Bitcoin Coin System: Is It Still Sustainable When Bitcoin Exchange Rate Today (April 10, 2024) Decreases?

[CryptoHolic]

Bitcoin exchange rate today (April 10, 2024) is at 69,060 USD, down 3.86% in the last 24 hours. This decrease makes many investors worried about the Bitcoin coin system. Is this system still sustainable?

1. Bitcoin System:

The Bitcoin system is designed based on blockchain technology, including the following elements:

Peer-to-peer network: Bitcoin operates on a decentralized peer-to-peer network, with no intermediaries in control.
Proof-of-Work Technology: Bitcoin uses Proof-of-Work (PoW) technology to verify transactions and create new blocks.
Decentralized Ledger: Blockchain is a decentralized ledger that records all Bitcoin transactions.
Bitcoin Wallet: A Bitcoin Wallet is where your Bitcoins are stored.
2. Advantages of Bitcoin System:

Security: The Bitcoin system is highly appreciated for its security thanks to blockchain technology.
Transparency: All Bitcoin transactions are recorded on the blockchain and can be accessed by anyone.
Decentralization: Bitcoin is not controlled by any organization.
Accessibility: Anyone can use Bitcoin.
3. Disadvantages of Bitcoin System:

Scalability: The Bitcoin system has limited scalability.
Energy Consumption: The use of PoW technology consumes a lot of energy.
Price volatility: Bitcoin prices can fluctuate widely.
Government regulation: Bitcoin is still not legalized in some countries.
4. Future of Bitcoin System:

The future of the Bitcoin system depends on many factors, including:

Evolution of blockchain technology: Layer 2 solutions can help improve Bitcoin's scalability.
Government regulation: Recognizing Bitcoin as legal by governments can boost Bitcoin adoption.
Public interest: The level of public interest in Bitcoin can affect Bitcoin price.
5. Conclusion:

The Bitcoin system has many advantages, but there are also some disadvantages that need to be addressed. The future of the Bitcoin system is still uncertain, but its development potential is huge.

[Rahul verma]

In 2024, the block reward will be reduced to 3.125 bitcoin, which is worth around $200,122 as of April 19 at the time of publication. However, since bitcoin mining typically requires expensive hardware and a vast amount of energy, it can be an expensive endeavor.