Review on Bitcoin by marilys fernandez
Changing the world economy in record time
In this first review on the platform, I am going to talk about the first cryptocurrency created in the world, and about all the characteristics that make it compete with a financial model that is becoming obsolete. It is, of course, bitcoin, which is 12 years old since its creation and which from the beginning began to attract the attention of many users because no one, no institution or governments can control its use. Instead, users who interact with bitcoin do so in a decentralized environment known in the world of cryptocurrencies as p2p (transactions directly between 2 users without intermediaries). This system has great advantages over the payment systems that are currently in the market, and its fluctuation varies depending on supply and demand, so that no entity can manipulate its value or cause inflation. Bitcoin is not only a cryptocurrency as many of us may think, but it works under an open source protocol in a network known as blockchain, in which all user transactions are recorded and which we can access at any time to verify them.
On the internet there are many pages that allow you to earn bitcoin for doing some tasks, but they are really very small amounts that are awarded, that is why one of the most profitable methods is bitcoin mining that can be done individually with the purchase of equipment powerful computing or in a group, in sites called mining pools. In the last few months that I have been hearing about this cryptocurrency, I have seen friends who have obtained a lot of passive income from just having a certain amount of this cryptocurrency in their wallets, and that is what has motivated me to learn more about it and invest my finances in this great project that came to revolutionize the world economy
Pros
- Bitcoin is undoubtedly the best known alternative so far for people interested in cryptocurrencies to invest their money seeking rewards
- Bitcoin works in an environment in which transactions are carried out between peers and without the intervention of external entities
- To buy bitcoin, you only need to deposit a certain amount of fiat money in an Exchange and have an electronic wallet to store them
- In recent months bitcoin has broken records in terms of its all-time highs, since it went from being worth around $ 9,000 at the end of 2020 to being worth more than $ 53,000 today
- The use of bitcoin as a storage of value in my country has been enormous, and today many people make transactions with this cryptocurrency in Venezuela to counteract the financial crisis
- There has been so much the boom of cryptocurrencies, especially bitcoin in recent months, that already renowned and prestigious companies such as tesla, or paypal, are supporting this cryptocurrency
Cons
- The fact that its price is so volatile may not make it an alternative that is highly regarded by certain investors.
- Bitcoin, despite all its advantages, still has scalability problems, since the network tends to get congested because it cannot handle as many transactions per second as other cryptocurrencies.
- Lately the cost of transactions with bitcoin has risen a lot, which does not make it very convenient as a payment method
