Review on Bitcoin by Milos Marinkovic
My review of Bitcoin
What i like.
Bitcoin does not involve any third parties, such as banks, nor are they controlled by any entity, such as governments or central banks. In this way, the value of cryptocurrencies cannot be manipulated at the whim of a few. Bitcoin transfers take minutes (or even seconds) to complete and have low fees, regardless of the amount or destination of the operation. In contrast, traditional banking usually takes days, and even weeks, to make an international transfer, to which strong commissions apply. It is not anonymous, but uses pseudonyms. Unlike many people think, most are not anonymous, but it is true that he uses pseudonyms. This is one of the great advantages of bitcoin, since one of its objectives is to protect the identity of its users. That is, no one can profit from our bank information. They are based on a secure protocol. Bitcoin cannot be falsified. Their protocol is designed to avoid double spending and they have strong security measures to avoid hacking.
What i dislike.
Currently, the value of cryptocurrencies is very volatile. Its price can vary considerably in a matter of hours. Investing in them can be very complicated. There are too many cryptocurrencies and the reality is that few of them will become really useful. The popularization of ICOs has triggered the number of existing currencies, which continues to increase. Therefore, in a few years, the scenario we know changes and the most valuable cryptocurrencies are totally different. Another problem with cryptocurrencies is that they are not yet accepted globally. Among its main disadvantages are the measures that some governments are taking against them. Faced with this, no one can ensure that they will be accepted in the future. Currency exchanges have suffered some multi-million dollar thefts, so they still have to invest a lot in security.
Pros
- Fast transfer
Cons
- Variation of values
