Bitcoin

Bitcoin | Everything You Need To Know

Bitcoin

Bitcoin is the first cryptocurrency, Creator of bitcoin is Satoshi Nakamoto, and anyone doesn’t know who is Satoshi. it’s in the market since 2009. It uses blockchain technology and runs on  SHA256 algorithm and its the safest and secure network.

Team

As we know the creator of bitcoin is unknown but since 2009 bitcoin has evolved a lot, bitcoin is open source so anyone can improve the network. There are a lot of developers who are working to make bitcoin more usable for mass adoption.

Product

bitcoin is meant to be a peer to peer network to transfer value without any third party authority so the real use of bitcoin is as a currency.

Updates

For nowadays situation transaction time and fees are the main downsides for bitcoin, But Lightning Network is on the way, With Lightning network bitcoin transaction will be in seconds with a very small amount of fees.

Market History

Bitcoin is the biggest player in market and we have 8 years to look back how bitcoin performed, First one or two years bitcoin had no value, then it started gaining value, It went 1200 USD in 2013 and dropped to 120 USD, Looks like a major crash,but today bitcoin price is 6600 USD, It went 20000 USD back in December 2018.

User

There are between 2.9 million and 5.8 million unique users of bitcoin.

Pros & Cons

Pross-

  • It is is decentralized.
  • It cant be hacked.
  • you can transfer millions of dollar in one click.
  • You can transfer value to any country of the world without any extra fees.

Cons-

  • Transaction Time is about 10 min – 2 hrs.
  • Transaction fees rise in high volatility.
  • lake of regulations.
Potential

Bitcoin could be worth millions in future said by john McCaffe, its future is great and some experts say we can see 100X growth in bitcoin for sure.

Overall Review

Bitcoin is the unbeatable king of cryptocurrencies, and its here to stay, I am waiting for a future where we can buy coffee or tea with BTC in stores.

You can read bitcoin Whitepaper for technical details – Here

This is not a financial advisor, I just wanna give you information about any cryptocurrency in one place and a small review, a review is what I think about coin and not everyone thinks same so let me know about your thoughts on comments.

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