"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work."
What we don't like:
One of the major roadblocks for Bitcoin is scalability. The consensus miners have not been able to agree on the solutions for bitcoins scaling resulting in hard forks. Bitcoin has high cost fees for transactions compared to competitors. A major concern for potential users is whether or not government officials will regulate or ban cryptocurrencies. Bitcoin will be the largest coin affected if this takes place.
What we like:
Bitcoin is the first cryptocurrency invented making it the gold standard. Bitcoin has been the best performing asset worldwide over the last 8 years. Bitcoin gives people the ability to save and grow their wealth. Its limited supply and ability to be mined mimics the features of gold as a storage of wealth. Bitcoin allows people in undeveloped nations to participate in financial markets without a bank account. As cryptocurrencies gain more popularity, bitcoin will also rise in market share due to metcalfe’s law.