Benefits of using Bitcoin Payment system
1. With Bitcoin you need not to worry about the inflation rate, which is a major problem nowadays with the current currencies around the world. Over the time nearby all currencies lose its purchasing as the rate fluctuate that in turns affects your accumulated wealth.
Whereas with Bitcoin you never come across such problem with Bitcoin as the system is programmed and designed to be finite.
2. The very common issue that one come across is the regular currencies fails because of government laws which eventually causes hyperinflation. On the other hand you can enjoy the benefit of Bitcoin that helps save once valuable assets because Bitcoin is not regulated by government and is a global currency.
3. The major benefit of using Bitcoin is there is no way that a third party intercepts the transactions, thus ensuring to be a viable system and a secure Bitcoin taxation system.
4. Lastly the sending and receiving transactions with Bitcoins requires one to be a member of Bitcoin thus helping you to stay connected to associated nodes. Thus, by using and implementing bitcoins users you will be contributing to its network and sharing burden of transactions.
Disadvantages of Using Bitcoin Payment system
1. Generally bitcoins is only accepted by a limited number of online merchants and users because of which it at times becomes unfeasible to completely think and rely on the Bitcoins as a major currency of a state or a country.
2. Mostly the Bitcoin system remains unexploited due to its flaws. Being a new system,it is being adopted and slowly accepted by the users however the major branch is still working on the issues discovered so far and make things much easy and preferable as per its customers requirements. Thus proving to a secure and reliable system for the economy.