Here we will discuss the SWOT analysis of Bitcoin one of the biggest cryptocurrency in 2018. Bitcoin is a digital currency of new era. This is an online payment network. Very safe and trusty. This kind of currency called cryptocurrency.
Strength in SWOT analysis of Bitcoin in 2018
Bitcoin is using the peer-to-peer network that is called Blockchain.In this network, only the sender and the receiver knows the transaction when its taking place. There is no third party involvement in this transaction. And there is no administrative authority regarding Bitcoin system. That means this is tax-free. The government cannot apply tax here. For this reason, Bitcoin is a safe currency from any kind of global currency. The bitcoin transaction is less costly than any conventional one. if you want to know the “bitcoin forecast 2020” read the cnbc news where James Altucher states that bitcoin will reach $1 million by the end of 2020.
Bitcoin consists of a unique pin number that indicates the owner address. When a transaction is done, the pin number is altered. That’s why when a Bitcoin is sent, it cannot be reversed if the new owner is eager to modification the ownership. This certifies the security of the transaction.
Normally The bitcoin transaction is very fast and no objection to it. Anyone can deal their business easily and no interruption here.
Normal currency can be stolen by physically or virtually. But Bitcoin cannot be stolen from anyone’s wallet. As the only owner can change the pin, it is impossible for others to steal it unless they have physical access to owner’s personal computer.
Weakness in SWOT analysis of Bitcoin in 2018
There are many arguments about the volatility of Bitcoin. Maximum people tend to make judgments by the publicity in the media. The current situation the result of media hype. Bitcoin has gone through huge instability in the past years from 2010-2015. Its price is going up like a rocket but this is for a very short period time. It is not a time to conclude about Bitcoin’s stability & consistency. It’s not like a company like Hewlett Packard who has a stability.But if the currency can be accepted all over the country then it will be a one of the great currency to do transactions.
People are now paying $28 on average to make a deal using the digital currency, as BitInfoCharts. Bitcoin miners are enjoying the transactions fees. In December 2017 the total transaction fees paid to bitcoin miners hit above $11 million.
An argument has been concocting among the bitcoin exchanger about the transaction times and fees. It takes 78 minutes on average to confirm a bitcoin transaction, as stated by Blockchain.com. The highest average time 1,188 minutes per transactions.
This is a virtual payment or transactions network. Nobody can touch bitcoin. It’s an intangible value.
Opportunities in SWOT analysis of Bitcoin in 2018
Cryptocurrency is a big market. Anyone can use it. There is no adult or child difference. Bitcoin is for all.
Bitcoin has become internalize. Recently KFC Canada has introduced Bitcoin as one of their payment systems. If you ask who accept bitcoin as payment, then here is a list of the company.
We have enlisted here some global brand companies
- Amazon – An online product service Marketplace.
- Apple’s App Store – Buy Apple’s service through AppStore with bitcoins.
- Badoo – An online dating network.
- BigFishGames – PC, Mac and Smartphones (iPhone, Android, Windows) for Games.
- Bing by Microsoft – 2nd search engine after Google.
- Bloomberg – Online newspaper.
- Braintree – A Research firm.
- CVS – A pharmacy mall.
- Dell – US-based Global computer technology company.
- Fiverr – You can get anything done for $5 through Bitcoin.
- Home Depot – For Office supplies.
- Microsoft – US based Software company.
- Namecheap – Domain Hosting company.
- Naughty America – An Adult entertainment provider.
- PayPal / Ebay – Credit card / payment processor / Auction.
- Reddit – You can buy premium features there with bitcoins.
- com – An online store that helps anyone to trade their products.
- Stripe – Another payments company.
- Subway – Restaurant.
- com – An IT blog company.
- Tesla – A car company.
- Wikipedia – An absolutely Free Encyclopedia with 4 570 000+ article.
- WordPress – An CMS system for Blogger.
- Zappos – An online retailer.
Japan and South Korea are investing more in the cryptocurrency industry from Asia.
Countries That Say Yes to Bitcoin
- The United States
- The European Union
Threats in SWOT analysis of Bitcoin in 2018
Governments Rules and Regulation
Bitcoin transactions are illegal in many countries. Very few countries approved bitcoin. But There is a lot of users all over the world especially the people who love to deal through online.
Countries That Say No to Bitcoin
In recent the central bank of Bangladesh named Bangladesh Bank has banned Bitcoin or any other cryptocurrency transaction.