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Like most things there are always a positive and a negative – in this case with digital currency such as Bitcoin, I think there are a fairly equal number of both positivies and negatives. I really did not know much about how digital currencies work, and I still felt very confused after this video, but from what I gathered I think the main positives of digital currencies are that it is cheaper and faster to send and receive “money” from others. Along with this idea it would also be easier to do international transactions because of the universal exchanging that digital currencies can have. Meanwhile if you tried to send money from your bank to someone in another country, this could be difficult, time consuming, and costly. Another benefit is that there is more security in the “signatures” used online and thus makes it more difficult for others to try and copy or forge your identification. One of the largest advantages is that people do not have to rely on centralized control, which many view as a positive so they can be personally in charge of their transactions.
Some negatives of digital currencies is that everyone can see each other’s balances and transacations, which some people may not like or feel comfortable with. The process of using digital currencies can also be confusing and hard to learn and adjust to when you are first starting. Arguably the largest negative, however, is that you cannot tell when a transaction occurred. This makes the transferring of currency to one another much more complicated and can cause problems with people thinking they would be getting “money” before others. In a world that revolves strongly around money, it is important for business transactions as well as personal that people know they will be receiving their funds and can trust that their transactions are being transferred smoothly, which can be more difficult when adjusting to virtual forms and not physically transferring a form of payment or taking it to the bank.
