Review on Bitcoin by Francisco Sal
bitcoin
Bitcoin is a digital currency or cryptocurrency. This digital currency is not controlled by the country, the treasury or the bank.
Bitcoin works with a system called blockchain.
Bitcoin includes a network of computers. These computers have access to all bitcoin transactions.
Each time a bitcoin transaction is completed, the entire network is updated with the information of that transaction. This is due to the fact that the transaction is approved by other network users.
Transaction information is encrypted on the network. This protects the security of transaction information. No one will know who owns the transaction.
Once the transaction is verified, its information is added to the chain of verified transactions.
Each time an online bitcoin transaction is made, the individual network (P2P) is updated with new information.
People called Miners solve complex mathematical equations. The purpose of solving these equations is to categorize new information.
The first miner to solve a particular equation is rewarded. The bonus includes new bitcoins. This is called mining, which creates new bitcoins.
Pros
- The blockchain system is very secure. So it's hard to hack a crypto wallet.
Cons
- Value fluctuations
