Bitcoin technology first came out in 2008. The pioneers of Bitcoin wanted to make the Bitcoin owner are in charge of their money and to eliminate the intermediary, to cancel the interest rates and to make transparent transactions, to hack the corruption and to cut the fees. So they come up with the idea of a decentralised system, where the owner of these bitcoins could control funds, not banks or any third party.
It is a digital currency for the exchange of goods and services. Its value is quoted in dollars and varies according to the fluctuation of its market. This currency is decentralised. However, it is considered efficient and safe.
Since its inception, many controversies have arisen around it, especially since this currency does not have the backing of a central government or any big institutions, so for many, it is something that has no value. However, those who bet on Bitcoin between 2010 and 2016 have made millions, which has made the question, Bitcoin, a good or bad investment?
Bitcoin has gone far in a relatively short time. Around the world, many large enterprises started to accept the crypto currency.
Currently, bitcoins got some problems like some hackers are hacking accounts, high volatility of the crypto currency prices and delays in transactions giving a negative impression about the Bitcoin for the new comers and these are worrying for the investors who want to jump in into cryptocurrency.
The best things about the Bitcoin :
Irreversible Transactions – After you send money and transaction once confirmed in the network, then it can not reverse. Means no way one can get back their sent Bitcoin for any reason. That’s why before sending money you should check the Bitcoin address correctly and do the transactions.
Transactions are quite fast – Transactions are almost instantly on the network, and it takes some time to get confirmed in the system. It all depends on the number of transaction in the system, and if you pay a slightly higher fee, then your transactions will get confirm faster. Bitcoin transaction takes the same time to send to your neighbour or a person who is another part of the world.
3.) Secure transactions: Bitcoin’s funds are very safe, and only the person who got the private keys of a wallet only will have access to the coins. But at the same time if the owner loses these private keys then these coins will be permanently lost, and no one can get benefit from these lost coins.