Review on Bitcoin by Joseph Bello
The Bitcoin Evolution
The great story of the blockchain network started with the first cryptocurrency, Bitcoin. Its story starts in the year 2009 and has the Novel, Satoshi Nakamoto as its founder. It remains the most popular cryptocurrencies in the blockchain network, having millions of holders of its coin. Being a community based coin, its ever developing community has helped it greatly to gain lime light.
I had my first Bitcoin last year when it had a value of 27,000 dollars. I bought a Bitcoin worth 20 dollars and presently, i have gained alot as Bitcoin's value has risen to 37,000 dollars. The cryptocurrency was first introduced to me by a friend who said he acquired his at 9,000 dollars. At first, I wasn't interested but later got interest in the blockchain network. Bitcoin features some characteristics that makes it one of my favourite cryptocurrencies, one of which is the fact that all transactions involving Bitcoin are viewed in a public ledger. This has made it very transparent in all of their transactions. With this, it is virtually impossible to have your Bitcoins stolen or fake Bitcoins purchased or duplicated. Another feature possessed by Bitcoin is the fact that it is and remains decentralized. This has made it to have their users funds stored in their own account and not in centralized authorities like banks or government firms, making it virtually to have their accounts frozen.
At first, Bitcoin suffered a low market value (0.0008 dollars), this can be proved by the first transaction made using Bitcoin. The first transaction was made at a restaurant with Pizza being the product purchased, 10,000 Bitcoins were used for the purchase of just Pizza, how interesting!! Its value gradually rose up from 9,000 to 19,000 to 23,000 to 27,000 to 31,000 and is presently worth 37,000 dollars. It still has a potential of rising to 397,000 dollars to 500,000 dollars in the year 2030 (according to estimate by researchers). Currently, Bitcoin is listed in almost all exchange platforms and can be traded with a close-to-all the other cryptocurrencies. It can be used for execution of many transactions which includes funding of a crypto game account or payment of salaries (for companies accepting it). Payments for services can also be made using Bitcoin.
Pros
- They provide high liquidity
- It can be used for the purchase of goods and payment for services offered
- It is completely decentralized, having its control in the hands of their community and not government agencies
- All transactions at viewed on a public ledger which makes it transparent
- It is the first and remains the most popular cryptocurrency available in the world
Cons
- It suffers high volatility or inflation
- There are many scam sites that are used to scam people of their funds in the name of selling Bitcoins
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Comments (2)
January 28, 2021
Hi Dear thanks for imformative review. I agree with your things. Bitcoin is really head of cryptocurrency world. All coins are look its move. But we must say that it is so volatile. Have a nice day.
January 21, 2021
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