Review on Bitcoin by Olugbenga Ajayi
Bitcoin:The Nature and future
Bitcoins is a digital means of exchange. Any traditional currency can be converted to it. Internationally despite years of skepticism due to security, value and possibility of staying, Bitcoins is likely to remain for a very long time. Bitcoins are valuable because they are scarce. It's most important feature is that it provides a sound monetary policy. It can easily be verified by anyone. It is also possible to know when new ones are created and how are there in circulation. It can be sent to and fro anywhere without the sender's or receivers identities bring compromised. This is because transactions are encrypted with digital signature. A digital signature is based on assymetric cryptography. It is use to validate that a message is coming from an authentic source. With this technology, transaction is safe and secure. The future of Bitcoin is also sound for many reasons. Personally, the foremost of these is that it is cashless. Once money is converted into bitcoins, it can be used for any transaction without having to move any physical cash. It also cancelled the common exchange rate inherent to traditional currency trenccurrency that are used. If you are having naira and you want to buy dollars, you must pay certain exchange rate which also varies according to retailers.
Updated 4 years ago
Rating changed from 3 to 4
The recent halving of the Bitcoin has caused a lot of negative effect in the cryptocurrency industry. It has affected many mining pools to the extent that some have shutdown whereas others have halved their reward per mining, or reduce the payout per transaction. Although after the halving Bitcoin resumed upward trend for a while, I think it's ranging nature recently give a lot to worry about for holders of Bitcoin asset.
Pros
- Lack of exchange rate.
- movement of money is very fast and portable
- Payment is secure
- Taxes and fees are very low.
Cons
- Is not legally acceptable in some countries hence it cannot be used everywhere
- Buying in credit is impossible since only cash can be exchanged for Bitcoins equivalent. No cash, no transaction.
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Comments (4)
May 31, 2020
The bullish of future of bitcoin is here already and still going higher. Bitcoin is the top leading coin in the world of crytocurrency and other lesser coin future is define by it's movement in the crytocurrency world. Nevertheless, bitcoin has built a strong level of growth and development. The Future of BTC is secure, because it is well accepted in the world of technology and valued.
May 08, 2020
Bitcoin is very secure which gives the investors the upper hand to invest on Bitcoin. No one will like to invest on unprofitable investment, Bitcoin is very profitable, that makes it to have more investors. Nothing can steal your token, it is assessable any time anyday.
May 01, 2020
One of the things that masks Bitcoin unique is that It blockchain is transparency,but this reduces users privacy. Transactions is recorded on an open ledger. Bitcoin is a store of value. It is well known coin but it is overvalued and unstable. It is slow and it is too expensive.
April 30, 2020
The transparency in Bitcoin make it the best so that the people will not manipulate it, it also fast, cheap and easier that makes traders to transact with it world wide. Been the parents coin for others make it to determine the direction of price movement of all currencies till date
