BITCOIN is an advanced method of payment that uses virtual currency.Any centralized authority does not support this trending technology. It’s a computational network which records the transactions made by the users and also checks the accuracy. BITCOIN mining is a favorite way of sending and receiving money across the world. However, it has both pros and cons.
PROS OF BITCOIN MINING:
- East Payment.
- Apparent method.
- Highly accessible
Instant and easy payment can be made from any corner of the world. The transactions are made using the BITCOIN wallets.
All the details regarding the transactions are easily accessible from the blockchain to anyone and everyone. The blockchain can be verified and checked for accuracy at any time
The record of the transactions is kept public in the form of block chains. The transaction data recorded in these block chains can be accessible by anyone and everyone across the world. Hence,it makes it highly available.
CONS OF BITCOIN MINING:
- Risk of loss
- Legality issues
- Environmental impact
RISK OF LOSS:
The currency exchange methods can be complicated. There is a risk of loss for the miners as this method lacks scaling, and also applications.The hackers can hack the software code of BITCOIN. Hence, it poses a risk of loss. BITCOIN is a virtual and immaterial currency and is considered risky and unsafe. It’s all dependent on the peer-to-peer, the blockchain and the algorithms that govern are not known to anybody.
Any centralized authorities do not back BITCOIN. The value of BITCOIN is not stable, it grows annually, andit’s possible that the amount may decrease so drastically such that the users who earn bitcoin may suffer significant loss. The sustainability of BITCOINS in the future is not defined.
There is a high possibility that people may misuse this method to sort the immortal and illegal money they have.However, not all countries allow BITCOIN trading. Moreover,it’sunlawful to mine BITCOINS according to many judiciaries.
BITCOIN mining is posing a significant loss to the environment by consuming excessive amounts of energy. It also releases high amounts of carbon dioxide in the process of running, leaving carbon footprints.