Review on Bitcoin by Aman Arora
Bitcoin is complete Revolution that changes the way we invest
Bitcoin is a revolution which was launched in 2009 known as cryptocurrency records the transactions on secured blockchain based decentralized network. It is type of computer file tha is stored in secured wallet and its value is decided by supply and demand.
Best thing about bitcoin is its limited supply which is fixed to 21 Millions and its block contain 6.25 Bitcoin and it takes 10 minutes for a transaction to be mined. Due to its limited supply Bitcoin Halving is done every 210000 Blocks. First halving was done in 2009 when 50 new bitcoins were mined and last halving was done in May 2020 where 6.25 Bitcoins. Every Halving use to half the reward generated by Bitcoins.
Bitcoin challenge every traditional Financial payment system because remittance and payment received on Blockchain is transparent and can be checked any time and thats even without the help of third party involvement.
Bitcoin works proof of work algorithm as Bitcoined can be mined with the help of electricitiy Mobile and laptop. No local authoritires control the supply of Bitcoin and that is why it is safe to use and store.
Bitcoin is not backed by any banks or central governement or dont have any EPF backed funds or treasuries which means that bitcoin is highly risky investment and that is why dome Economists called Bitcoin as bubble. Bitcoin legalization is inevitable as it can makes the traditional investment and remittance system more transparent and rewarding but due to highly Volatile Nature banks and econmies try to avoid involvement in regularizing bitcoin use in Traditional Financial system even with norms.
Bitcoin Trading is profitable as there are ample opportunities in Trending Markets as there are no geopolitical risks drives the Bitcoin price but more caution and strict trading managenent is needed to trade Bitcoin. You can simply use Bitcoin mining pools to earn rewards based on investments . I always enjoy using protocols algorithm that allows ne to use bitcoin as lending facilities to invest in stable income pools without risking the sale of my Bitcoin portfolio. Its good to have Bitcoin in your portfolio but I would rather skip using it as long term investments untill it is backed by any central governments authorities.
Bitcoin is easy to store almost on any compatible mobile wallet custodial or non custodial and can be traded at any top quality exchange with low spread and Instant execution. I prefer using limit orders at Binance because price change every second can impact your profit. I avoid using Bitcoin as a trading in recent market situtation as we have witnessed profits given away in matter of couple of days but intraday trading with complete management is always profitable as there is no lack of order flows which is important to track institutional trading activities.
Updated 3 years ago
Rating changed from 4 to 5
Bitcoin has again comes up on top leaving behind all the criticism. Even though it is not scalable as new projects claims but still Bitcoin has history of consistent performance investment wise and technology wise. We have seen Bitcoin integrated to lot more Online stores and also for cross border remittances which saves millions of transaction fees and nothing more transparent than Bitcoin. Stay focused and use Bitcoin frequently for daily uses and quit paying high taxes and fees for using inflation proned Traditional currencies.
Pros
- Complete transparency makes Bitcoin more reliable than any other traditional payment system
- Bitcoin makes it east to receive rewards and payments almost instantly and easily from any corner of he world
- Bitcoin provide ample opportunities to earn and provide employment opportunities to struggling economies
Cons
- Not so eco friendly as it is very costly and consume lot of energy to mine transactions
- Price volitality is a concern for miners and can never be considered as investing opportunity due to movements
- Bitcoin is not backed by governements and central banks and that is why loss and risk of investment is high
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Comments (2)
November 27, 2020
It make sense to look for opportunities attached with value. High Risk investment but what we have seen is consistent returns on long term basis but cautious approach and experience is needed for us to make good use of what crypto market has to offer. Considering a choice, I would definitely eye dips and dumps which offers low risk opportinities.
November 27, 2020
Of course it makes sense to invest in Bitcoin. It saves a lot, but if it loses, it loses a lot. It should not be forgotten. Because Bitcoin is very valuable, you can lose high money when you lose it. Need to be careful.
