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14 Karma
Review on Bitcoin by Harold Galang
Bitcoin review
Bitcoin was conceptualized on year 2008 and it was come to life on year 2009 by an anonymous person or group of person in the name Satoshi Nakamoto.
Satoshi Nakamoto combined some of the features of earlier digital cash which were not succeed. Bitcoin is the first blockchain and gives a new technology to resolve some of the issues of financial industry.
However, Bitcoin blockchain was not that fast because the block time of it was on average was 10 minutes. It is not an ideal for day to day transactions. People use it as an alternative investment to speculate on prices and make profits.
Pros
- Decentralized Blockchain
- High hash power means high security
- Valuable
Cons
- Slower - 10 mins block time
- Somewhat centralized - mining farms are concentrated
