Review on Bitcoin by john louves
first open source currency network
Bitcoin (BTC) was released in 2009 with an open source structure and was introduced as the world's first digital currency. Bitcoin is a digital currency; that is, unlike cash, it has no external existence and is only available electronically. Each Bitcoin unit is unique and cannot be copied or deleted from the network.
The distributed general ledger holds all bitcoin transactions. Each block on the blockchain follows a tree-encoded structure. Many believe that bitcoin was created as a tool to raise capital to combat inflation and prevent governments from using inflation. Many people praise Bitcoin for reducing the power of politicians to print money.
In this cryptocurrency, instead of using a central server to verify all transactions, it is necessary for each person on the network, who is called an extractor, to approve other people's transactions.
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Pros
- Bitcoin's backing is against people's cash, not the government
Cons
- Restrictions on the number of transactions per second
