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  • Essay / Bitcoin Trial - 849

    But Bitcoin, only 21 million, was designed and created according to the original specifications. Bitcoin has a maximum number of coins, unlike regular fiat currency which can be printed by the government. Thus, the value of Bitcoin will not increase and inflation in the value of Bitcoin will not occur either. Disadvantages of Bitcoin:1. Bitcoin is not yet a widely accepted currency Bitcoin only as a virtual currency, it cannot be stored in physical form. 2. Losing Your WalletBitcoin wallets are not FDIC insured, unlike bank accounts. Each of the customers should save a copy of your bitcoin holdings, as the digital treasure can be wiped out by something as mundane as a computer crash.3. Illegal useEach Bitcoin transaction does not record the names of buyers and sellers, but only their wallet IDs. It is difficult to detect sellers and buyers who purchase drugs or other illicit activities online. 4. Unable to recover your bitcoin The product is complex and difficult to understand, making its widespread acceptance doubtful. Bitcoin payments are irreversible because there is no central authority or processing agency that can perform a reversal. The only way to get the bitcoin back is if the person who received the funds sends them