Review on Bitcoin by Davis Marvel O'cho
One day everyone will use bitcoin
As a reminder, bitcoin is a universal virtual currency created in 2009. It is an autonomous monetary system that does not need banks to process transactions. The exchanges are carried out between peers. Originally used only by geeks, it gradually spread around the world.
Bitcoin is a very easy-to-use tool for exchanging money without much cost. Be careful, however, to inquire beforehand because even if the currency is virtual, it can make you fall bankrupt.
Pros
- Almost instant transfers, less than ten minutes and zero fees (Much better than the banking system)
- Global dimension of trade, and without intermediaries
- No limit in the amounts transferred,
- No intermediary to store or transfer bitcoins,
Cons
- Even though mediation is strong, many people do not know what bitcoins are. More and more companies are turning to this system but not yet enough to create network effects
- Bitcoin is a very volatile asset, which slows adoption
- The irreversible nature of transactions during a transaction, if the wrong reception address is entered then the bitcoins are lost
