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According to Phil Lewis "Bitcoin is as brilliant as it is flawed". The bitcoin has been said to be the internet of money” ... that can ultimately lead to an entirely new financial system ... that cannot be manipulated by any central authority ... that can even form the basis of a new kind of legal system. This is what bitcoin is seen as. From my findings the Government of Russia is considering legalising bitcoin. Before I proceed to the flaws of bitcoin, I will like to mention briefly its strenghtsstrenghts.
The strenght of bitcoin
The wider advantage of bitcoin is the global brand recognition. Bitcoins popularity is all over. Most people around the world have heard of bitcoin. Especially when you are trying to inform or tell the public about cryptocurrency one name that people are conversant with is bitcoin.
The flaws of bitcoin
The flaws of bitcoin are obvious and as follows:
Bitcoin weakness is slow speed, poor scalability, high costs, energy inefficiency, lack of privacy and others.
- Upgrading of bitcoin's protocol is not easy.
- Comfirming transactions takes up to 1 hour
- The supply of Bitcoin is limited.
- It cannot be used as real currency. Etc
The flaws of Bitcoin copycats
- They rely on unstable electricity consumption to secure their network.
- The still use deflationary models
- They are still faced with the difficulty of upgrading their protocol.
What to do
Bitcoin will not die, it will remain as the first to market the design and will remain the most popular. I think we should invest in coins that have both adoptive and technology like the Steem.
Thanks for reading,
Kind regards.
Nice irformations...
You are welcome