Review on Bitcoin by Javielys Mundarain
Bitcoin in 2021
Bitcoin is a virtual currency or a means of electronic exchange that is used to acquire products and services like any other currency. However, its greatest relevance lies in the fact that this currency is decentralized, that is, there is no authority or control entity that is responsible for its issuance and recording of its movements. Therefore, it consists of a cryptographic key that is associated with a virtual wallet, which discounts and receives payments. To start with the use of bitcoin it is necessary to acquire a wallet; It contains pairs of cryptographic keys, that is, a public key and a private key. Then download the application, these wallets can be used from computers or mobile devices as long as the application that has bitcoin is available to carry out the operations. Once the aforementioned steps are completed, transactions can be carried out with other people who have virtual wallets.
It should be noted that users of bitcoin, or any other cryptocurrency, must be careful with the investments they make so as not to fall into the traps of the illegal capture of money. For example; Promises such as: "We guarantee you 5% return per week, 150% monthly, and 300% for two months" are highly suspicious.
Although bitcoin's dominance has declined this year - bitcoin now accounts for about 46% of the total value of the cryptocurrency market, up from about 70% at the beginning of the year, according to tracker CoinGecko - it is still the largest cryptocurrency with difference and has a market capitalization of over $ 1 trillion compared to Ethereum's $ 380 billion.
Pros
- 1- Anonymity and privacy in relation to traditional currencies: Depositing euros or other fiat currencies in an online bank account, or carrying out transactions by credit card and PayPal, does not protect your privacy any more than using cash or a credit card in the counter of a store.
- 2- Typically lower transaction fees: Compared to other digital payment methods (like credit cards and PayPal), using Bitcoin has lower fees.
- 3- Increasing acceptance as a payment method: There are hundreds of stores that accept payments with Bitcoins. Thanks to the fact that more and more e-commerce heavyweights are jumping on the bandwagon, it is possible to buy virtually any physical item using Bitcoins.
- 4- Greater liquidity relative to other cryptocurrencies: Being the most popular cryptocurrency by a considerable margin, Bitcoin has a much higher liquidity than its peers.
Cons
- 1- Exposure to fraud and specific volumes of Bitcoin: Being the most popular cryptocurrency in the world, Bitcoin has been involved in scams, fraud and attacks in greater proportion than it should have.
- 2- Black market activity could harm your reputation and your usefulness: Despite the notorious prosecutions of the most prominent criminals, Bitcoin remains attractive to criminals and gray market participants.
- 3- Susceptible to high price volatility: Although Bitcoin is one of the most liquid and easiest cryptocurrencies to exchange, it is still susceptible to large swings in its price over short periods of time.
- 4- No returns or refunds: One of the biggest disadvantages of Bitcoin is the absence of a standard policy for returns or refunds, as all credit card companies and traditional online payment processors do.
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Comments (1)
August 12, 2023
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