Review on Bitcoin by Emran H Khan
HONEST REVIEW ABOUT BITCOIN.
With the development and changes taking place on earth many new discovries and inventions took place and one of these invention is Bitcoin, the first Cryptocurrency.Bitcoin was discovered by Satoshi Nakamoto in January,2009. Bitcoin is a digital currency which is decentralized and eliminates the banks and governments which acts as a intermediary in performing transactions. It is a great revolution in the financial world. Using bitcoin for performing transactions is very simple and we can make use of it without any issue.
Bitcoin is probably the best currency ever existed. As time passed there is a great impact of Bitcoin in the digital world and a great rise is seen in its value. There are different ways to purchase a bitcoin. We can directly purchase it by its original value or we can collect it by perfoming transactions with the people who have Bitcoin in exchange of some goods and services. Many people think that purchasing a bitcoin is a big deal but in reality it is not. As 1,000,000 Satoshi's combined makes 1 bitcoin, so one can simply purchase some satoshi's and make his/her transactions done.
The best thing about Bitcoin is that we can easily trade it for cash or other assets like Gold,silver etc. In the near future when cryptocurrency will be a very nessecary and common currency and for that we have to start investing from now so investment on Bitcoin is a very good optionoption and will be a great investment.
Pros
- User Autonomy.
- Discretion.
- Peer - to - Peer focus.
- Elimination of Banking fees.
- Very low transaction fees for International Payments.
Cons
- High volatility and potential for large losses.
- Black market activity.
- Unregulated and unbacked.
- Chances of cyber hacking.
- Wallets can be lost.
