What is Bitcoin?
Bitcoin is a cryptocurrency that is built off of the blockchain. The blockchain is a public ledger that allows transactions between wallets to be available for all to see and these transactions are carried out by miners who get rewarded for their work in Bitcoin. Bitcoin Is the pioneer for all cryptocurrencies and blockchain technology. Recently Bitcoin has been affected by the looming question of, what is going to happen on August 1st? So as it is now, there is a consensus to upgrade Bitcoin to SegWit and double the block size to 2mb. The confusion of Bitcoin Cash has sprouted a lot of fear but most are realizing that it will do nothing to halt Bitcoin progression.
Pros
Bitcoin is the first cryptocurrency to challenge the financial sector. It has more passion behind it than any other cryptocurrency. The developers are active, committed and experienced to better Bitcoin. The mainstream knows the name of what it is and the understanding of what it is grows with the price. Greed and freedom will be the main reason for mass adoption, everyone will want to get in on the action without being subject immoral taxes. Bitcoin takes away power from governments and institutions and allows for a free future. Many governments have recognized it and have legalized it which has lead to financial sector investment.Also, we are seeing vendors receive payments in Bitcoin and allow for the exchange of goods.
Cons
Bitcoin being the first one to do it means that competition is looking to make the better Bitcoin. The development of Bitcoin in its open source and decentralized manner has a lack of governance which leads to slower development time. Bitcoin resembles a government and looks less and less decentralized the more the power of miners grow; not just power of mining but the power of political sway. Bitcoin still has so much to prove in order to be adopted by the mainstream and the fact of Bitcoin directly challenging the financial and government sector will have implications of sabotage. Whether it be attacks to the network, developers, miners, exchanges, or users, it will happen. Illegal exchanges that sell drugs and other explicitly illegal goods have given governments, media, and institutions ammunition to spread fear, uncertainty, and doubt.
Conclusion
Bitcoin is a revolution that is changing the world. There will be controversy along the path to mainstream adoption but it will happen, and whether it is Bitcoin or some other alt that is the bringer of complete liberty to spend your money wherever you want; Bitcoin will have a direct or indirect causal link to this adoption. Based on this fact even if Bitcoin died and some coin took over the number one spot on coinmarketcap.com bitcoin would have a nostalgic pull on users to keep it in the top 10. Cryptocurrency is not just an opportunity for “sick gainz”, but also an opportunity for complete freedom from over powered governments and institutions. Philosophically, technically, and economically Bitcoin will be an upgrade to our society. There is so much else that Bitcoin could be it is illogical to limit it as just a cryptocurrency. For these reasons the future is bright for bitcoin and definitely would be important to study and learn about when you get the chance.
Sources
https://www.coindesk.com/goldman-sachs-bitcoin-may-reach-new-high-3600/
