Review on Bitcoin by Adejoh Samuel
Bitcoin, A Joy to the World
Bitcoin being the first recognized cryptocurrency is a very popular project with many Government and Institutional investors coming into it's scene and the coin has been experiencing tremendous growth in price and worldwide adoption. Bitcoin being very popular was the cryptocurrency I made use of. Just like me, One thing that caught other people into this project is it's low cost of making transactions and it's value. In this review, I will discuss broadly on Why the price of Bitcoins is sure to rise and my best personal story about the coin
Speaking on why the value of Bitcoin is poised to rise, we can all see that there is increasing interest and adoption of this mainstream cryptocurrency. Institutional Investors like Microstrategy and Massachusetts Mutual companies have been seen buying huge chunks of the coin. I for one was surprised to see that the Venezuelan nation uses bitcoin to process their international shipping's so as to bypass United States sanctions on their country. Increasing use of Bitcoin as a hedge against inflation not just in my own country's local Fiat Naira but many others has been on the rise. There have been many reports that the number of bitcoins being held on crypto exchanges has been recording high lows meaning many investors or buyers of this currency tend to send in their coins to their local wallet to save it instead of buying and selling off for small time profits. It's limited supply and mining difficulty helps to protect its value over time. Taking into account history books, despite bitcoin falling into Lows of $4000 during the beginning of the Corona virus pandemic, in the very same year it has risen to an all-time high and broken that record currently trading at $23000. With increasing interest into this coin, I really doubt any drastic fall in its value anytime. Not a financial advice but bitcoin is a crypto-currency that is best for anyone to hold.
My best personal stories about bitcoin can be narrowed down to two. The first being that of the #ENDSARS protest that rocked the nation of Nigeria early October saw Bitcoin being used as a means of going around the government sanctions placed on the Bank account being used to fund the protest. The use of bitcoin to fund this protest attracted many people to it and increased adoption. And my second best story is actually placed on the value bitcoin reached this month. I purchased the coin during its lows for $5000 and staked them which earned me annual percentage profits and now currently at its present value, I have made more than 4x my investments.
Bitcoin can be said to be more of a blessing than what it was even meant to be. Satoshi Nakamoto will be very proud of what his creation bitcoin has become today. Being the best amongst all cryptocurrencies is not just historical but it's mystical.
Pros
- It's the first and most popular cryptocurrency available today
- Bitcoin in one way or another, boasts of total decentralization
- Many new improvements are being set up by developers to help the Project network to boost speed and reduce costs of making transaction
- Increasing adoption by Government's and Institutional investors
- As a result of Bitcoins limited supply, it is seen as a hedge against inflation. Almost like a Digital Gold
Cons
- Despite updates to the project network, many users are yet to implement them making those improvements almost useless
- Increasing misuse of the project by corrupt entities pushes the project to a brink of being subjected to Government laws
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Comments (7)
December 24, 2020
As a Nigerian, the fees being charged by Bitcoin isn't feasible for us due to the current rates of our naira. So being used as a hedge against inflation is quite the Banger for this project.
December 24, 2020
Although the Bitcoin is a wonderful project the truth be told. The numerous scam sites present today which leverages the anonymity being used by Bitcoin are on the increase on a daily basis. I see this as a challenge to the success story of Bitcoin because almost everybody especially those new to The blockchain technology would be scared of getting into it.
December 24, 2020
I like your starting heading especially during this festive season, and your personal story using the END-SARS protest is captivating but in my view, not complete as you did not capture the story well. All the same, it's a good review. Thanks for the insight too
December 24, 2020
Bitcoin being the first recognized cryptocurrency simultaneously happens to be the first to exhibit decentralization. After this many other cryptocurrencies thought it nice to do the same. I therefore see bitcoin as an eye opener too many new projects out there today. Good Job on the review
December 24, 2020
Well detailed review. But on your view about the price of Bitcoin still rising is what I will antagonize. If you look at Bitcoin, it has actually lost its appeal to the majority of people. It's just the big time investors that are interested in this coin. And the more whales there are, price can be easily influenced not by their moves only but by their news
December 24, 2020
Bitcoin being a joy to the world is of no doubt as the coin happens to have almost all the characteristics a coin should have normally talking about its liquidity and the fact that it can be traded on almost all exchange platforms. Its popularity is something that one can't look over, being the most popular coin in the world isn't just a one day job.
December 24, 2020
I agree with most parts of your stories on your review but one of your cons in which you said is on the brink of being subjected to government laws, I really doubt that because like you indicated Venezuela, the best selling country can do is to restrict the sale or purchase of Bitcoin but not its use
