PCI stands for payment card industry. Industry products include: debit
cards, credit cards, prepaid services, e-wallets, ATM cards, POS networks and
other related services. This industry includes organizations that store, process and
transmit cardholder data. In the payment card industry, there are strict security
regulations, and most payment card carriers participate in those regulations.
Although uniform rules and regulations serve the interests of large
companies, they do not really pay attention to the needs of individuals. While for
Bitcoin, users do not need to follow PCI standards, this allows users to enter new
markets.
As a result, users pay lower fees and get a higher market expansion opportunity.
4.High security
Bitcoin users can control their transactions, and no one can withdraw money
from your account without your consent. While with other traditional forms of
payment, it is still possible. Also, with Bitcoin, no one can steal your payment or
transaction information.
Although all Bitcoin transaction information is displayed on the internet, the
identity of the trader does not appear, so the security of information is very high.
BTC users can also protect their funds with backup and encryption. In addition,
the user's identity and personal information are always protected during the
transaction.

5.Transparency
Every transaction as well as information about Bitcoin is public on the
Blockchain, which can be checked and used in real time. Because the BTC
protocol is encrypted and built on a decentralized network, no individual or
organization can interfere, control, and govern it. This is precisely the reason for
the transparency of the Bitcoin cryptocurrency.
6.Bitcoin cannot be faked
One of the most common ways to counterfeit in the digital world is to use the
same coin twice, making both transactions fraudulent. This phenomenon is called
“double spend”. To solve this problem, like other cryptocurrencies, Bitcoin uses
Blockchain technology in combination with many other consensus mechanisms
built into the BTC algorithms to build a complete protocol.

 Defect

1. Legal question
The legal status of Bitcoin varies from country to country. In some countries,
the use and trading of BTC is encouraged by the government to use and transact,
while in other countries, Bitcoin is banned and outlawed.
Currently, many people are concerned about Bitcoin being used by criminal
organizations. Some newspapers believe that the popularity of Bitcoin is mainly
based on illegal transactions. In fact, when the Silk Road black market website
went down, the price of Bitcoin immediately dropped. This has partly confirmed
that Bitcoin is used as a money laundering tool or for illegal acts.
2.Recognition level
Bitcoin is recognized as legal in many countries, however some governments
still do not have a specific regulatory framework for this asset class or some
governments in some countries have enacted a complete ban on Bitcoin. with this
cryptocurrency.
Most businesses, big or small, know about BTC, so it's almost impossible to
ban all cryptocurrencies. Currently, businesses as well as individuals are using
Bitcoin more and more widely.
3.Risk of losing key
Key is a password consisting of numbers and letters used to access the
Bitcoin wallet. If you lose the key, the risk of losing your wallet is very high.
However, most wallets today have a backup mechanism. Therefore, Bitcoin users
should make a backup of their private key before using it to avoid risks.

4.High volatility
The price of Bitcoin fluctuates constantly, the price can go high and also can
fall dizzy and unpredictable. After the peaks of the price, Bitcoin's market
capitalization was blown away very quickly. This is a huge minus point in the eyes
of investors.
5.In development
The future of Bitcoin is still unclear. Currently, governments and banks
cannot control BTC. However, as Bitcoin matures, the government will begin to
exercise control and put it on a legal trajectory. At that time, the virtual currency
Bitcoin is like other ordinary currencies and loses its own identity
Is bitcoin considered a currency? Why?
Currently in Vietnam, Bitcoin is not considered a currency nor is it considered a
commodity, not protected by law, you can only buy and sell this virtual currency
for investment purposes. You cannot use Bitcoin to purchase or pay for any
services in Vietnam.