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Sunday, September 25, 2022

25 Advantages and Disadvantages of Bitcoin

Hello and this lesson we are going to cover the advantages and disadvantages of inferior compared to the big coin if Miriam and E for as well. So if we remove the blockchain implementation and evade currency that is built on top. So if you want to know a bit more information about rerent feel free to check the previous lesson where I covered what the fear actually is and how we it to be.

Now when we expanded on that and talk about why you might want to use one over the other. So let me write. T G C D. G is over here. And he going down quite a bit to cover today. So, first of all, we will cover the advantages and first advantage Iolaus blocks transactions lots of transactions can be created faster than Bitcoin.

They can also be confirmed faster. So I guess that’s essentially something that goes can for actually I to a company such Kazam created a lot faster than you might think in how fast well to put it into perspective and 20 seconds for Fiorina I think had Bitcoin.

Is it Forty-Second minute to minute? No, it is 10 minutes or Bitcoin So I think to see the actual time it takes to confirm and create a block on the blockchain is a lot shorter. A major language. Another advantage is other applications and so currency. Bitcoin is as of now just restricted to a currency based system whereas if Miriam isn’t blocked and implementation, if the currency should go to talk of a very brief Mirriam, is it likely to block trade.

So you could use it for the underlying foundation for a message plus for emails, for example, you use it as the underlying platform for private storage so it decentralized a decentralized and distributed network where your phone stores and no one single individual or organization controls your files. No advantage. It is easy to Moine compared to Bitcoin. And there are a couple of reasons for this. One is bigger because the larger they get the harder they do become to mine.

But the other reason it’s easy to mine is it encourages individual miners pool instead of using pools of mind so the waste is design is sort of discriminates against poor and tries to avoid to prevent them from doing it and prefers individual money. So, individuals, we regulate use only basic cards I anything can you this.

That’s fantastic. Another advantage is it uses a few I to run completely program in language so that means so effective Turing complete programming language means a more flexible. And given enough computing power, it can solve anything. So for that reason, the flexibility is great and he allows it to be used for different applications.

So there are a bunch of advantages compared to Bitcoin but are there any disadvantages yet. As of now the smaller market again I want to emphasize as of now. There are a lot of people within the cryptocurrency sphere within that industry that believes that variants can and will be the dominant platform compared to Bitcoin in the long term due to the fact that it can be used in other applications but other than that it does have a smaller market.

And as I covered in the pre’s video as of October 2017 the market for a very simple EVA I should say was 30 billion dollars Bitcoin with a hundred billion or so is only 30 percent of the size of bitcoin is growing as well.

The noble thing is each coin is worth a lot less. Some of you might not see that a disadvantage or an advantage that most of out there. That’s just the way it is. But I think to put that in the disadvantaged section for now especially if you are just getting hold of these coins for if you are doing a lot for what comparison then they are lower than you can bear to be a condo. You could obviously just buy more if accounts go up and wait.

Q In is you read Gino blotching entry and what this means is all of the cryptocurrency will be playing catch up in some form. They will ultimately be compelled to become special for the next few years because dice the original one is the largest one as well so there will always be.

Why would I want to use this over Bitcoin? Why why why why why. Even though the advantages might be immense for the application they want there are always going to be in. I mean comparing it to become something to bear in mind. Nothing is fewer people know about it.

We have even heard of it. And as the market grows this problem will alleviate. Again is just something worth bearing in mind. So we’ve done that on a cover a few grey areas as well so I think Dave can fall into the advantage or disadvantage category depending on how you look at them.

One is you this something called a Ghost Protocol which helps eliminate centralized pool mine in which Bitcoin still allows. You might think that advantage he might not think is worth mentioning and a never grey area is when limited supply of coins.

So unlike Bitcoin which has a finite supply which is what is meant to be roughly 21 million and is meant to me all mind roughly 20 Warnes 40 or 20 or 40 one that emulates gold whereas Ferien or Eva because you have a limited Coleen’s that is more like the current currency were they the go into this issue more.

They might see the advantage or disadvantage in a way an advantage. When you look at it from a multiple application perspective when you look at individual applications you might just think I was just thinking what the current or currency and if we’re trying to get away from that’s a disadvantage.

But that said we’ve covered the advantages of the disadvantages and some of the grey area as well. Any questions feel free to each side. Feel free to go to the video again and check the different advantages and disadvantages that were covered. And as usual thank fortune and I look forward to seeing you in my next lesson.

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