Bitcoins are one of the growing platforms where it has reached its peak in development and advancement. Nowadays, many countries have legalized the usage of bitcoins. Bitcoin ATMs are also available where you can even receive, send amounts, and create a wallet. You do not need a bank account or debit and credit cards for the transaction process. Bitcoin transactions are anonymous. The Cryptobase ATM California provides you with many benefits. If there are positive aspects there will be also negative aspects. Bitcoin transactions also have some disadvantages. Today in this article we will have a look at some drawbacks of Bitcoins.
The disadvantage of Bitcoins:
The usage of bitcoins involves a few drawbacks which include:
- Scams and frauds: technically usage of bitcoins is difficult. A common citizen will find it difficult to use them. Nowadays, there are many available such as Bitcoin transactions, Bitcoin investments, Bitcoin savings, and many more. Due to huge availability and users, people are unable to find the right platform. Many websites are fake. Fake websites and apps will cheat people resulting in a loss.
- Availability of black market: usage of Bitcoin is popular with criminals in the black market. Due to the anonymous feature, it can be used by cyber hackers to hack drug deals and black market deals. The national and international system does not have proper laws for protection though it is legalized. Due to the unavailability of laws and protection it has become difficult to stop the misuse of Bitcoins in the Black market.
- Price volatility: once the FBI declared the use of Bitcoin is legitimate the Bitcoin market value skyrocketed. The price volatility makes it difficult for Bitcoin investments.
- No refund: if the payment is initiated the process cannot be kept on hold or refunded. The process is held between the sender and receiver without an intermediator thus the refund process is not available. In case any wrong sender information is given by mistake also the lost payment is lost. Even a small mistake will create a loss.
- Future cryptocurrencies: future may not depend on Bitcoin. It may be replaced by other cryptocurrencies. This may be a disadvantage while retaining a superior network. You cannot invest in the platform in the long run. Anytime the government can un legalization the platform.
Bitcoin platform is legalized in many countries at the same time it is not legalized in some countries. Be aware of the disadvantages of using Bitcoins. You can gather more information about the usage of Bitcoin from the website https://www.cryptobaseatm.com/location_category/california/.