Merits and demerits of bus interface/bus protocol

What are merits and demerits of I2C (bus interface/bus protocol)?

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Particular features on I2C:

Low cost, simply implementation and Moderate speed (upto 100 kbps).

Disadvantages of I2C are as follows:

Its slave hardware does not give much support and

It is open collector drivers at the master leads to be confused.

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