Review on Bitcoin by Francisco Varela
Bitcoin
It is a protocol, open source project and peer-to-peer network that is used as a cryptocurrency, payment system and protocols. It implements the blockchain technology, which is usually described as a digital, public, transparent, pseudonymous and distributed ledger, which reflects the history of all transactions.
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Pros
- It is a decentralized system, not endorsed or controlled by any government or central bank.
Cons
- It is highly speculative and essentially deregulated, as well as resistant to any control outside of the Bitcoin system itself
- Irreversible loss of funds due to robberies at exchange houses, software errors, computer viruses, denial of service attacks, etc.
