Cryptocurrencies such as Bitcoin, Litecoin and Dogecoin have risen extremely in popularity in the past few years. With a cryptocurrency, you're able to send money to anyone in the world with a few mouseclicks and it happens completely anonymously.
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Pro A truly peer-to-peer and anonymous solution
There are no names and no accounts in the Bitcoin ecosystem: only anonymous Bitcoin wallets. It makes transactions with people less of a hassle and doesn't require you to input confidential data such as your personal information or credit card details.
Pro Personally untraceable money transfers
Pro High security with offline storage
Users can secure their wallet though encryption all while keeping this info offline. They can be backed up as well, meaning many encrypted copies of the wallet (and the funds contained) can be stored securely.
Pro Allows you to choose a wallet of your choice
Bitcoins are stored in digital wallets, which is a unique identifier for your balance. You can choose to keep your bitcoins offline, but there are also hundreds of online wallet services to keep your bitcoins in.
Pro Convert bitcoins to a currency of your choice
Bitcoins can be converted to 'real' currency in online marketplaces. You'll often pay a small fee, but that's negligible compared to the average charges. The worth of your sold bitcoins can be transferred to your bank account. This also makes Bitcoin an ideal solution for global payments with different currencies.
Con Transactions are not instant
Bitcoin payments take place in the 'blockchain', and must be processed before a payment is completed. This can take anywhere from a couple of minutes up to a couple of hours. However, if you pay a small fee, your transaction is more likely to be completed faster.
Con Not yet widely accepted as a payment method
Altough the popularity of Bitcoin is on the rise, there aren't many individuals who use bitcoin as a payment method. Hewever, webstores and services that allow Bitcoin payments are increasing.