Bitcoin is a proprietary digital token payment system

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I am the judgment matchmaking expert that writes a lot. Bitcoin is a proprietary digital token payment system. Bitcoin is a bartering system which competes with cash, checks, PayPal, or credit cards. Bitcoin provides a private (or maybe even a clandestine) way to pay for things. My guess is that unfortunately, certain Bitcoin token purchases are probably for illegal things or services.

The primary benefit of using using Bitcoin is that it is a private payment method. Bitcoin comes with many disadvantages, including:

1) Although Bitcoin comes with some features, it's proprietary and not part of, or backed by, any government. Only a finite quantity of of Bitcoins have been produced, and that causes Bitcoins to appear to be worth more than they really are. By limiting the quantity of Bitcoins made, along with the hype, has raised the cost of a Bitcoin.

2) Most of Bitcoin's benefits may be of questionable value. The advertised features include being able to e-mail your friends money, it is based on gold, it offers stability and privacy, etc. The problem is, cash, checks, credit cards, prepaid money cards, money orders, arranging to barter with something (e.g., with postage stamps), PayPal, and wire transfers; pretty much cover nearly every possible kind of payment need.

3) Purchasing Bitcoins is not cheap. And except for EBay, purchasing Bitcoins isn't simple or easy; and except for (probably) EBay, some of the Bitcoin sellers seem flaky. As a test, I e-mailed four Bitcoin exchange vendors, including two relatively local to me, and not one of the 4 got back to me. Bitcoin purchases come with no refunds.

4) In my testing of the software to make a unique Bitcoin token "wallet" for a PC seemed slow and buggy. I tried two different Bitcoin token "wallet" programs, and they appeared to need days to complete the updating everything with the Bitcoin server network.

5) My guess is that because Bitcoins are 100% private and secure, and because Bitcoins may be used for the purchase of any item any place, using Bitcoins might get yourself noticed by the government. Who knows, perhaps that person selling unobtainium which one may just buy with Bitcoins, is actually with a certain law enforcement agency, trying to bust you.

6) With Bitcoins, the odds for being ripped off for purchases vastly increases, because almost no seller info gets shared with the buyer, such as their name and address.

I might not be right; and maybe Bitcoin token usage will grow, and more Bitcoin tokens will get issued, and it will be standard on portable devices, and become gladly accepted by almost every conventional store, for example Amazon and Apple. Right now, the ways to pay for things bought on Amazon with Bitcoins are all goofy. Also, if you try to trade Bitcoin tokens for conventional items, the markups you must pay make what you pay to exchange foreign money at an airport, seem low.

I think I am right, and the majority of folks shouldn't mess around with Bitcoin tokens. If If one experiments with it, be certain not to spend more than you're willing to lose. Very often, Paying with Bitcoin tokens, one cannot guarantee the seller, that you will get whatever you purchased, or that one day Bitcoin might get made illegal, or that the wave of excitement over Bitcoin will someday burst.


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