Review on Bitcoin by Cesar Medina

Name: Bitcoin
Item: Bitcoin
Rating: 5

November 03, 2020

The best known and most popular cryptocurrency around the world

Bitcoin (BTC) is the most popular and well-known cryptocurrency in the world. The operation and security of it is fully active in the blockchain and cryptography. This digital currency gives us the opportunity to make secure, fast and low-cost P2P payments without the need for governance as a bank or central authority. Transactions are carried out between digital folders and are verified on the blockchain. Bitcoin is not a fiat currency like the Euro or the Dollar, it is independently new and is not backed by any country or company, nor has it anything to do with the financial system. Bitcoin is an ecosystem that is backed by millions of users and governed by mathematics. The code is open and anyone can take care of it, nobody can manipulate the system. This cryptocurrency is semi-anonymous, this means that the transactions are registered but the names of the buyers and sellers will never be published, as well as their private data. This is one of the characteristics that give points to Bitcoin, since it gives freedom and respect for privacy at least minimally. Although, on the other hand this would cause them to use it for illicit purposes.

In conclusion, this revolutionary cryptocurrency is incredibly known worldwide and undoubtedly has many beneficial features for those who are used to using only fiat money. It is not just a digital currency, but also a software and protocol. Bitcoin has undoubtedly hit the financial elites and especially the banks hard, it has taken away a part of the power they have although they could also indulge themselves in using cryptocurrencies.
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