Will Bitcoin Be Used for Further Mobile Payments?


Today's discussion is "Do U Think Bitcoin Will Be Used In Further Mobile Payments?" Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Research produced by the University of Cambridge estimates that in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin. Bitcoin is called the 'Future of Money'.

Advantages:
  • 1. Bitcoins can be sent to any person in any part of the world. No intermediaries in between. No bank holidays/strikes. No boundaries or borders. No payment limit.
  • 2. Low/Minimal Fees for transactions
  • 3. Transactions are very fast if compared to banking
  • 4. People can’t steal your payment information

Dis-Advantages:
  • 1. Many people are still unaware of Bitcoin.
  • 2. Bitcoin prices are very volatile and increases/decreases.
  • 3. Ongoing development.
  • 4. Possible Government Interference.
  • 5. If you lose the Bitcoin wallet, you cannot regain it and they are simply lost forever.

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