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April 27, 2020

Bitcoin

Bitcoin- Benefits and Limitations in Simple Language

This article would not need an introduction as it is quite well known all around the world but still there are many people who are interested to know more about it due to the temptation it arouses.

The topic is about bitcoin, the largest branch of cryptocurrency and one that has pushed the boundaries of success much further than any other invention till now and there have been many since time immemorial.

Bitcoin is the current generations obsession and why not? It is the medium which has acquired the merit of turning paupers into princes and it is due to this invention that there are numerous rags to riches stories that only exist in fairy tales.

DNA Test

There have been many rumors and theories circulating regarding bitcoin where some articles have praised it and others have condemned it with choicest abuses and expletives and not without good reason mind you.

Therefore, let us conduct a DNA test and highlight the advantages and disadvantages of bitcoin:

Advantages:

  • The biggest plus point of bitcoin is that it enables ease of payment as it follows a peer to peer technique where you can send and receive payments both at home and abroad
  • The Bitcoin system cannot put constraints on you as you are the sole owner of your savings
  • Transactions can be easily verified through Blockchain

Disadvantages:

  • The wide network of Bitcoin is limited and cannot be accessed by non users
  • The Bitcoin Loophole Review 2020 states that bitcoins are decreasing in number while its demand is increasing at a rapid pace
  • It is held with skepticism due to its reputation being marred after people started doubting its credibility as a result of which its numbers fell due to market diktats

Whatever the numbers may say, it is still a thriving venture that continues to be in demand even after setbacks.