Review on Bitcoin by Fanuel PORPORTY
Bitcoin, the first decentralized currency
Bitcoin is an experimental property transfer and verification system based on a peer-to-peer network without any central authority.
The initial application and main innovation of the Bitcoin network is a decentralized digital currency system, the unit of account for which is bitcoin.
Bitcoin works with software and a protocol that allows participants to issue bitcoins and manage transactions collectively and automatically. As a free protocol (open source code), it also allows interoperability of the software and services that use it. As a currency bitcoin is both a payment intermediary and a store of value.
The possession of bitcoins is materialized by a series of numbers and letters which constitute a virtual key allowing the expenditure of the bitcoins associated with it on the register. A person can hold several keys gathered in a "Bitcoin Wallet", a web, software or hardware "keychain" that allows access to the network in order to carry out transactions. The keychain allows you to view the bitcoin balance and the public keys intended to receive payments
Pros
- bitcoin was the first successful application of Blockchain technology
- The bitcoin blockchain is decentralized, transparent and immutable.
- The amount of bitcoin in circulation is limited to 21 million coins
Cons
- Bitcoin transactions are slow. And the bitcoin blockchain cannot make 20 transactions per second.
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Comments (2)
April 30, 2020
thank's for informations, its so good i like that Bitcoin is an experimental property transfer and verification system based on a peer-to-peer network without any central authority
January 07, 2020
fundamental pillar among all cryptocurrencies, no more an update of its network has not been foreseen which if functioning for years remains stagnant
