Review on Bitcoin by Stephen Toluwani
An Asset used as a Hedge during Recession
The Bitcoin project is the earliest crypto project to have ever started. With the aim of a form of digital and decentralized currency came the birth of this coin in 2011 by it's anonymous creator Satoshi Nakamoto. Today, the Bitcoin is the most valued Crypto asset for individuals and organizations alike as a form of hedge to protect them from inflation. Although the Bitcoin BTC is a very volatile currency, it's still a better option for one to hide in during economic recessions. Currently static at a value around 10,600 there is still hope that the crypto should be touching highs of 15,000 before the years end
The crypto coin is traded on every Crypto exchange and is used to hold liquidity on many exchanges. Being accepted as a means of payments from many retail shops and online merchant stores, it still serves its value as a means of carrying out P2P transaction. The Bitcoin is a mineable coin of which a total of 18 million BTC has been mined from it's total 21 million supply. The project moved from using only a Proof of Work mining mechanism to combining with Proof of Stake to achieve total decentralization and minimize the possibility of a
The project is one that have seen far too many breakaways on form of Forks but it still maintains it's appeal for the General Crypto Community
Pros
- It is the widely most adopted cryptocurrency of all time
- The project displays absolute decentralization by combining PoS and PoW to validate blocks on its Blockchain
- It's an investment asset that has been experiencing steady growths ever since it's Genesis block mine in 2011
Cons
- It's block time is 10 minutes and many other cryptocurrencies have beaten it to that
- There is very high volatility on the value of the Bitcoin's asset
- The compaction of its Blockchain has led to an increased cost of making transactions
