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Review on Bitcoin by Daniela Theiss
Bitcoin is a consensus network that enables a new payment system and a…
Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.
Pros
- Bitcoin can not be faked: The next advantage of bitcoin is that it can not be faked, because bitcoin does not exist in the physical form as other currencies, and bitcoin testing does not cost anything in gold. is very high.
Cons
- No Valuation Guarantee Since there is no central authority governing Bitcoins, no one can guarantee its minimum valuation. If a large group of merchants decide to “dump” Bitcoins and leave the system, its valuation will decrease greatly which will immensely hurt users who have a large amount of wealth invested in Bitcoins. The decentralized nature of bitcoin is both a curse and blessing.
