BTC enables you to transfer funds without going through a bank. It uses basic cryptography principles and encryption techniques to enable the secure transaction of funds. It is beneficial in many ways. It completes the money transfer process without the involvement of a bank. The original intention of its creation is to facilitate a more rapid way of making payments. Later on, it started becoming an investment opportunity.
Despite its many uses, some shops still refuse to accept bitcoin payments and some countries have not even legalized it yet.
One main threat that trading in bitcoin posits is that the loss of your hard drive could lead to loss of all the bitcoins you possess. If you are keeping in a cloud-based database system, you can always retrieve it in case of a hard drive failure. But there is another catch. Clouds can be hacked, passwords can be stolen. It is indeed true what people say – ‘Everything has a flip side to it’.