What are the Advantages and Disadvantages of Bitcoin?

[johnwatson]

Bitcoin Advantages:
Freedom in Payment
With Bitcoin it is very possible to be able to send and get money anywhere in the world at any given time.
You don’t have to worry about crossing borders, rescheduling for bank holidays, or any other limitations one might think will occur when transferring money.
You are in control of your money with Bitcoin. There is no central authority figure in the Bitcoin network.
Control and Security
Allowing users to be in control of their transactions help keep Bitcoin safe for the network.
Merchants cannot charge extra fees on anything without being noticed. They must talk with the consumer before adding any charges.
Payments in Bitcoin can be made and finalized without one’s personal information being tied to the transactions.
Due to the fact that personal information is kept hidden from prying eyes, Bitcoin protects against identity theft.
Bitcoin can be backed up and encrypted to ensure the safety of your money.
Bitcoin Disadvantages:
Lack of Awareness & Understanding
Fact is many people are still unaware of digital currencies and Bitcoin.
People need to be educated about Bitcoin to be able to apply it to their lives.
Networking is a must to spread the word on Bitcoin.
Businesses are accepting bitcoins because of the advantages, but the list is relatively small compared to physical currencies.
Companies like Tigerdirect and Overstock accepting Bitcoin as payment is great. However, if they do not have a knowledgeable staff that understands digital currencies, how will they help customers understand and use Bitcoin for transactions?
The workers need to be educated on Bitcoin so that they can help the customers. This will definitely take some time and effort. Otherwise, what is the benefit of such large companies accepting Bitcoin if its staff doesn’t even know what digital currencies are?
Risk and Volatility
Bitcoin has volatility mainly due to the fact that there is a limited amount of coins and the demand for them increases by each passing day.
However, it is expected that the volatility will decrease as more time goes on.
As more businesses, medias, and trading centers begin to accept Bitcoin, its’ price will eventually settle down.
Currently, Bitcoin’s price bounces everyday mainly due to current events that are related to digital currencies.

[Basc78]

That’s a good gist. I think that lack of awareness is the biggest issue that’s pulling this field back. Cryptos have a lot of potential, its just that it is still out of reach of a lot of people.