1 Level
7 Review
3 Karma
Review on Bitcoin by Robert Kofer
Bitcoin Cryptocurrency.
Bitcoin is very great innovation and it is First Decentralised peer to peer cryptocurrency that works on blockchain technology. We can use bitcoins as a payment method or if you doing any big transaction out of country or worldwide then bitcoin transaction is fastest method and its transaction fees is very very low than other any digital payment method like paypal or banks.
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Bitcoin cryptocurrency blockchain works on Proof-of-Work algorithms. so, Bitcoin is minable cryptocurrency where any users can earn bitcoins by mining Bitcoins. Bitcoin mining is basically confirming transactions by solving the mathematical problems. Each problem is harder than previous problems and miners can solve these problem with the help of computers and graphics cards.
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Bitcoin Transaction speed is very slow as compared to other cryptocurrencies. Bitcoin transactions normally takes 20-25 minutes and sometimes it takes more than hour to confirm. Bitcoin Blockchain is still runs on old blockchain version 2.0 and currently many projects or cryptocurrencies are runs on blockchain version 3.0 and 4.0 .
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Bitcoin is listed on each and every digital currency exchanges and trading volume is very high because of leading cryptocurrency. According to market capitalization Bitcoin acquires 60% of total marketcap of cryptocurrency market. Purchasing bitcoin with any fiat currency is very easy and there are many projects are available that provides features to purchase bitcoins with credit cards.
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Bitcoin cryptocurrency is accepted everywhere and in most of countries its fully legal cryptocurrency. And There are many Bitcoin ATMs are situated in many countries for purchasing or selling bitcoins with fiat currency. But, as bitcoin is mostly uses in Black market and for money laundering so, many countries banned use and transactions of bitcoins.
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Pros
- Bitcoin is the first decentralised peer to peer cryptocurrency and it acquire more than 60% marketcap of total cryptocurrencies.
- Bitcoin is listed on each and every cryptocurrency exchanges. So, we don't have any problem about its liquidity.
- Bitcoin is currently acceptable in many countries, stores and online shopping websites.
- Bitcoin is Decentralised and global cryptocurrency and doing transaction worldwide is easier than fiat currency.
- We can purchase Bitcoins with almost all Fiat currencies and there are many Bitcoin ATMs are available for buying and selling Bitcoins.
- If we compare any digital payment services, Bitcoin transaction fees id very less than paypal or any payment service.
Cons
- For doing any major scams, Bitcoin is the main medium to attract peoples into their projects.
- There are many illegal activities are done by bitcoins. so, reputation of bitcoins may damage there. Whole Black market prefers Bitcoin as a payment medhod.
- Bitcoin is very volatile cryptocurrency and investment in Bitcoins is quite risky because it may crash anytime and gives huge loss.
- Bitcoins transactions are irreversible so, once transaction is conformed then you can't refund it for any reason.
