Review on Bitcoin by Fajar Purnama
The First Open Decentralized Digital Currency
For once there is a currency not controlled by any entity but managed to remain in concensus created by Satoshi Nakamoto in 2008. Bitcoin can be the solution for the unbanked, oppressed, and for those who just want to escape the current global financial system.
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Pros
- Borderless, as long as you connect to the Internet or at least the P2P network you can access Bitcoin.
- Decentralized, not controlled by any entity but by distributed nodes in concensus.
- Blockchain technology that preserves the original transaction history.
- Unconfiscatable that for as long as no one knows your keys no one can access your bitcoin.
- Open, the code is open source and for the network anyone can participate in.
- Transparent, all transactions, developments, coin supply are open for anyone to see.
- Uninflatable where the total supply will always be 21 million.
- Survived for over a decade where the network hashrate became very high that will take billions of regular computer to do 51% attack.
Cons
- The pros listed on this review are ideal concepts which in reality may not be the case.
- Although said to be decentralized but the mining some viewed to be centralized to mining farms where to destroy bitcoin, all it takes is to destroy these mining farms.
- Many whales where the bitcoin supply are very not evenly distributed where the risk these whales can just dump the price on newcomers.
