Review on Bitcoin by Jessa Santos
About Bitcoin
Bitcoin is a digital currency which is a type of cryptocurrency. It is a type of virtual currency that can be used to goods and services .
Bitcoin was created in 2009, and ever since the value has fluctuating. Bitcoin is highly volatile and may be very risky for people to invest in.
You can buy bitcoin, accept it as payment, Mined, or earned after performing tasks.
A miner uses his computer to process transactions which in turn rewards the miner with some btc. Although is now getting too complex, mining btc consumes alot of power and is expensive of which may not cover cost.
Bitcoin is secure because transactions are recorded publicly, therefore making copies is not possible.
Bitcoin is the original and most dominant digital currency in the world, and over the years it has increased in value despite up and down price movement. I believe it became very valuable when many organization and influential people invested in it.
Even with the competition that came afterwards btc stood.
Recently bitcoin dipped to almost 50% due to the Chinese government regulation on crypto making many investors loose reasonable amount of money. Many people are scared of investing in bitcoin due to the loss but I see this as a wonderful time to invest in bitcoin. It is a risk worth taking.
Pros
- Can be spent anonymously
- Bitcoin is not controlled by banks or government
- Can be exchanged for real goods services cash
- Fakes copies cannot be made
Cons
- Expensive to mine
- High level of risk
