How Good is Bitcoin (BTC) for Normal Transactions?
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How Good is Bitcoin (BTC) for Normal Transactions?

Since inception, Bitcoin (BTC) has been looked at in the negative light by the experts as well as common man.

The authenticity of the bitcoins has always been questioned. Maybe because the common man is usually found to have less or no knowledge about how the cryptocurrency works. But unawareness about the same cannot be blamed alone. Frauds and scams in the cryptocurrency and the general crypto market are equally responsible for the acquisitions made on the cryptocurrency. And that brings us to the question: is Bitcoin (BTC) good enough to be used for normal transactions?

The security measures applied in Bitcoin are robust enough for normal transactions. But the robustness may or may not remain forever. It is very similar to the concept of the false name used by authors while writing books. As long as the false name is concealed and is not associated with the author, the identity is safe.

But once someone finds out the real name and traces the false name back to the author, identity is lost. Similarly, it is true that the transactions performed using BTC keep the username anonymous. But for how long that anonymity can be kept intact is, in fact, quite questionable.

Also, with the advent of similar technologies like TPAY(Tokenpay), Bitcoin (BTC) faces a tough competition. TPAY recently questioned the usability of Bitcoin in normal transactions claiming that TPAY is far more secure to use.

Bitcoin is said to be slow and costly because of which it is not very advisable to be used for day to day transactions. Still, many traders now accept BTC payments, which has made many people shift to BTC for authentic, safe and secure transactions.

What makes bitcoin unsafe? Web trackers and cookies. They get hold of user information such as name, address, e-mail etc which can be used for hacking. Hence BTC cannot be considered completely safe for normal transactions until its developers of bitcoin need to make it more robust.

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Srijan Srivastava
I am pursuing PGDM, and along with it writing articles is one of the few things I love doing as it not only increases my knowledge but also gives me a chance to share the same with others.