Using bitcoins provides independence from centralized authorities, such as governments and businesses. • Transactions using bitcoins are fast and efficient. • Using bitcoins can ensure user anonymity. • Bitcoin mining incentivizes users to keep the currency running. Disadvantages of using Bitcoins • The security and protection provided by large entities is absent, making Bitcoins a volatile and insecure means of trading. • The value of bitcoins is very volatile and can fluctuate significantly due to limited history and reliance on supply and demand. • The anonymity offered by bitcoins can be used for illegal transactions. • If supply exceeds demand in the future, the value of bitcoins could drop significantly and even reach zero. Overall, while there are some benefits to using bitcoins, the currency's lack of security and volatility make it a risky choice for trading and as a currency replacement. As there are many redundant and duplicated copies of the transaction database, it is impossible to seize the bitcoins. Therefore, governments cannot freeze a person's money and Bitcoin users have complete freedom to do whatever they want with their funds. Since there is no way for the government to intercept Bitcoin transactions, it becomes almost impossible to implement a viable taxation system for them. Bitcoins can only be stolen if the thief has physical access to the user's computer and sends the Bitcoins to their account. This makes stealing Bitcoin much more difficult than conventional currency. To send and receive Bitcoins, users must keep the Bitcoin client running and connected to other nodes. This means that by using Bitcoins, users contribute to the network and share the responsibility of authorizing transactions. This sharing of work considerably reduces transaction costs, making them negligible.