Bitcoin For Beginners 0
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Bitcoin Quiz 1
Why Is Bitcoin So Popular Nowadays?
Bitcoin has never been as popular as nowadays. As the demand for Bitcoin increases, the benefits and opportunities that this cryptocurrency presents are increasing, too.
If you are wondering why you should use Bitcoin and how to get started with the cryptocurrency, it’s simple – Bitcoin is part of a payment network which is more complex and yet a lot easier compared to the traditional payment systems.
Also, buying and using Bitcoin is easy which means that you don’t need to understand the technology in order to use it. Just like we are all using the Internet without even understanding the basics of the technology, Bitcoin works in the same way – and is designed to stay and provide a convenient payment infrastructure.
Even though the past performance of Bitcoin is not a guarantee of future results, we know that owning one Bitcoin puts you in a massive advantage. Since there are 21 million Bitcoins in circulation, buying 1 Bitcoin (BTC) means that you own more than 99.85% of the world’s population.
The Pros And Cons Of Bitcoin
Bitcoin is known for its advantages, but there are some disadvantages, too.
Some of the best reasons why Bitcoin is so popular nowadays include:
- Anonymity – Bitcoin allows users to send money to any place in the world at minimum costs, which is an achievement by itself.
- Stability – Even though the Bitcoin value goes up and down, it is relatively more stable than some other currencies in the world which are known for experiencing hyperinflation.
- Speed – Bitcoin is not the fastest payment system, but is definitely one of the faster ways to send money – especially if you compare it to the non-anonymous fiat currencies.
- Security – Bitcoin is definitely one of the most secure cryptocurrencies that we have right now, keeping people from stealing the money and offering great security.
On the other hand, there are some reasons which work against Bitcoin (BTC). They include:
- Competition – Even though Bitcoin is an obvious leader with the greatest market cap and the most popular cryptocurrency, many altcoins come with technologies which are more impressive than Bitcoin in certain, or many ways.
- Volatility – The price of Bitcoin goes up and down all the time. Therefore, it is a volatile investment which does not guarantee.
- Breaches – Bitcoin is safe and secure – but only to a certain point. Even the most secure exchanges are always at risk of getting hacked. In such cases, people can lose a lot of money. This needs to be fixed if Bitcoin wants to be “the digital currency of the future.”
- Lack of innovation – If Bitcoin wants to innovate, it needs to ramp up its algorithm instead of maturing with the same one. In short, Bitcoin has shown that it has massive potential but must evolve as the years go by.