1 Level
1 Review
1 Karma
Review on Bitcoin by Jeremiah Ngunjiri
The bitcoin has more merits than demerits, it is guiding us to a paperless or…
The bitcoin has more merits than demerits, it is guiding us to a paperless or fiat-less economy where the transactions can be made at any time and location cheaply. I really admire the brains behind it because it has changed the entire financial game with other added benefits of easing the way we do everything in our lives. Among all the other cryptocurrencies, I will and always look forward to working and investing in.
A life story of how Bitcoin saved an old man's life
A son (an illegal immigrant) in the US needed to send cash to Africa for his father's medical surgery emergency. It was on Sunday in the US, (but Monday in Africa), did have a bank account and most money transfer agents were closed, the credit card was not an option due to the illegitimacy of stay and bad credit score. He gave someone cash and borrow Bitcoins, which he sent to his brother's wallet immediately. The brother sold the Bitcoins to buyers in Africa and git fiat cash which he paid for their father's surgery which if it was late by a day, he could have died. So The Bitcoin project is also a savior in third world countries.
Thank you Bitcoin project for making us gradually say goodbye and setting us free from the slavery of the fiat masters of the primitive age!
With a little tweaking, the shortcomings will be minimized, it will be the best option for the rest of the years in this world.
Pros
- From it's coming into being in 2009, or its creation by Satoshi, the team has worked tirelessly to make Bitcoin the best of the best. The team ensures that all the few drawbacks are dealt with aptly. Bitcoin has helped to disrupt very many facets of our lives; finance, investment, online security, and others. The Bitcoin project has done the following: * It enabled the conceptualization and setting up of other cryptocurrencies which have added value to our lives. You can do what the fiat currencies can do, and more from your computer. The latter tokens have become easier to code and manage for the Bitcoin project has set up great standards to be met. * You can now transfer any amount of funds without being restricted by financial institutions and governments with much ease-and its anonymous. The only requirements are to have a wallet with funds in it. There not unnecessary demands that are compulsory in other funds transfers such as identifications, fees, commissions and explanations in the name of eliminating money laundering. * You also do not have to pay unnecessary taxes that end up in governments' officials' pockets; it's cheaper compared to fiat exchanges. Transactions in Bitcoins are very cheap compared to other transfers such as a bank to another, money wiring, credit cards, and even the currently now popular mobile transfers. Bitcoin fees are negligible considering the amount send and the reduced burden. * It is a very safe investment opportunity which can be done without involving investments agents who levy commissions. Bitcoin project cannot be hacked hence it pretty hard for you to lose your funds. If you carefully guard your wallet, you will never lose your funds. Bank systems have been hacked and customers money lost, or robbers have robbed the banks or the clients and money taken away. In the Bitcoin project, the funds are virtual hence you do not carry them around, but you can do any business anywhere. * The Bitcoin project has brought up a new level of security which was not there before. * Bitcoin project has eliminated all barriers that had been erected by the fiat currency managers-you can transfer to anyone, any amount and at any time as long use you have internet, and the recipient has a Bitcoin wallet. The opening of Bitcoin wallets takes just a few minutes, in contrast to bank and credit card accounts. Bitcoin has opened the future today! It can only be compared to the invention of the internet in our current age.
Cons
- The only drawbacks of the Bitcoin project are; its vulnerability to being used in illicit businesses such as arms dealing, drug trade, and its nature of being highly speculative- the value fluctuates a lot. With some restrictions the use by criminals, the vices can be controlled. As more and more investor engages in the Bitcoin business, the fluctuations will be tamed, no token holders will be able to manipulate the market severely. However, this is not a major issue for the rules of 'demand and supply' have to be let to play their roles in the Bitcoin market.
