Review on Bitcoin by Othere Obtentus
Like a dream come true
Anyone who got their hands on Bitcoin before 2017 will tell you that bitcoin is a dream that came true. It made people rich almost overnight and became the infrastructure for the development of decentralized currencies.
Bitcoin is the first decentralized currency that is based on a peer to peer network and is powered by its users.
No central authority, financial institution or government has control over Bitcoin. Its price absolutely depends upon its market and the sum of its users. It is the most popular digital currency and the most valued as well. Bitcoin is the closest cryptocurrency to replace traditional fiat and is used widely for online payments around the world.
Every Bitcoin transaction is publicly recorded in its blockchain which provides transparency without revealing the identity of the parties involved.
Even though the price of bitcoin is really high now, it is the most suitable for trading especially long term trading. Its price volatility make it a profitable cryptocurrency to buy and trade.
It is fairly common now to come across platforms that use Bitcoin as payment method and it can be found in almost all exchanges.
The only thing Bitcoin lacks is in transaction speed which is very slow compared to other cryptocurrencies, about 6-7 transactions per second.
Pros
- Very easy and profitable to trade
- Widely accepted
- Digital and decentralized
- User anonymity
- Transactions are transparent
- Anti-inflationary
- Good mining rewards
- Greater liquidity
- Can be staked
Cons
- Widely used in black markets
- Price volatility
- Consumer a lot of energy
- Carries market risks
- Slow transaction speed
