The Forgotten Portal

Day: October 18, 2021

  • 8 Pros and Cons of Bitcoin

    8 Pros and Cons of Bitcoin

    No matter where you land on the financial spectrum — a traditionalist who favors hard cash or an investment aficionado — in this day and age, you’ve most certainly heard of cryptocurrency and maybe even some pros and cons of cryptocurrency. Cryptocurrency has become increasingly popular over the past few years, with roughly 14 percent of the U.S. population owning cryptocurrency and an estimated 46 million Americans owning Bitcoin.

    Bitcoin is one of the oldest and most popular cryptocurrencies that exists. And for the cryptocurrency curious, it’s where you might consider dipping your toes into cryptocurrency investing. So if you’re asking yourself, “Is Bitcoin worth investing in?” or “Is it smart to invest in Bitcoin?” understanding the pros and cons of Bitcoin can help.

    Pros of Bitcoin

    • Accessibility and liquidity
    • User anonymity and transparency
    • Independence from central authority
    • High return potential

    Cons of Bitcoin

    • Volatility
    • No government regulations
    • Irreversible
    • Limited use

    Advantages of Bitcoin

    Although Bitcoin was created in 2009, it’s still considered a relatively new kind of currency, which comes with a lot of misinformation. Learning about the benefits of Bitcoin can help you decide if it’s a good investment opportunity for you.

    1. Accessibility and Liquidity

    One of the biggest advantages of cryptocurrency is it often sees no borders, and Bitcoin is no exception. A major benefit of Bitcoin is that it’s a very accessible and versatile currency. Since it only takes a few minutes to transfer bitcoins to another user, it can be used to purchase goods and services from the ever-growing list of places accepting it. This makes spending money in another country and exchanging for other currencies easier, with a bonus of having little to no fees applied. Bitcoins can also be easily sold at any moment.

    2. User Anonymity and Transparency

    Although not completely anonymous, Bitcoin users are identified by numerical codes and can have multiple public keys. This ensures there’s no public tracking, and transactions can’t be traced back to the user. Despite the transactions being permanently viewable, which gives you transparency, they’re still kept safe from fraud due to the blockchain technology. On top of that, only you, as the wallet owner, would be able to know how many bitcoins you have.

    For added security and anonymity, even if the address for your wallet became public, you could generate a new wallet address to keep your information safe. Compared to a traditional currency system in which personal information could be leaked from a bank, no other personal information is required to conduct Bitcoin transactions, which increases user privacy.

    3. Independence From Central Authority

    Bitcoin is a decentralized currency, meaning it’s not regulated by a single government or central bank. This means that no authority has the right to freeze and demand your coins. There’s also no viable way that a taxation would be implemented for Bitcoin. Theoretically, this gives users autonomy and control over their money, because the price isn’t linked to government policies. And generally, cryptocurrency users view this as one of the main advantages of Bitcoin.

    4. High Return Potential

    Bitcoin prices can be highly volatile, changing drastically on a monthly and even daily basis. For instance, in March 2017, Bitcoin was priced at $975.70, and in just a matter of months it spiked to $20,089 in December. A couple of years later, the price of Bitcoin reached an all-time high of $64,000 in April 2021.

    This goes to show that although there’s high volatility in prices, cryptocurrency users might view this as one of the benefits of Bitcoin because it can result in a high return potential. And with a growing number of users believing Bitcoin is a promising global currency, many investors and businesses have decided to adopt it. This helps with increasing the higher return potential, especially for those who bought it at a lower price.

    In addition, some investors believe Bitcoin will still gain value in the long term, with a possibility of reaching prices close to $500,000 by 2025. That’s because of its fixed supply cap at 21 million coins, meaning we can’t “print out” more Bitcoins that could lead to inflation and, consequently, the devaluation of the cryptocurrency. No inflation? That’s certainly a pro of Bitcoin.

    cons-of-bitcoin-2x

    Disadvantages of Bitcoin

    Despite its rapid growth and an increasing number of users, there are some disadvantages of Bitcoin to consider, especially if you’re wondering, “Is it worth investing in Bitcoin?”. Like in many financial decisions, the more you know, the more informed a decision you can make on whether Bitcoin is worth investing in.

    5. Volatility

    When Bitcoin was created by Satoshi Nakamoto, a limit was set of 21 million bitcoins that could ever exist, meaning that it’s absolutely scarce. This scarcity is what makes Bitcoin so valuable, but also what makes its prices vary drastically, which can be viewed as one of the disadvantages of Bitcoin.

    Another reason for this price volatility stems from not being backed by a physical commodity, such as paper money, which can be printed when there’s more demand. This rapid swing in prices can make it a risky investment, and cause confusion from the continuous change in prices of goods and services using Bitcoin. For instance, this can be a problem when you have to return a product and request a refund, since the price you bought the item at could have suddenly changed.

    6. No Government Regulations

    Sure, a decentralized currency can be viewed as one of the benefits of cryptocurrency, but it can also be considered a disadvantage of Bitcoin, since it means investing in Bitcoin is not regulated. Unlike a currency that’s regulated by a central bank, Bitcoin transactions don’t come with legal protection and typically are not reversible, which makes them susceptible to scams.

    Another issue with Bitcoin being decentralized is that there’s no guarantee of a minimum valuation. So if a big group of investors decides to stop using bitcoins and sell them, the value of it would decrease greatly and affect users with a large amount of the cryptocurrency.

    7. Irreversible

    Since Bitcoin transactions are anonymous and unregulated, another disadvantage is the lack of security. Transactions done through Bitcoin are irreversible and final, so nothing can be done if the wrong amount is sent or if it’s sent to the wrong recipient.

    In addition, there’s a risk of loss. Many Bitcoin users choose to keep their bitcoins in a cryptocurrency wallet, which puts them at risk of losing their investments if they lose access to their private key. In case of a virus or a crash on the records or even your wallet, your funds could become inaccessible or gone completely in a matter of minutes.

    8. Limited Use

    Even though there’s a growing number of companies that accept Bitcoin, such as Microsoft and some Subway franchises, it’s still not widely accepted. This puts a limit on where you can spend your money, unlike using a credit or debit card.

    The Bottom Line: Is It Worth Investing in Bitcoin?

    So, is it smart to invest in Bitcoin? Although there are some great benefits of cryptocurrency and pros of Bitcoin specifically, many people still view it as a risky investment. But, just like any investment, investing in Bitcoin requires you to do your research ahead of time.

    Going through a list of pros and cons of Bitcoin is only the first step. It’s also a good idea to study how cryptocurrencies and crypto wallets work, how acceptable the market is, as well as the expectations and risks associated with it. If you do decide to invest, remember that there are many tools available, such as the Mint app, that can help you track your cryptocurrency investments.

    Sources: Federal Trade Commission

    The post 8 Pros and Cons of Bitcoin appeared first on MintLife Blog.

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  • Dry Skin in Ears What Causes it and How to Treat

    Dry Skin in Ears What Causes it and How to Treat

    Dry Skin in Ears What Causes it and How to Treat

    Some people may tolerate dry skin in their ears as a mild inconvenience. Dry skin in the ears bothers most individuals since the symptoms are unpleasant and humiliating.

    Do you have dry ear canals? Possibly dry skin behind the ears? Do you think it’ll just fade away? Dry, flaking ear skin might be an allergic response or a sign of something more severe.

    Symptoms of Dry Skin in Ears

    Dry skin in the ears can take several forms:

    You may see dry, scaly skin accumulating in your ear canals, with or without scales, after a snooze on your pillow.

    Dehydrated skin behind the ears, around the hairline, ears, and even on the earlobe is an indication of dry skin.

    Itchy ear canals, earlobes, and even the region behind the ears can be embarrassing, especially at work. Excessive scratching to relieve irritation may cause ear peeling. Dry, flaky brows that itch

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    Ear Wax Removal London

    Reddened skin in the ear canal, earlobe and even the surrounding skin

    There may be ear discomfort, ear cartilage pain, and skin burning from scratching. There are several causes of ear dryness. It might be caused by regular activities, allergies, or even medical conditions. Too much cleaning of the ear canal can cause it to become dry, scaly, or crusty.

    Smoking causes skin dryness generally Dry skin in-ear

    The channel is commonly created through ageing. Allergies cause people to react differently to certain things. Itchy, dry skin in the ears caused by beauty products (hair sprays, shampoos, hair colours, etc.) or even nickel earrings can cause acute itching, redness, and even discomfort in the ear cartilage.

    Due to Medical Conditions.

    Ear infections, for example, can produce dry skin in the ears. Ear infections can cause dry skin in the ears. Otitis externa and otitis media are the most common ear infections. Otitis externa is a visible outer ear infection, whereas otitis media is a visible inner ear infection. These ear infections cause itchy, scaly skin, discomfort, and redness. Various skin issues might cause dry ear skin. Skin diseases including seborrheic dermatitis, psoriasis, and eczema are the most common causes of dry ears.

    Seborrheic dermatitis

    Itchy, dry, scaly skin around the ears, eyebrows, hairline, and nose. A bacterial infection can cause skin cracking and discomfort. For further information, please visit www.psoriasis.org.

    Treatment

    The best method to cure ear dry skin is to identify the reasons and treat them properly. Lifestyle changes are necessary for everyday behaviours. Remember that ear wax is good to the ear. Regularly cleaning your ears with cotton swabs or cotton buds dehydrates them. Swimmers should wear tight swim caps to keep chlorinated water out of their ears.

    Apply sunscreen and drink lots of water to avoid sunburn. If you have allergies, check through your products for the offending shampoo or hair colouring. If you have a history of allergy, wear nickel-free earrings in the future. Shampoos with zinc pyrithione, ketoconazole, or selenium sulphide as active ingredients can help alleviate itching. For ear infections and chronic skin problems, moisturising the skin alone will not cure them, and relieving symptoms is only a temporary remedy.

    ear surgery risks

    Home remedies might help relieve the symptoms of dry skin in the ears. Home remedies for dry ear skin Skin can be moisturised using cool creams. Earlobe and surrounding skin can be moisturised with petroleum jelly or aloe vera. No moisturisers should be used in the ear canal.

    Use Olive Oil:

    A drop of warm olive oil in the ear canal can help keep it moist. Once or twice a week, a drop of oil will suffice. The oil is evenly distributed by rubbing the ear.

    Use of Garlic Oil:

    Garlic oil, which has been proved to have antibacterial characteristics, will assist with dryness and infections.

    Use of Vinegar:

    Vinegar has been shown to be a useful treatment for ear skin that is dry. However, it should not be taken undiluted or alone: Dilute vinegar is combined with rubbing alcohol for the best results. Ears with dry skin 4.5 stars (89.83 per cent)

    Ear Eczema Symptoms Causes Diagnosis Treatment Warning Signs

    What is the cure? The underlying cause and the affected area dictate ear eczema therapy. If you have allergic eczema, you may need to avoid certain things or avoid wearing earrings. If you still can’t figure out what’s wrong, allergy testing may be necessary.

    Seborrheic eczema sufferers may need to apply an antifungal ointment to the afflicted ear. If the skin behind the ear is inflamed, your doctor may prescribe a topical steroid. An external ear canal symptom may be treated with steroid ear drops. No matter what form of eczema you have, hydrating this region is important.

    In the ear area, harsh soaps and cleansers can dry up the skin and aggravate problems. Instead, use a mild cleaner. Pick one for eczema-prone skin. Then use a colloidal oatmeal moisturiser.

    Consider this. Colloidal oatmeal protects and soothes dry, irritated skin. Stick to goods approved by the National Eczema Association. These goods have been extensively tested for known skin irritants that exacerbate eczema.

    Avoid putting any substance to the inside of your ear with a long object like a cotton swab.

    Use ear drops only if you have eczema in your ear canal.

    Itchy ears might be a sign of an infection or a precursor to one.

    Germs and viruses can cause ear infections from a cold or flu. Infections can occur if water or earwax accumulates in the ear. Repeated ear infections may require medical treatment.

    Parched ears Ears generate oil and wax to keep them clean and healthy. Frequent ear cleaning can remove wax and dry out the ear, causing discomfort.

    Others don’t produce enough earwax, causing dry ears. Dry ears can be identified by dry skin flakes. Food allergies Food allergies can cause itchy ears. A frequent food allergy is to nuts.

    The rest of the face may itch. Some people get hives. Oral allergy syndrome is a pollen allergy that causes irritation in the lips and ears. Dietary intake of fruits and nuts can cause oral allergy syndrome.

    Anaphylaxis happens when an allergic reaction arises after ingesting or contact with an allergen. This is an urgent medical situation.

    Earwax blockage

    Earwax accumulation can irritate ears and impede hearing. The ears generate earwax to keep the ear clean and prevent infection. Earwax naturally migrates out of the ear, where it dries out and falls off. Earwax can build up in the ear canal, the small tunnel that connects the outer, middle, and inner ear. Any of these items may cause irritation and further push the wax back into the ear canal leading to a blockage. Earwax accumulation can trap germs in the ear, causing illness.

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