Review on Bitcoin by Paul Oguntoye
Btc as the one world currency
The advent of Btc as a digital currency in a fast paced globalized world is appropriate. In my opinion, its pros far surpass its cons. Its acceptability as a legal tender in developing economies should be improved upon. More willing and knowledgeable traders in btc are needed. Fluctuations in btc value need to be addressed. Experience has it that an unexpected sharp drop in value it the btc occur from time to time. The good part however is that the btc value soon experiences a rebound to an all time peak. The block chain wallet/bank where the coins are stored are secure and can't be robbed. In summary btc as a cryptocurrency is the way forward in the world of commerce.
Pros
- Fast and Reliable means of exchange
- Illegal coins owners are detectable now that most account are verified with ID. Gone are the days when coins you buy get reversed. Three stages of confirmation now required before the coin can be said to be in your wallet.
- It is a safe means of transacting business accross national borders. Unlike fiat money, it is not country bound and does not involve the use of an exchange rate
- While some of its counterparts have gone into oblivion, BTC has stood the test of time and is the most widely recognized cryptocurrency.
- Btc is legally traded on the stock exchange market
- Btc is the most highly priced when compared with other cryptocurrencies
Cons
- Limited acceptability in developing economies
- The value of the coin can decrease or increase sharply. It is susceptible to volatility in price
- Underdeveloped countries have little or no knowledge of bitcoins.
- Identities of owners of bitcoins are not traceable, this might make btc a potent tool in the hands of criminal organisations and fraudsters.
