We all are very well aware about the evolution of money, it started from barter system then it went to paper money then to plastic money and today we all are making online payments. And now there comes another addition to freebitcoin. It was apparently invented by an unknown person or a group under the pseudonym Satoshi Nakamoto in 2008 and started in 2009 when it’s source code was released as open-source software .
Pros of bitcoin
- It is a very open financial system. Through these payments can be made 24/7 around the globe even at the places without any banking system.
- International money payments/transfers are much cheaper and a lot faster than traditional banking systems.
- Bitcoin can be spent in the exactly same way as that of other digital currency i.e through desktop and mobile phones.
- All the transactions taking place in the blockchain are visible to all the bitcoin owners.
- You are in charge of your own money, nobody has any authority over it.
Cons of bitcoin
- The use of currency largely depends upon the availability of the internet .
- Converting bitcoins into fiat is very costly.
- Bitcoin is not accepted everywhere.
- It still has not been legalized in many nations including India.
- There are several cases of scams and fraud attached to it.
To decide whether to buy free bitcoin or not depends completely upon oneself. There are always two sides of a coin the same way Bitcoin also has its mountains and valleys. a very careful and wise decision should be made keeping all the pros and cons of buying Bitcoin in one’s mind, there is no harm in trying something new but precautionary actions will make the experience better.