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Review on Bitcoin by Felix Bauer
Nobody owns the Bitcoin network much like no one owns the technology behind…
Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.
Pros
- High security and very safe: All bitcoin transaction information is displayed on the internet but the identity of the trader does not appear so the information security is very high. Up until now, the bitcoin protocol has not had a single security flaw for losing a user's bitcoin.
Cons
- The number of users is not much: Bitcoin is mainly used in developed countries such as the US, China, .. and in countries such as Vietnam underdevelopment, the use of paper money, gold is familiar. And most people do not know about electronic money, some groups do not have enough knowledge, do not know what bitcoin is said that bitcoin is not reliable currency, so still afraid and worried Worried when using bitcoin money.
