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Review on Bitcoin by wilfredo faria

Economía y minería bitcoin

After being launched in 2008, bitcoin is currently the most valuable virtual currency in the world with a purchase price of 11,356.42 thousand dollars, thus giving it the first place in the list of current cryptocurrencies, and is one of the most mined by users since having bitcoin is a good amount of money this currency dominates much of the internet as it is one of the most mined today since there are a certain number of websites that advertise bitcoin so that its mining I know much better and more frequently but now with the different types of cryptocurrencies they generate greater value to bitcoin since the viewers of different types of cryptocurrencies are directed to invest in bitcoin to have greater profits since its value is very high but it can also drastically decrease bitcoin has a very good chain of blocks which is up-to-date and secure allows to maintain a peer-to-peer network which is based on blockchain technology in The mining of all users or miners compete to find the cryptographic problem of their block following some regulations and rules of a proof-of-work system that this server or platform has, giving miners an objective which is to find a valid nonce for their Block that is mining this trial and error process encourages miners to invest their profits in good actions so that they do not have any type of problem or loss, after the miner achieves the solution of the problem Cryptographic that corresponds to his block transmits it to some nodes to which the miner is connected, if the block is correct, the process of blocks and nodes is repeated several more times until all the blocks required by the network are completed, this virtual currency has given a good turn to the world economy Therefore, at the time it was released, it was not paid much attention because its value was very low as the years progressed, its value increased. Today and its volatility makes economists who study this market think that this currency may reach zero but others differ and say that it can continue to increase in value.

Pros & cons

  • its security system allows users or miners to feel safe as their accounts will not be hacked
  • It is a good source of income as it is the largest and best paid virtual currency in the world
  • its financial stability is very volatile to the different types of changes that bitcoin makes.
  • It can generate problems in the system of society because if you have a large amount of money accumulated in bitcoin when making the change to the monetary system and it is a sum of millions, they can start investigating you to see if it comes from bad things