In this article, we will do a Bitcoin Review for you to understand what all the fuss is about this fairly new way to invest and make money. After all, my blog is about money-making tips, and not every article has to be about affiliate marketing and Internet marketing.
Please make sure you watch the Video at the Bottom of this Article on where Bitcoin is and where it is heading with another coin like Ethereum.
One thing that has caught my eye recently is the Winklevoss twins. Do you remember them?
They are the ones that sued Mark Zuckerberg for stealing their idea of a social media site which turned out to be Facebook. This was covered in the movie The Social Network (http://www.imdb.com/title/tt1285016/).
The Winklevoss twins settled for 65 Million Dollars in a lawsuit. They turned around and invested most of that into Bitcoin. You can read more about that in N.Y. Times.
- Name: Bitcoin
- Product: Cryptocurrency
- Website: https://www.BitCoin.com/
- Price: Free to join
- Verdict: Legitimate
- Ratings: 4
My point here is that a lot of attention has been paid to Bitcoin. Even Dallas Mavs Billionaire Mark Cuban says the Mavs will start accepting Bitcoin as payment in the 2018-2019 season.
He said this in a tweet, which makes sense to mean it applies to Bitcoin as a currency.
“If they wanted to pay in blueberries, and I thought it made economic sense, I would let them pay in blueberries.”
Currently, Bitcoin appears to be in trouble. This is evident in the Bitcoin network due to high fees and slow transaction times.
Here is an article I found interesting from a couple of months ago.
Is it legal to shut down a Bitcoin exchange while the price is falling?
Keep this in mind as we go through the basics and Pros and Cons of Bitcoin in general.
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Overview Of Bitcoin
1. Introduction
The number of people making money from Bitcoin trading has increased in recent years. However, most people still do not understand the entire concept of cryptocurrency.
What is Cryptocurrency?
According to Investopedia…
“A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency and arguably its most endearing allure is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.”
Apart from Bitcoin, there are other types of cryptocurrency in the market, like Litecoin and Ethereum, but they are still not popular in the marketplace. However, the main focus of this review is Bitcoin in an attempt to understand the viability of investing as an investment option.
2. What is Bitcoin?
Bitcoin is a digital currency that was created by Satoshi Nakamoto in 2009. Bitcoin transactions are not in any way controlled by intermediaries like banks and other financial institutions. In other words, Bitcoin transactions take place within a blockchain network.
3. Bitcoin Review Pros and Cons:
Pros:
- 1 Fewer Risks for Merchants
Merchants are well protected from fraud and other types of losses as Bitcoin transactions are very secure. It is not possible to reverse Bitcoin transactions and personal information is not linked to the transactions. Therefore, merchants find it comfortable to transact using Bitcoins when fraud and crime rates are high.
- 2 Very Low Fees
Most Bitcoin transactions do not attract any fees. However, user fees are a small amount when they want to increase the speed of transactions. The speed at which a transaction is processed within the network determines the amount of money that one pays as a transaction fee.
Also, traders can convert their Bitcoin on digital Currency Exchanges into a fiat currency of their choice. Digital Exchange exchanges charge lower fees when compared to other services like PayPal and credit cards.
3.3 Transparent Transactions
Apart from personal information, all information on Bitcoin transactions is normally available in the public ledger for everyone to access. The Bitcoin blockchain allows one to verify their transactions anytime they want. Therefore, it is very difficult for governments, organizations, and individuals to manipulate the Bitcoin protocol.
4 Control and Security
The currency is safe for the network as users control transactions. Also, it is possible to complete Bitcoin transactions without tying the transactions to personal information and, in the process, prevent identity theft.
Cons:
- 1 It is Still Developing
The currency has some incomplete features considering the fact that it is still in its infancy stage. It is important to develop new services, tools, and features for the currency to be more accessible and secure.
- 2 Risk and Volatility
Bitcoin prices will only settle down after the currency has been accepted by more trading centers, media, and businesses. The demand for Bitcoin is due to its limited supply and this makes it be highly volatile. The volatility will decrease with time but traders have to endure the volatile situation for the time being.
- 3 Lack of Awareness and Understanding
Most people are not familiar with the concept of digital currencies and this makes them reluctant to use the coins. There is a need to educate the public about Bitcoin and its affiliate programs before they can adopt the currency.
Final thoughts
After looking at the pros and cons of Bitcoin it is quite evident that there are some issues with the currency that need to be addressed. The fact that it is still a new currency does not mean that it cannot be used in business transactions.
The user is protected from fraudsters as there are no third parties involved in the transactions. Therefore, Bitcoin is the currency to watch as most people continue to understand the concept of digital currencies.
There will be ups and downs as new competitors enter the market as well, such as Ethereum and Doge. As with all investing, never invest more than you can afford to lose. Start slow and small, until you are comfortable with what is happening.
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Hello David, I am so glad that you wrote this article So many thanks! I am completely fascinated by cryptocurrency. I know that capitalism is finite. And I wonder how this is going to fully impact the next generation? What is your thought?
In peace and gratitude ariel
Bitcoin is still in early stage, and anything that is new, you have to keep a close watch on. I tend to jump on a few business depending on the way I feel when I take a look. I use the five seconds rule. so is hard to give a solid opinion to an individual. I do not always like sharing what I am involved in until it has hit the mainstream.
I always believe that not putting all your eggs in the same basket, I learned from experience. So you can do your due diligence if you have the time. If you are building something at the moment, my advice to you will be, finished build that first and then come back to Bitcoin later and take a more detail look at it. Hope that helps.
David,
I have been hearing some buzz around bitcoin recently, but was unsure what bitcoin was all about. Your post has cleared up all my questions. I really like the security of being able to complete Bitcoin transactions without tying the transactions to personal information. That part is very appealing to me. Especially with all the credit card fraud around today.
Lisa
Lisa, that is what strikes me to look into it as you mention, the transaction not tying into your personal information. Still, want to wait a little longer before I put both feet in. So far, it looks good. Glad you drop by and leave a comment.
Interesting article. Bitcoin is a bit of a mystery to me, and this helps. I know a few folks who got in early and are doing well. Perhaps putting a wee bit in (pun?) every few weeks is a good balance to tap into the potential?
A good friend of mine mention it to me, and he is doing well with it. I looked into it and it seems good so far, but it still in its early stage. I tend to be a little hesitant about new products, simply because of my past experience. I will give more time and see where it is going, and decide whether if it is for me or not. Thank you for the feedback.