Review on Bitcoin by The hsotaka
My review about the holy Bitcoin (BTC)
Today i want to share my experience with Bitcoin.
Probably everybody knows that the publication of the Bitcoin whitepaper was the beginning of the whole crypto space. It's whitepaper was published 2009 by Satoshi Nakamoto, an alias for an unknown person or a group of persons who developed the core code of the BTC blockchain.
I wish i would have discovered Bitcoin earlier because i bought my first 2.8 BTC in early 2017 for 7000$.
Like everybody else, the altcoin hype end of 2017 also ignited me and i invested in several promising projects. Various disappointments during 2018 and 2019 led me to call myself a Bitcoin maximalist today.
The most important thing for me is that BTC is independent of companies, the economy and countries. BTC still the most decentralized currency out there and wasn't created by any foundation or company.
The high standard of decentralization and security leads to a lack of scalability (also called the Bitcoin trilemma). The developer groups of bitcoin are working steadily to improve this aspect and there are already several side projects and chains which try to solve it (Liquid by Blockstream, Lightning Network,...).
For me, security and decentralisation is more important than the scalability aspect, that's why i hold more than 75% of my crypto assets in BTC today.
I also believe that Bitcoin will always play a role in the crypto space. If Bitcoin fails, every other currency will suffer major setbacks. With a current market cap dominance of ~65%, most people in the crypto space probably think that way. In addition, the fact that Bitcoin will always enjoy the highest level of awareness among cryptocurrencies cannot be neglected.
There are people who are calling "Proof of Work" outdated and a waste of energy. Several projects have better consensus algorythms, for example "Proof of Stake". This is a fact i can't deny, but nevertheless most of the other projects out there still are unable to solve the trilemma on a better way.
I always would recommend to hold at least 50% of your crypto holding in BTC! :)
Thank you for reading my review.
Updated 5 years ago
Rating has not been changed
Why Bitcoin price is definitely going to go up further
In my original post, i already described why Bitcoin is the best coin to invest in.
Like expected, bitcoin reached a new all time high these days, so i decided to update my review:
If you think it's to late and you missed the train, please rethink.
Bitcoin is the best hedge against fiat currencies currently. If you are uncertain about the future of your local currency, you are propably facing the question where to store your money. The answer is BTC!
Even a price of 20k USD per Bitcoin isn't a reason to avoid investing in it, i tell you this for sure. The institutional investors just begin to realize that BTC outperformed every other asset class since YEARS. BTC is no risky investment any longer, more an more people realize that it is here to stay and that it will stay for sure.
Of course the price can't go up all the time without several retracements. So be prepared when it dips and don't hesitate to buy these dip's. You won't regret it, even the people who bought at previous ATH in 2017 can't regret it any longer. A price of 23k USD per Bitcoin definitely won't be the end, even if there will be a downtrend in the coming months. Just go sure you are able to wait a few years to earn profit. Then there is an almost 100% chance that you will make gains with your BTC investment.
It's always a bad investment strategy to hope for massive short term gains, so don't invest just because of the current uptrend. Always remember that you shouldn't invest more than you can afford to lose and keep in mind that it even can take years to make gains with such a high volatile asset. If you know these things, a BTC investment will be worth it sooner or later!
Pros
- The most decentralized currency out there.
- The highest availablility (of course every exchange lists BTC).
- The most independent crypto asset out there, that's why many people call BTC "digital gold" or "safe heaven".
Cons
- Lack of scalability due to high decentralization and security.
- Proof of Work has some disadvantages like waste of energy.
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Comments (4)
December 23, 2020
This is one of the best reviews I have seen on Bitcoin. Thanks to this cryptocurrency, the others have emerged, for which it does not deserve to be criticized but to be recognized and have the thanks of everyone.
December 17, 2020
I'm also very sorry about this. I didn't buy when Bitcoin's price was low, I bought it when it went up. I made a profit, but I regret not buying it when it was too low. Sensible people bought bitcoin and ethereum. And now they're in a good mood
June 06, 2020
Bitcoin has a lot of coin for the best investing money. In this era digital money is good for investing. There is no inflation in digital money. But action in market only. Bitcoin is a mother of cryptocurrencies
June 04, 2020
Good thing about bitcoin is its scalability, accessibility and availability to every user in as much you have access to the internet and have some fiat which you can use to buy the crypto you are a step ahead of having bitcoin right into you wallet get some bitcoin today start from scratch and build your crypto world.
