Review on Bitcoin by Wisdom BOATENG
The world's first cryptocurrency
Qualified as digital gold, bitcoin has come a long way since its creation in 2008. The Bitcoin network is based on a shared ledger and a network of miners around the world. Bitcoin has succeeded in eliminating intermediaries such as banks, insurance ... by favoring a system of transactions in pair to pair mode where two individuals can exchange value without resorting to a trusted third party. By offering a fully decentralized, secure network, bitcoin brings a new way to exchange value with low transaction costs, speed, total control of its funds.
Although bitcoin has revolutionized the world of finance, it has also demonstrated weaknesses resulting in the fork of bitcoin on several occasions and the birth of other projects trying to improve the existing problems of the Bitcoin blockchain.
Pros
- Strong market capitalization
- A decentralized network based on millions of computers worldwide.
- Bitcoin remains immune to the influence of governments. The Bitcoin network is unstoppable
- Inflation is limited.
Cons
- The proof of work is the main drawback of the bitcoin network because the computing power is today concentrated in the hands of a few large companies. This increases the risk of attack by 51%.
- The bitcoin network can only process 7 transactions per second
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Comments (1)
June 09, 2020
You reviewed every features, congrats . Also i think if you mentioned some detailts of bitcoin price, it will be better. But your writing is really good, keep going dude. I will follow your reviews from now
