Review on Bitcoin by Abraham Jeremiah
The Autonomous way of making transactions
The earliest and first cryptocurrency project, formed from the innovative ideas of taking money control from Central systems, Bitcoin is making the news round for what it offers especially in it's early days. It is very versatile, can be found on all Crypto exchanges, many Crypto wallets support the coin holding and many major retail stores makes primary use of Bitcoin as a payment means. Being in Nigeria, it is quite surprising how Bitcoin is being adopted massively with it's ATM on the rise and many retailers accepting it for payments. The ease of transaction using Bitcoin has been further simplified by multiple organization trying to integrate Bitcoin into our everyday lives, QR code scanning has made Bitcoin address almost a fairy tale and better enhancements to its network has seen the coin being truly integrated into our lives.
Many of us use Bitcoin for its Autonomy as no third party is involved in how the transaction goes. I also preferred Bitcoin, especially in it's early days, for it's better speed while comparing it to traditional methods via banks. But with the adoption Bitcoin has been experiencing, it's blockchain has been lacking in speed and as transactions are being arranged in blocks where miners confirm those transactions, the cost of the transaction keeps increasing. It is still available for what it offers in a larger scale to help the world's payment system
Pros
- Can be held on many major wallets and traded on every Crypto exchange
- Used for making P2P transactions
- There is no third party involved in making transactions
- User autonomy is supported using Bitcoin as a means of transactions
Cons
- Transaction speed lags on Bitcoin
- Transaction cost is not favorable anymore
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Comments (5)
February 09, 2021
Bitcoin volatilities is what makes it stand out but if you look at it from a different point of view, you will see that it doesn't even make a difference anymore
The major con of Bitcoin is the cost of making transactions nowadays
February 05, 2021
Hi Dear thanks for imformative review. I agree with your things. Bitcoin is really head of cryptocurrency world. All coins are look its move. But we must say that it is so volatile. İ wait your revire too. Have a nice day.
January 28, 2021
Hi Dear thanks for imformative review. I agree with your things. Bitcoin is really head of cryptocurrency world. All coins are look its move. But we must say that it is so volatile. İ wait your revire too. Have a nice day.
January 12, 2021
I have always been an antagonist to Bitcoin and it's transaction fees and will always be.
Apart from your well laid cons, institutional interest in Bitcoin can make the coin loose it's decentralized nature.
The only feature Bitcoin posses that I take it for is it's reliability to hedge against inflation
January 12, 2021
The Bitcoin project happens to be the oldest cryptocurrency un tye industry. The project has been a bedrock to many other projects which has been able to have better features than the Bitcoin project. It also has a nice market value
