Greetings from @a-lass-wonders!! 🙏

Hello, my fellow steemians!

Today I am planning to post Steemit Crypto Academy Season 3 Beginner Course Activity, assigned by Professor @stream4u as my third post in this community🙋.

If you need to get an idea about BITCOIN, CRYPTOCURRENCIES, PUBLIC CHAINS, I would like to invite you all to read this article✅.

(2) What Is Bitcoin and what was the Aim Behind Bitcoin Invention? Is Cryptocurrency Good For A Business To accept As Payment? Why?

As per the request by professor @reminiscence01, herewith attached below the review of the professor @wahyunahrul. All the requested changes are done. Please review this post for the curation earliest possible since I have only 13 hours to the pay out.

I will explain above homework tasks one by one👇.

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Bitcoin is the first digital currency invented in 2009 by the person or group of people called Satoshi Nakamoto.

This is the very first virtual currency hence it does not exist in the real world.

This decentralized token was invented to build decentralized digital payment system named Bitcoin Peer to Peer Network. This is a self- governing system where users became the sole owners of their accounts and hence owning total power over it.

Ergo, this online payment system does not need a mediator like banks or financial institutes. Thereby, transactions can be done within few seconds unlike conventional transactions.

Bitcoin in blockchains are protected by miners. They helps to keep this system transparent by avoiding double payment. To process the transaction, miners obtain some amount from it and then they verify it and let the transaction happen.

Bitcoin P2P network is an alternative solution to the banks and other financial institutes.

There are several aims behind this invention.

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As Bitcoin is decentralized, it is independent from central authority. Hence, it does not need a mediator and owner has total power to control and proceed the transaction. Thereby, this offers very easier and safe transaction with less clumsy.

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The transaction speed is so high compared to traditional transaction methods like banks. This conventional transaction method takes many days to complete its transaction. But Bitcoin P2P network proceed the transaction within few seconds to everywhere in the globe without a mediator like bank and so on. Hence it gives the opportunity to send currency from person to person very fast.

Conventional banking sector can do more illegal works to steal our assets. As Bitcoin is decentralized, it has more security and safety over our accounts. So nobody would able to defraud our crypto information unless they steal your password of wallet.

When the transaction deals with banks and other financial institutes both parties need to pay them to complete the transaction.

But because of the decentralized system, this offers low transaction fees compared to traditional banks and other financial institutes.

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Yes, cryptocurrencies are good as a business payment. There are many reasons behind this statement.

There is less money obtained for the financial transaction when we are using cryptocurrencies. Steem, Bitcoin and Ethereum are such low fee currencies. Ergo, financial transactions with those cryptos make so easy and comfortable to use.

Business lies on the honesty and trust dealings between two parties. So if we use Cryptocurrencies for transactions, the consensus mechanism contributes to maintain the system transparent and effective.

Some cryptographic elements like hash and hash of previous block provide unique alphanumeric code to each block and thus hashing of blockchain protected each block from counterfeit actions. Thus stealing crypto tokens cannot be done easily.

Normally customers are paying their bills by using cash, debit and credit cards. Think if they have an option to pay bills via crypto, definitely more customers will join with that. Hence cryptocurrency adds a new payment method to every business.

We need to exchange money when we go from country to country. Exchanging money will make you uncomfortable at some instances. But if we can use crypto, to our payments, obviously it will make you more comfortable and no need to do money exchange.

As crypto is a virtual currency, you don’t need a physical wallet to store your coins. Thus, it grants you more security and safety to your wallet, unlike conventional bank deposits.

1. Bitcoin is the first digital and virtual currency in the world.

2. Bitcoin P2P Network is an alternative to conventional bank-based transactions.

3. High security, safety, and fast transaction speed made Bitcoin less cumbersome to customers.

4. High transparency in transactions made Bitcoin more famous among business holders.

5. Cryptocurrencies are the future of economy, ergo it is timely necessity to embrace and adapt to them rather than the conventional centralized bank-based system.

CC:
@awesononso
@lenonmc21
@reminiscence01
@wahyunahrul
@sapwood

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Thank you all for spending time to read my Homework post.

GOOD LUCK AND HAVE A NICE DAY!!

• My achievement 01 post: here.
• My achievement 02 post: here.
• My achievement 03 post: here.
• My achievement 04 post: here.

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