Review on Bitcoin by Praise Olagbadun
A brief description and importance of Bitcoin
Bitcoin is the first decentralized digital currency and happens to be the most popular cryptocurrency payment system running worldwide with about 53 million traders. It is confirmed that Bitcoin is not owned by any government agency or Bank thereby making it's services easily accessible. Although Bitcoin has Soo many actively participating traders, it's number is still on the increase thereby making it's demand and value steadily increasing. Business organisations and firms now use Bitcoin due to the excessive bank charges to make transactions and by using Bitcoin, money is saved. With Bitcoin, transactions can be made internationally with little or no transaction fee. The cryptocryptocurrency exchange platform was launched in the year 2009 by Satoshi Nakamoto with the sole purpose of generating a peer to peer network and has experienced a massive growth ever since. For long, Bitcoin has shunned criminal activities as the record of fraudulent case are few. It's importance are as follows:
1. It is the most popular cryptocurrency known so can be used in almost all the parts of the world.
2. Transaction fee is very low compared to bank charges making it people's choice for transactions
3. It does not depends on any political agency or bank agency making it in control of it's affairs and making it tough for the government to interfere in it's
4. It is totally safe and free from scammers and
5. With Bitcoin, transactions can be done at your comfort like in one's office or home without necessarily going to a particular
6. It's speed also makes it the traders
Pros
- It is believed to be the main crypto of the world as it is the most expensive and the most popular crypto currency known
- Transaction fee is very low
Cons
- A stable internet connection is required due to the fact that it is a digital currenc
- It is fluctuating
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Comments (1)
September 18, 2020
Bitcoin is gradually taking over the local currencies as traders invest and actively participate in it's activities and so many people across the world has access to it. It's speed and stress free usage process makes it the best type of currency for financial transactions
