Review on Bitcoin by Mayra Coba

Name: Bitcoin
Item: Bitcoin
Rating: 4

September 05, 2020

A cryptocurrency that came to stay

Bitcoin is practically the first digital currency, it is decentralized and every transaction is registered on the blockchain. It offers us total control of our money unlike other assets that are controlled by banks and governments. It is also the most popular cryptocurrency, it is increasingly accepted as a payment method worldwide. For the first time we have an alternative to the current system, Bitcoin has no borders. So if your country is negatively affected in terms of political instability or government failures, Bitcoin will not be affected like physical money.
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One of the good features that we can support of bitcoin are:
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Operations are validated using a consensus protocol.

The information that is collected is distributed in many computers, this is called nodes.

The nodes are the ones that provide the capacity to the networks for the validation of operations.

The blockchain records each operation as if it were one block after another.

The writing of a block is not alterable.

This creates a very difficult environment to hack.

Innovation in Bitcoin does not stop, everyone is researching, developing and improving technology every day.
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Pros

It gives us total control over our money.
Eliminate problems of intermediaries or third parties.
Free and open to everyone without discrimination.
Very agile, fast and almost immediate transactions.
You can always know its real value.
The trust and security makes it one of the best cryptocurrencies.

Cons

It is a risk to invest in Bitcoin if you do not know much about cryptocurrencies.
It is not accepted in all establishments.
They can use it for illegal actions.
You need the internet to be able to use it.
You cannot lose the digital wallet for nothing.