The Advantages of Bitcoin [A decentralized digital currency]

[Fiasem20]

Bitcoin is a decentralized digital currency that has been widely recognized in the economy as a medium of online payment.And it is also one of the most popular investment by companies and individuals.Bitcoin is a technology advancement and also a financial revolution in the world.Bitcoin is a decentralized digital currency that can also be called the currency of the future.Bitcoin has numerous benefits in this digital era.Many youths have adopted the use of bitcoin because it has played a vital role in the economy.The advantages of bitcoin are;

1. Transparency: Bitcoin blockchain technology is transparent[Openness],the bitcoin blockchain network allow blockchain explorers to view all transactions that has occurred in the public ledger.

2. Financial Freedom: Bitcoin has made investors and bitcoiners become their own bank.Bitcoin blockchain network uses the [P2P] platform that allows users operate without the control/involvement of third parties.

3. Security: Bitcoin blockchain network is more secured.Bitcoin blockchain technology uses the proof of work[PoW],the proof of work is a decentralized consensus that secures and verify transactions carried out in a public ledger.

4. Transaction Irreversibility: Bitcoin transactions are irreversible and cannot be charged back.

So my country pipo I go like make we contribute on the advantages of bitcoin for our society and economy.

[Mate2237]

Bitcoin is commonly and popular known as a digital currency which na to buy things and services online but investment na don take over and nobody come dey even remember to use buy things again though people nai never dey to accept in their shop so dat people wey dey buy things go come use am buy things nai make part side e still dey lack behind. But na di investment side nai dey rampage.

And all the four factors or the advantages you tok e dey correct. The transparency.of bitcoin make called Open Source. Bitcoin is open source technology which is also known as decentralized and because this when you make transaction people go see when dem use you wallet address and the recipient address too dem go see but the only difference between dem no know who get di address so na there dem end. And yes ohh. Bitcoin e don help people well well. Many people wey been dey poor well well and di government sef e don abandon dem but as dem come join bitcoin their life change to good. So the financial freedom wey you tok na true. And because of the security of bitcoin him just dey float on the air and anyone who dey interested to join can go and join. Government sef e no fit control am because him dey well secure. And once you send coin go give person dey u no go fit bring back again. E don go be dat so if you dey do transaction with bitcoin make you dey very be careful.

[Mayor of ogba]

Aside from the ones you have mentioned, another advantage or benefit of holding bitcoin is that it will help you overcome inflation anywhere you find yourself in the world. For instance, if you had held your money in bitcoin, the inflation in our country would not affect you because bitcoin would come to your rescue anytime you converted a portion of your bitcoin to Fiat. Your money would have the purchasing power to buy goods at high cost price. And you will live a comfortable life as if nothing happened.

[Samlucky O]

All what you have said is true apart from the transparency. To me I see transparency as not an advantage rather a disadvantage. Because it makes Bitcoin transaction not private and secured. Most transaction people do are traced down to the recipient wallet through blockchain. and such wallet can be monitored. I think this aspect of transparency should have been like banking system where  no body can use your account number to check who sent you money. But cryptocurrency is a reverse case. Just like example in this forum many people had problem because of their wallet address which was traced down to the bottom. So it possesses the character of risk. although it has advantages in some side and also disadvantages. But I feel the disadvantage is more than advantage.

[Benedictare]

Bitcoin has a lot of advantages some of which are
Making money transaction very secured,fast,easy and low transaction rate and because of its decentralized form it doesn't shut down or fail at any point ,and because of its public key codes  every transaction been made is genuine and authentic ,no third party, nobody can seize Bitcoin,no tax payment or tracking ,self-custodian, store value, fixed supply and has inflation hedge.
Bitcoin benefits are so much  to be listed.

[Makus]

All what you have said is true apart from the transparency. To me I see transparency as not an advantage rather a disadvantage. Because it makes Bitcoin transaction not private and secured. Most transaction people do are traced down to the recipient wallet through blockchain. and such wallet can be monitored. I think this aspect of transparency should have been like banking system where  no body can use your account number to check who sent you money. But cryptocurrency is a reverse case. Just like example in this forum many people had problem because of their wallet address which was traced down to the bottom. So it possesses the character of risk. although it has advantages in some side and also disadvantages. But I feel the disadvantage is more than advantage.

To you it might not stand as an advantage but in so many ways it's an advantage to the system. With all the claims that Bitcoin or crypto is a standard system for running fraud one could easily track a hackers transaction movement using the Blockchain and if possible the hacker could be caught.  just like the case we had in Nigeria were an aspirant to the position of a governor of River State( Wilfred bones) was arrested due to a cyber attack on patricia.
Link: https://www.thecable.ng/police-arrest-former-governorship-candidate-over-n607m-patricia-cyber-attack/amp
However if it wasn't the transparency of the Blockchain network they wouldn't have caught him. same with the case we had in this forum that lead to the banning of mix..s. the transparency of the Blockchain to playing a vital role in fishing out frauds from the system.

[Mate2237]

All what you have said is true apart from the transparency. To me I see transparency as not an advantage rather a disadvantage. Because it makes Bitcoin transaction not private and secured. Most transaction people do are traced down to the recipient wallet through blockchain. and such wallet can be monitored. I think this aspect of transparency should have been like banking system where  no body can use your account number to check who sent you money. But cryptocurrency is a reverse case. Just like example in this forum many people had problem because of their wallet address which was traced down to the bottom. So it possesses the character of risk. although it has advantages in some side and also disadvantages. But I feel the disadvantage is more than advantage.

Transparency is one of the good advantage in bitcoin transaction and it acan also be use as disadvantage. Bitcoin is a decentralized digital currency which nobody can control it and you can only see the transaction history of the address from your end and it is not like the fiat account that it is only the bank can track transaction for you but in cryptocurrency everyone can track your transaction once they use your wallet public address in mempool then they will see all the transactions you have done, so that is a transparency and advantage to bitcoin transaction.