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Review on Bitcoin by Peace Ofem


Bitcoin is a cryptocurrency created by the mysterious Satoshi Nakamoto which has gained great acceptance globally thus serving as an alternative means of payment/investment for companies and people (with the exception of a few who have no knowledge of it and what it is all about). It is the most versatile cryptocurrency around and can be used to buy goods from merchants that accept Bitcoin payments. It can also be exchanged with other private users as consideration for services performed or to clear outstanding debts.

There are hundreds of cryptocurrencies in active use today, but it is by far the most popular and widely used by people and companies, making it the closest cryptocurrency equivalent to traditional, state-minted currencies. It can be swapped for other currencies, both traditional and virtual, on electronic exchanges.

Bitcoin is the world's largest cryptocurrency platform by market capitalization exchanged daily by people. it is an innovative payment network. Seeing the profits of its investment, more people and companies are ready to invest in it because it can easily be traded for assets like gold instantly with incredibly low fees and cash. To profit from bitcoin, one needs good skills and knowledge of the crypto market. In terms of ownership it is not owned by any government, bank or agency thus making its services to be easily accessible to people.

The high liquidity associated with it makes bitcoin a great investment for short term profits while digital currencies on the other hand may also be along term investment due to their high market demand. The list of merchants that accept this cryptocurrency is steadily lengthening, furniture plane tickets, and web publishing services can now be bought with Bitcoin. direct transaction, peer -peer, without a middle man to manage the exchange of funds.

This cryptocurrency is enabling people in millions across the world to transact, save and hedge their way to a better financial future. As a world wide currency, it can be sent to anyone and anywhere without worrying about cross border transaction (remittance) fees. the world is heading to a better future because bitcoin is here to stay.

Pros & cons

  • Greater liquidity relative to other cryptocurrencies
  • Bitcoin is totally safe and dependable ( Reliable)
  • Lower transaction fees generally
  • Increasingly wide acceptance as a payment method
  • Built-In scarcity
  • Quick sending and recieveing of money therefore there are no hassles
  • Independence From political agents and creators
  • Its being digital is a great stepping stone to the digital world (Economy)
  • Anonymity and privacy relative to traditional currencies
  • International transactions easier than regular currencies
  • Exposure to Bitcoin-specific scams and fraud
  • Susceptible to wild price swings over short periods of time which can result to losses
  • Lack of chargebacks backs or refunds
  • Environmental hassles of bitcoin mining
  • The is a potential that it will be replaced by a more superior cryptocurrency in future
  • Black market activity will damage usefulness and activity
  • Bitcoin is expensive to buy
  • Lack of knowledge in many so they know nothing about it and cant access it
Benaiah Akinlade
September 24, 2020
This is a well put review. Reviews od bitcoin is always going to be a tough job because it is one of the most popular or the most popular tokens. But the way you analysed it from its inception to date along with its merit and demerits is commendable. Good job