Review on Bitcoin by Japheth Ayuba
Bitcoin is a P2P transaction modal
Bitcoin was created mainly as a means for facilitating peer-to-peer international transaction at less transaction costs yet faster than the traditional methods of making payments. Since the inception of this cryptocurrency, it has been experiencing laudable achievements and it is today the most adopted cryptocurrency and means of international transactions. It's initial resolve for a cheaper and faster means of making payments has been relinquished due to the influx of users which congests the network and makes fees go higher and letting the miners confirm transactions with a higher fee than those which are
With a total supply of 21 million coins but a Circulating supply of 18 million coins, the rest of the coins can be mined through it's Proof of Work mining algorithm. Every transaction made with this crypto has to be validated on its Blockchain and due to its network congestion, cost for making a transaction has significantly increased and speed of confirmation drastically reduced. There are wallet addresses associated with any Bitcoin holder which includes numbers and alphabet, this string of numbers and letters makes it harder for rememberance and the use of wrong or mistyped address can lead to irrevocable sending of funds and loss. Although this issue of address, cost and speed of transaction has been addressed by new wallet apps
Bitcoin is seriously gaining ground in the world today and soon enough will be a must have crypto of every individual
Pros
- Created first as a modal for peer-to-peer transaction, Bitcoin has now become a source of investment for people
- Bitcoin provides privacy to a limit in hiding users fund and personality
- The transaction fees for international transfers are lower and faster than other traditional methods
- The Bitcoin can be mined using a PoW mechanism and the distribution of its nodes promotes decentralization
- The coin can be hosted on a variety of paper wallets, hot wallets and cold wallets. The coin can also be exchanged as Bitcoin is listed in almost all Crypto exchange in the crypto market
Cons
- There is high volatility in the price of this asset and can lead to huge losses to holders and traders alike
- The complicated addresses can make users send funds to the wrong or a non-existent wallet by missing a few keywords although this has been millitated by some Bitcoins wallet by providing usernames for users of such wallets
