Review on Bitcoin by sophia sohka
The first currency to introduce the idea of money innovation in the 21st century
The first blockchain is the Genesis block. The ten-year-old block was mined on January 3, 2009 by Satoshi. The interesting thing is the secret message that Satoshi put in it.
One of the parameters stored in each block is called Coinbase. But this parameter has nothing to do with the Quinnabis exchange. Probably this is the coinbase exchange that inspired its name! coinbase is a parameter that determines the amount of reward miners earn per block.
The maximum bitcoin supply will be 21 million BTC. About 18 million bitcoins are currently in circulation. Each bitcoin unit can be divided into smaller values up to 8 decimal places. One unit of the smallest division is 0.00000001 BTC, called Satoshi or Sat.
Miners and Bitcoin wallets are open source and decentralized. This means that their network is available to anyone with a computer and the Internet. Network transactions are validated by miners and recorded on the blockchain network. The difficulty of the proof-of-work algorithm is adjusted and adjusted after each 2016 block. This is done about once every two weeks. This takes about 10 minutes to form a block.
Pros
- Super Valuable
Cons
- Transaction speeds are not competitive with bank transaction speeds
