The Dangers Of Using Bitcoin

The Dangers Of Using Bitcoin

Bitcoin is the most widespread cryptocurrency in the world, and millions of people are using this system on a daily basis. Since more and more stores and companies are accepting Bitcoin as a payment method, it is becoming easier than ever to buy and sell goods or services using cryptocurrencies. Bitcoin was created by a person or a group of individuals under a pseudonym Satoshi Nakamoto, and just like a well-known Japanese spear yari – Bitcoin also has two edges to its sword. What this means is that those two sides of the same medal are entirely different from each other, and clients should pay attention when starting their relationship with cryptocurrencies.

The History Of Bitcoin

As we already said, Nakamoto started the system in 2008, and again, same as yari – the new method was easily cutting through the rotting flesh of the global financial system. For those of you who are not familiar with yari, this ancient Japanese spear was a part of their martial arts and the particular technique of wielding this spear was called sojutsu. However, the carrier of this spear was holding great power in his hands, and the same can be said about those who own large quantities of valuable currencies such as Bitcoin.

 Pros And Cons Of Bitcoin

 Pros And Cons Of BitcoinOne of the biggest dangers of using Bitcoin is at the same time one of the advantages of this method, and this feature is – anonymity. Since cryptocurrencies do not need your real-world identity, people can perform payments and transaction without leaving a trace. Unfortunately, this fact has been widely misused, and people are using Bitcoin and other currencies to trade on the notorious Dark Web market. As we all know, illegal items are mostly on display here, which means that Bitcoin can be a great way of protecting your identity when buying drugs or weapons, or something similar.

The speed with which Japanese soldiers wielded their yari was legendary and the speed of transaction of cryptocurrencies is also on a very high level. However, once the action is performed – there is no coming back. No one can reverse the action or reimburse your funds, and this irreversible nature of Bitcoin is often cited as one of its major drawbacks.