Review on Bitcoin by Toprak Dere
Advantages of Using Bitcoin
There is no time limit. There is no time limit for the person who wants to make a bitcoin transfer, he can transfer at any time from any point on the internet via online wallets. Thus, it is gained from "time" which is very important for today's world. For example, EFT, one of the traditional payment systems, cannot be sent outside of working hours.
There is no space limitation. In traditional systems, the bank or ATM is used to send or receive money orders (except for sending over the internet). For example, in transfer systems such as mail order and Western Union, the person must go to such centers. To make a Bitcoin transfer; one does not need to physically go anywhere and be present.
Transfers are very fast. It responds to natural human weaknesses such as impatience, money transfers are very fast.
It is very easy to store and transport. You can carry thousands of dollars worth of Bitcoin with you at any time with a virtual wallet that you download to your smartphone.
It can be traded in all regions of the world. Thus, exchange (currency exchange) costs with foreign currencies are not applied.
Bitcoin is not affected by inflation. According to C. Burghelea, the limited money provided (put into the market) can be seen as an advantage in the fight against inflation. Since Bitcoin production is limited to 21 million units, it can be said that it will not be affected by inflation.
It goes like printed money and there is no cost. Money minted by traditional method; It creates surplus costs and expenses for governments in many aspects, such as expenditures on transportation, storage and security. According to N. Plassaras, approximately $ 60 billion is spent annually for this type of activity in the USA alone. In addition to such costs, there are no obstacles such as bureaucracy in Bitcoin.
It is not affected by the economic or sociopolitical situation of the countries. It is not subject to intervention or pressure from any country's central bank; Therefore, it is not affected by the economic or sociopolitical ups and downs of the countries.
There is no lower limit for payments. In Bitcoin, even very small amounts of payments that cannot be made with payment systems such as credit card or money order can be made. Because there is always a lower limit in traditional payment systems.
Fees and commissions are not charged. Transfers in Bitcoin take place between networks, directly from one address to another, without a central authority. For this reason, there are no fees or commissions charged for traditional transfers.
It eliminates the transaction costs of companies related to payments. There are many charges such as authorization, commission, security, transaction and account fees imposed by banks for companies that make e-commerce and therefore receive payments by credit card. It is predicted that such expenses will decrease as companies use Bitcoin in shopping.
It has similar properties to gold and cannot be imitated. Electrical power and equipment are required to produce bitcoin, and its quantity is limited to 21 million units. Just like gold, it means that it cannot be produced other than its reserves on earth, and this is seen as an advantage in maintaining its value
Updated 4 years ago
Rating has not been changed
Supply and demand are the most important reasons why bitcoin prices change, but some additional factors affect supply and demand and raise or lower the price of this cryptocurrency. In other words, the price of this asset is only market participants willing to pay.
determined by prices.
For example, if more people in the market want to buy bitcoins, the value will increase and if more people want to sell bitcoins, the price will decrease. The trading decisions of these people are also shaped by the following additional factors.
* Bitcoin fluctuation: caused by those who hold a large share of the total currency.
* Security Issues Directly Affect Bitcoin's Price
It Can Happen To The Reasons.
* state factor: for example, news that Australia will declare bitcoin as its official currency raised the price of bitcoin on time.
* Pandemic is one of them. People are looking for places where their money will not lose value or even appreciate it. Bitcoin provides this effect. At the beginning of the pandemic, the price was around 7 thousand dollars. It was pulled to the level of 3 thousand 800 dollars. Then he recovered very quickly. It reached the level of 11 thousand dollars at the beginning of September.
* The best way to buy or sell bitcoin through the exchange. I use btcturk exchange because, on this exchange withdrawals are free .
I didn't see any exchange zero fees for bitcoin.i can advise you.
Pros
- It is very easy to store and transport.
- It can be traded in all regions of the world.
- Bitcoin is not affected by inflation
- It has similar properties to gold and cannot be imitated.
- safe
Cons
- lost due to wrong transfer
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Comments (2)
February 09, 2024
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August 11, 2023
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