Bitcoin’s Many Uses and Drawbacks

Bitcoin

We have seen in recent weeks the pitfalls of putting a lot of money into cryptocurrencies and expecting it to grow. The market suffered one of its largest crashes ever. But, cryptocurrency is still holding and isn’t going away anytime soon.

Bitcoin Uses

There are many ways you can use Bitcoin. Mainly, it is used for transfers of monetary value. Instant transfers of any amount of money using BTC usually cost less than a couple bucks. Traditional ways of transferring money could cost as much as $150 and take a few weeks.

Internationally, Bitcoin can be used to fund accounts, such as trading accounts or even bitcoin sportsbooks. The ease of use to do these things is how BTC got big in the first place.

Volatility

Like we mentioned earlier, its volatility is a main drawback of the coin. The ability for a handful of large bitcoin holders (bitcoin whales) to manipulate the market is an area of concern for investors and users of the token.

Stablecoins

Stablecoins are pegged to a fiat currency. In the case of Tether’s USDT, it is pegged to the U.S. dollar. Although this brings some stability, the US dollar has lost almost 10% of its value in the last year or two. So, no currency is invulnerable to value fluctuation.

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