Bitcoin

Bitcoin Review

Bitcoin is the most valued Cryptocurrency in the world. Bitcoin concept was introduced in 2008 in a whitepaper published by Satoshi Nakamoto. In Whitepaper, Satoshi discussed the peer-to-peer electronic cash payment system. One year later Satoshi turned his idea into reality and World’s first Cryptocurrency “Bitcoin” came into existence. Bitcoin has limited supply of 21 million coins and according to an estimate 99% Bitcoins will be mined by 2032 and rest of the coins will be mined over the next 100 years, Bitcoin will hit its limit by 2140.

Bitcoin Trading was started in 2010 and its highest price in 2010 was 0.34 USD. Similarly, Bitcoin value was increased consistently in 2011, 2012 and 2013. 2014 was not a good year for Bitcoin investors because, in February 2014, MT Gox was hacked which was the largest Bitcoin exchange at that time and it was handling more than 80% of Bitcoin transactions. After this incident Bitcoin value was dropped and its value started to hike again in 2017 and at the end of the year, Bitcoin price was around 19500 USD. Also in January, Countries like South Korea and China started the regulatory process which had an adverse on Bitcoin price and as a result bitcoin value was dropped by 45%.

Pros

  • Greater liquidity value as compared to other cryptocurrencies. Bitcoin is always in demand and you can easily exchange your Bitcoin to other fiat currencies.
  • Bitcoin is most valued Cryptocurrency and many companies around the world have started accepting Bitcoin as a payment Companies like Microsoft, Subway, Reddit, Overstock.com, KFC Canada, Expedia.com, Newegg.com, Alza, Pembury Tavern, Shopify, Dish, Reed Jewelers Inc., Mint.com and many other companies support Bitcoin as a payment option.
  • Easy to use, Bitcoin is untraceable and you can trade with Bitcoin around the world without paying high fees. It usually costs 1% as a transaction
  • High Volatile nature of Bitcoin is also its Pro, one can earn thousands of dollars of profit in few months. People who invested their money in Bitcoin in January 2017 earned the profit of 18000 USD at the end of the year.
  • Bitcoin limit is set to 21 million coins and it is inflation free, unlike other regular fiat currencies.

Cons

  • Highly Volatile nature of Bitcoin is its pro as well as its con. People who get into Bitcoin trading without any prior experience and expert advice often suffer a high loss in their investment. People who invested their money in December 2017 have suffered the loss of more than 45% in their investment.
  • Unlike Fiat currencies, Bitcoin is decentralized which mean no one regulates So in case if you lost your money or someone steals it you can’t trace it.
  • Block Time of Bitcoin is very high as compared to other cryptocurrencies.
  • There are chances of Bitcoin replaced by other Cryptocurrency with superior technology. In the current scenario, no other Cryptocurrency come near to Bitcoin in term of value.
  • Bitcoin is untraceable and it is good for those who want anonymity but law enforcement agencies don’t like it. Many countries like China and South Korea have started working on Bitcoin and other cryptocurrencies regulation so if you are into Bitcoin for anonymity then it is not a good news for you.

OVERALL COIN SCORE:

Trade Bitcoin

eToro | Coinbase

Market Cap & Charts
  • bitcoin
  • Bitcoin
    (BTC)
  • Price
    $5,560.53
  • Market Cap
    96,659,425,140.00

Related Articles