Blockchain: Advantage or Threat?

     Last June Bitcoin managed to reach a maximum price of $ 2,851 and other prices generally in this range, when a little more than a year alone cost $ 600. Currently it is believed that the world has more than ten million people with assets invested in cryptocurrency and more than one hundred thousand merchants who accept Bitcoin as a means of payment for their products.

     However, analysts say the digital currency is not globalized yet is because of the possible mistrust that may be between its investors and people who want Buy Bitcoin. As its system is decentralized and free of authority users should be guided by the trust between users to perform operations. The security system provided by Bitcoin, Blockchain only allows observing the transaction made but not the user identification.

     This could be an advantage and at the same time not, because the user must have the confidence to perform the operation without being scammed.

     One of the main reasons why people decide to invest and manage their money with Bitcoins is because banks no longer have the same trust and should always wait for authorities of the bank or government to give authorization to carry out some operation. Blockchain technology allows people to regain control over their money, with no restrictions on where and when to send it.

     Bitxoxo, a Bitcoin exchange in India, is one of the preferred by users since its commissions are very low and allow to interact with different parts of the world. Users who Buy Bitcoin in India with Bitxoxo has felt safe and calm. Like other Bitcoin Exchange, the blockchain system registers the operations carried out and allows, in most cases, the protagonists of the transactions to be beneficial.

     The problem is that the block chain only records the movement of Bitcoins, not the movement of other currencies or products. As there is no authority to complain about, there is an important risk that users may be misled by dishonest merchants who do not comply with their part of the deal.

     However many users are in agreement with the implementation of a system of identification of each user and thus better know their client or partner.