If you are new to the world of cryptocurrency, it is very likely that you have seen or heard about Bitcoin. You might have been wondering, “What exactly is Bitcoin?” well this guide is tailored towards giving you the basic information about this cryptocurrency.
First of all, Bitcoin was founded by Satoshi Nakamoto on the 3rd of January 2009 and it is known as the oldest cryptocurrency in the world. Bitcoin is basically a decentralized currency that was formed on blockchain technology and only approximately 20 million coins can be put into distribution. Between the year 2130 to 2140, it has been predicted that all the coins available would have been mined. More and more people have become aware of Bitcoin as shown by keyword search powered by Google Trends.
Bitcoin’s Superiority Over Other Cryptocurrencies
There are a number of ways Bitcoin is superior over other cryptocurrencies and they are outlined below.
- The Price of Bitcoin
Compared to other cryptocurrencies, the price of Bitcoin is relatively reasonable and this makes it a favorable option to trade with.
- It is widely accepted by a large number of traders
Not all traders and sites accept every cryptocurrency but Bitcoin is generally accepted in every cryptocurrency trading website in the world.
- It is increasingly popular
Bitcoin can be regarded as the most popular cryptocurrency in the world as well as the oldest one.
- International businesses are faster and easier
With regards to international transactions, Bitcoin is relatively easier and faster to trade with.
How to Get Started with Bitcoin
It is relatively easy to start trading with Bitcoin and it is getting simpler daily. The price of Bitcoin fluctuates regularly and it is said to be very volatile. However, a large number of speculators profit from its volatile nature. The prices usually have its percentages reaching double numbers. It is shown by the Bitcoin prices in 2017 which moved from USD 900 to over USD 15,000 per coin. Some people belong to the school of thought that the price will rise to thousands of USD while others believe the currency will soon be of no value.
Downsides of Bitcoin
Due to its increasing popularity, there are a number of cons associated with the use of Bitcoin and they are outlined below.
- Fee increase
The fees associated with Bitcoin increases abruptly which makes it relatively hard for the day to day purchases.
- Slow transaction time
Unlike other cryptocurrencies, Bitcoin has a very slow transaction time as a result of its popularity.
Finally, just like every other cryptocurrency, Bitcoin provides anonymity feature for its users and it is more advantageous over a bank as users can control their money easily as there is no third-party involvement. However, there are some restrictions on the use of Bitcoins in some countries such as Russia and China. It is very important to remember that Bitcoin is still developing as some of its features can still be upgraded and there are a number of disadvantages attached to this coin as well. However, note that there is no sure way to predict the future challenges that this particular coin will face.
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