Bitcoin is the world's first cryptocurrency, a form of electronic cash. It is the first decentralized digital currency. The system is designed to work without a central bank or single administrator. Bitcoin was invented by an unknown person or group of people goes by the name Satoshi Nakamoto in 2009. The major advantage of using Bitcoin for payment is you do not need a middleman, like a bank, to complete a transaction. However; transaction speed and costs are a downside for this currency comparing it to other cryptocurrency.
Pros
- You can make payments with bitcoins 24/7 all over the world, even where there’s no banking system.
- Cheaper International payment than with traditional banking system.
- You can spend bitcoins in the same ways you spend traditional digital money except bitcoin let you spend without restrictions.
- Bitcoin can be used from a desktop computer, a mobile phone or a debit card.
- Limited supply (More Bitcoin can't be created)
Cons
- Bitcoin is still in development, the transaction speed and fees are not stable.
- Converting bitcoins into fiat money is costly at the moment.
- Not every shop or service provider accepts bitcoins. The number is growing, though.
- While Bitcoin beats traditional banking in international payments, it’s too slow and expensive for retail transactions like buying coffee or groceries. The speed can be expected to improve in the future.