When talking about cryptocurrency, everyone first thinks about Bitcoin. And many inexperienced people believe that it has no disadvantages and in principle it is the best of all cryptocurrencies. But like any other cryptocurrency, it has several disadvantages. For example, if you lose the password from your bitcoin wallet, it means that you have completely lost the cryptocurrency that was stored there and it cannot be recovered. Is bitcoin the ideal cryptocurrency for you or do you prefer other coins more?
Do you think Bitcoin is the perfect cryptocurrency?
- Thread starter deucher
- Start date
I will not want to put all my egg in one basket, i think in cryptocurrency one need to diversify, buy other coins too than only fixing your mind on bitcoin.. Other coins caan save the day.
No cryptocurrency is perfect and Bitcoin is no exception. Its true that losing access to your wallet can lead to irreversible loss, and scalability challenges have become more apparent as the network has grown. But I see Bitcoin as an important piece of the larger cryptocurrency landscape it has undoubtedly sparked interest and innovation and its adoption has give the way for other projects to address its limitations.
Bitcoin was the first cryptocurrency, so it started the crypto revolution. So for me, Bitcoin will always have value as digital gold. But I'm also keeping my eye on other projects making crypto more usable and accessible.
Bitcoin is never a perfect cryptocurrency because it technology is not perfect . There are flaws spotted out in bitcoin technology . It is not only peculiar to bitcoin, other cryptocurrencies as well are not perfect also.
Even though Bitcoin is the main crypto as my investment instrument in crypto, Bitcoin is also the crypto leader which has the highest market cap, but on the other hand Bitcoin also has disadvantages such as the price of Bitcoin is very volatile, Bitcoin is often used as money laundering, Bitcoin blockchain transaction fees are too high. In my experience I have made transactions worth $400 with a transaction fee of $200. The Bitcoin blockchain is also often congested so the transaction process takes a long time. In 2017 my transaction was almost a week before it was confirmed.
you can use lightning bitcoin it takes 2 satoshi maximum when you send funds via bitcoin and transactions are done in 10 mins you can buy it via exchanges like paxful they have lightning bitcoin for users .
I looked into it a bit, but I lost interest in it.
yes many people have come in bitcoin and crypto but soon became non interested due to the markets dropping down therefore you can only do it if you have passion actually which is the way to go ahead indeed .
In fact, when the crypto market is plummeting, it is the best moment to buy and collect as much Bitcoin as possible, when the Bitcoin price reaches the sky, it is an opportunity to take profit.
i doubt it that it ks the right time people should consider buying it when it below $20k and not above because thats making for high recovery chances honestly
Bitcoin is undoubtedly the game-changer in the world of cryptocurrency and also in the world of finance but it's perfection is subjective . Bitcoin has its strengths and it also has it weaknesses just like any other kind of Cryptocurrency.
There is no perfection in the crypto world because it has a lot of challenging factors . Bitcoin may be perfect in some cases like when it is used as a store of value but it may not be perfect in some other ramifications like the its transaction speed.
Bitcoin is a digital gold and its scarcity feature is a very attractive phenomenal and that has made it everyday transaction for every investors, but cryptocurrencies with a faster confirmation times will be more suitable than bitcoin.
The bitcoin consensus mechanism and it's long track record as giving it credibility than the newer cryptocurrencies and it offers a lot of innovative features that cater to different needs.
It is essential to know that cryptocurrencies have different needs and purposes that it serves and that is why bitcoin is exceptional in its own right and can not be a perfect cryptocurrency.