Review on Bitcoin by evita parra
BITCOIN THE PROTAGONIST OF THE CRYPTOGRAPHIC MARKET
Bitcoin is a pioneer blockchain in the implementation of digital money as a payment mechanism for the purchase of goods and services and the exchange of cryptocurrencies under immutable and public ledger technology.
The digital currency identified as BTC is known as the pioneer cryptocurrency in the crypto market. It has similar characteristics to the officially issued FIAT coins with the difference that it does not have a physical body but a digital one and that its issuance is not carried out through a central bank but through the use of blockchain technology.
BTC is backed by a transaction validation consensus system that avoids your double spending and guarantees your immutability by recording each transaction in a virtual ledger designed with reliable protocols known as blockchain.
Regarding its technology; the network functions as peer-to-peer node servers or interaction between peers, without dependence on a fixed server.
The Bitcoin ledger is an encrypted database that forms its distributed accounting system, capable of storing information related to each BTC spent up to conditions established in smart contracts using computer protocols.
Regarding the issuance or minting of your digital currency, this procedure is carried out collectively to allow the validation of transactions and the generation of new blocks. This asset offers speed in your operations at low or zero cost.
Regarding security; the Bitcoin network allows its users to access their cryptocurrencies through their bank account (public key) or through a key (private key). Both keys allow financial operations to be carried out on the network without space and time limitations.
Bitcoin also supports the possibility of exchanges in fiat money on platforms that operate globally.
The main uses of the digital asset basically include:
• Serves as a secure payment method worldwide.
• Allows high speed transactions.
• It is used to carry out asset exchanges, trading or staking.
• Serves as an investment instrument.
Pros
- It is a platform with decentralized operation, that is, it is not subject to a regulatory authority.
- The chain uses an open source, accessible to any programmer or user
- It is a secure and decentralized payment mechanism.
- Simplify the digital use of money
Cons
- There are no disadvantages in its use.
