Disadvantages Of Bitcoin
YES
1. It may have multiple applications.
2. They have a risk-reward ratio, which is attractive for the users.
3. It may help in securing transactions and removing the need for central authority.
4. It is exciting.
5. It may appeal to an affluent, Internet savvy group of people.
6. Information may be transparent. NO
1. It is risky.
2. It may not be very feasible for the general public.
3. Lack of awareness and understanding.
My Analysis: -
In my view, Creative industries should use new forms of payment. The emergence of Internet had brought about a change in which payments are processed. Now, the scene is beginning to change as there are various other advancements coming up which is beneficial for the users. One of it is Bitcoin, which …show more content…
The price of Bitcoin happens to be at a higher side as the demand is increasing with limited supply and nobody seems to be having control over the money flow. As Bitcoin is at a developing stage, this could pose as a disadvantage that would not tend to attract users into using this type of mechanism. Internet has helped in reinforcing existing structures of payments; people tend to spend money issued by the state quite efficiently while there are people who violate state issued monopolies on entertainment distribution. Bitcoin has an advantage over other services. It does not have any central main frame to shut down. It is fast in comparison to transactions being made with the help of cheque through banks. They have minimal fee on debit card transactions and in some cases are also free. There is a lesser tendency to commit fraud as seen in credit card transactions as a person who has sent bitcoins cannot retrieve them without the consent of the recipient. You do not need to give in your private information while doing transactions on Bitcoin. They usually involve two keys, the public one, which is visible to all, and a private one, which is kept as a secret. Bitcoin is a decentralized mechanism and does not require us to trust anybody. When a transaction is made, it is digitally signed and verified. In Bitcoin, the user owns the public and private key hence nobody can take it from the user unlike how companies have the freedom to freeze assets owned within an account if they have a feeling that the account is being misused. In a recent article, there was news that the fashion industry is leaning towards the virtual reality form of payment and fashion designers are implementing them in their stores. Fashion designers tend to get attracted to this form of payment owing to its unpredictability. Awareness is brought to the customers through posters hung around and is widely
1. It may have multiple applications.
2. They have a risk-reward ratio, which is attractive for the users.
3. It may help in securing transactions and removing the need for central authority.
4. It is exciting.
5. It may appeal to an affluent, Internet savvy group of people.
6. Information may be transparent. NO
1. It is risky.
2. It may not be very feasible for the general public.
3. Lack of awareness and understanding.
My Analysis: -
In my view, Creative industries should use new forms of payment. The emergence of Internet had brought about a change in which payments are processed. Now, the scene is beginning to change as there are various other advancements coming up which is beneficial for the users. One of it is Bitcoin, which …show more content…
The price of Bitcoin happens to be at a higher side as the demand is increasing with limited supply and nobody seems to be having control over the money flow. As Bitcoin is at a developing stage, this could pose as a disadvantage that would not tend to attract users into using this type of mechanism. Internet has helped in reinforcing existing structures of payments; people tend to spend money issued by the state quite efficiently while there are people who violate state issued monopolies on entertainment distribution. Bitcoin has an advantage over other services. It does not have any central main frame to shut down. It is fast in comparison to transactions being made with the help of cheque through banks. They have minimal fee on debit card transactions and in some cases are also free. There is a lesser tendency to commit fraud as seen in credit card transactions as a person who has sent bitcoins cannot retrieve them without the consent of the recipient. You do not need to give in your private information while doing transactions on Bitcoin. They usually involve two keys, the public one, which is visible to all, and a private one, which is kept as a secret. Bitcoin is a decentralized mechanism and does not require us to trust anybody. When a transaction is made, it is digitally signed and verified. In Bitcoin, the user owns the public and private key hence nobody can take it from the user unlike how companies have the freedom to freeze assets owned within an account if they have a feeling that the account is being misused. In a recent article, there was news that the fashion industry is leaning towards the virtual reality form of payment and fashion designers are implementing them in their stores. Fashion designers tend to get attracted to this form of payment owing to its unpredictability. Awareness is brought to the customers through posters hung around and is widely