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What is Bitcoin? | Pros and Cons of Bitcoin

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What is Bitcoin?

  • Bitcoin is a digital currency.
  • Encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds.
  • Operating independently of a central bank.
  • The blockchain technology is used to maintain the transaction(Bitcoin Mining)
  • The founder is anonymous(said to be Satoshi Nakamoto).

Advantage

  • No central bank needed.
  • No paper currency required.
  • Anonymous transition achieved.

Disadvantage

  • There is a limit to mining a bitcoin.
  • Fluctuating currency values
  • Not authorized by many governments.
     Bitcoin - what is what

 
courtesy: www.whatiswhateverything.com
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4 COMMENTS

  1. Greetings yall, i’m very happy people are trooping in into the crypto world but I’m sad because must people are finding it hard to live and breath in the crypto world, This reminds me when I was introduced to Bitcoin by my programmer friend John. I hardly believe everything John said until he introduced me to one of his friend Dr. Jason who’s also a programmer and a bitcoin miner, my friend instruct me to mail him [drjasonbitcoinminer @ outlook, . com] and tell him he directed me to him. To my suprise it didn’t take Dr. Jason up to 48 hours for him to set up my wallet to his mining stream. That was how I begin to make enough Bitcoin per day, As I type this now I can boast of 10BTC in my offline wallet. I am very happy that I met Dr. Jason through my friend, i’m very happy I keep friends who are smarter than me. trust me if you want to thrive in the Bitcoin world you need to be friend with Dr. Jason, you would be boasting of more than 1btc in few days. If you’re not willing to risk the unusual you will have to settle for the ordinary, Now ask yourself if you would like to settle for less.

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