Question: Please give feedback for the below discussion: Bitcoin is a world phenomenon that changed the form of electronic currency. It excludes the banking system role
Please give feedback for the below discussion:
Bitcoin is a world phenomenon that changed the form of electronic currency. It excludes the banking system role in which currency can be transferred from person to person. Due to the banking role being excluded in this form of exchange, hackers are able to more easily take advantage of this system. Bitcoins have several advantages such as being generated by a computer software. On the other hand there are numerous reasons for bitcoin to be viewed a negative system in which it is currently in a civil war. The transaction speed has definitely slowed down due to transactions being able to process each second. Currently there are competitors of bitcoin who are able to solve the transaction limitations and poor processing speed. Furthermore bitcoins are continuously used for gambling and illicit goods which have raised security concerns at its peak. Despite of the various limitation bitcoin brings, Bitcoin still is moving head strong and banks are expecting the system to be in business. World renowned company such as Goldman Sachs invested a huge amount in the system as well. Additionally, New York State first issued the license to operate a virtual currency called a bitlicense. In countries where the banking system is less developed, Bitcoin will gain its popularity amongst every day consumer transactions. There are numerous known companies who accepts Bitcoin such as Dell, Microsoft Expedia, and Newegg. I would say if this many known companies are investing and supporting Bitcoin, it would safe to use for an ecommerce that is reputable. Knowing that Bitcoins value fluctuates rapidly, it would have a greater negative impact on a small ecommerce company and I would not recommend using it for my personal ecommerce business as it would be too risky.
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