What is Bitcoin?

A new form of Money

Bitcoin is a peer-to-peer electronic cash. It is first introduced in 2009 by an anonymous entity called Satoshi Nakamoto. Bitcoin is decentralized in nature means its not controlled by any centralized company or governments. Any person can send or receive bitcoin without involving any third party or middleman. Bitcoin is cryptographically secured, it uses PoW consensus mechanism in order to secure the whole bitcoin network. Bitcoin first came into popularity after 2008 financial crisis.

What is PoW?

PoW is the process where miners validate transactions using cryptographic secured hash algorithm (SHA-256) by using their computing power.

Advantage of Bitcoin:

Immutability

Bitcoin uses digital ledger secured by mining process PoW based on pure math and every node have each copy of the ledger means no one can change history or any transaction on the network in order to attack on the network it requires 51% computation power as a whole, in simple words it almost impossible and it removes the risk of fraud.

Borderless

One of the most under-rated feature of bitcoin is it gives power to the people instead of a single corporation. In old financial system if you do not follow the rule of banking system they can easily stop your transaction and if you are not lucky enough then they simply can block your account and they can all these things because they could, they have all those powers to do so since bitcoin is completely decentralized and no one is controlling anything in the network therefore, no one can block your account or stop you to participating in the network. In bitcoin blockchain you simply own all your money. One of the most interesting and beneficial is it removes borders between countries, religion and cast,

Fungibility

Bitcoin is highly fungible meaning that one bitcoin will always be one bitcoin anywhere in the globe. Bitcoin is highly divisible means one bitcoin can be fractioned in 100 million satoshis(parts). It’s highly transportable, anyone can send or receive bitcoin from anywhere in the world at very low cost.

Low Transaction Fee

In old system if you want to transfer money to someone anywhere in the world then you have to pay very high transaction fee specially if you are sending money one country to another country. Since there is no centralized company or bank controls bitcoin it makes bitcoin to move at very low transaction fee to anywhere in the world.

Security

Bitcoin is secured by miners by PoW mining algorithms, they basically burn huge amount of resources like electricity and computation power to solve mathematical puzzle therefore, it makes almost impossible to attack on the network.

Decentralization

Decentralization is the main feature of bitcoin. it basically means no one is in control think of this way any person in the bitcoin network has same power as President of The United States of America. Decentralization is the reason why bitcoin exits. It gives people power and opportunity to not depend upon any centralized corporation. Its a borderless payment system.

Ledger Nano X - The secure hardware wallet

Criticism:

Illegal activities

Bitcoin has many good properties but it has some downside as well, one of the most popular criticism bitcoin faces is “btc is mostly used for illegal activity” but its not a fair criticism since its only a technology in the end of the day user has to decide what to do with given technology.

Burning electricity

One criticism it deserve is burning electricity some people agrees and some people are not. Its uses more electricity to secure the network than Australia as a whole country. therefore some some people introduced different consensus mechanism like PoS, DPoS and many more where burning electricity is not necessary. There is a option of using renewable energy.

Irreversible transaction

Third criticism is irreversible transaction, for most people its a feature.

Exchange hacks

In past years there was many exchanges which got hacked and all funds has been stolen. Mt. Gox is one of the most popular hacks in the history of bitcoin.

Price fluctuation

Price fluctuation is the most attractive part of bitcoin, in early days of bitcoin it was very easy to manipulate price of bitcoin because of low liquidity, as liquidity grows, hader will be to manipulate price.

Introduction to Bitcoin by Andreas M. Antonopoulos

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