Review on Bitcoin by Crypto Currency 27
BITCOIN
Hello.Bitcoin requires a virtual wallet, and it's easy to create. You can create this virtual wallet on your mobile phone, computer, or you can use web services on the internet. There is no wallet limit per person. You can create as many wallets as you want. Moreover, you do not need to provide your private information for the wallet you will create. With this virtual wallet you will create, you can receive money, send money and even shop.
Technologies such as public-key encryption (asymmetric encryption), point-to-point network connection and proof-of-work are used to verify payments made in the Bitcoin system. Bitcoins are encrypted and sent from the paying address to the recipient address. Every transaction is announced to the network and takes its place in the blockchain. Thus, the added bitcoins cannot be used more than once. Using these technologies, Bitcoin provides a fast and highly reliable payment network that anyone can use.
Pros
- being the largest and most valuable crypto currency
- being the leading crypto currency
- using its own network, Blockchain technology
Cons
- Very high fee rates
- Traceability is a disadvantage
