Review on Bitcoin by Orlymar Córdova
the most relevant cryptocurrency in the market and a reference for all the others projects
It is surprising to look around us and appreciate how the countless applications of advances in science and technology have invaded and transformed almost every aspect of our lives. New tools are constantly being developed that allow us to take advantage of the benefits that science and technology offer to make more effective and efficient use of money. Thus appears what we know today as cryptocurrencies, which have emerged as an alternative to the traditional use of money, allowing new transactions to be carried out in a safe, reliable way and adapted to the new context in which the human being operates within the society.
There are currently many cryptocurrencies worldwide, however, the best known is Bitcoin, becoming, in the opinion of many users, an excellent option to invest money and multiply it. By having more benefits than limitations, more and more people are willing to invest in this digital currency. Bitcoin has its origin in 2009 as an alternative to fiat money and its main objective is to decentralize it since it is not controlled by any bank or government, and uses a whole network of users worldwide that give life to its ecosystem. The bitcoin network is a technology called blockchain, which is a kind of ledger, in which all transactions are executed and validated and which allows users to have control over them without third party mediation.
Since its launch bitcoin has been the benchmark for many other projects that have come onto the market and that have tried to copy its characteristics and even add some advances to its technology, but bitcoin today continues to be the number 1 cryptocurrency in the market and that many they predict that it will be massively adopted in the near future since money as we know it is less valued every day
Pros
- High levels of decentralization since it is not controlled by a central authority (government or financial institution), whether public or private.
- It uses an open source protocol and anyone can access and audit it, being one of the most transparent cryptocurrencies on the market
- Bitcoin provides its users with high levels of security during transactions, as some confirmations are needed before validating transactions
- High levels of Accessibility since like any other currency, Bitcoin allows you to acquire products and services from the comfort of your home, but with the advantage of being more reliable and secure
- It is a cryptocurrency that can be mined through specialized hardware equipment and receive rewards
Cons
- Bitcoin is a cryptocurrency that, although it has been in the market for a long time and has a large number of users, still has some limitations in terms of scalability
- Currently the commissions when transferring bitcoin are not very cheap
- It is the most volatile cryptocurrency on the market and it is not a safe option if you want to have short-term profits.
