[Bitcoin, Cryptocurrencies, Public Chains ] - Steemit Crypto Academy Season 5 - Homework Post for Task 5

Steemit Crypto Academy Beginners' course Season 4Task 4 Blockchain, Decentralization, Block explorer (5).png

What is Bit coin and what was the objective behind the invention of Bit coin? Are cryptocurrencies good for a business to accept as payment? Why?

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What is Bit coin and what was the objective behind the invention of Bit coin?

A year ago this was a strange name for me, because I was completely unaware of what a cryptocurrency was, the only one I had heard in my country was a national called petro, my entry to the platform allowed me to have knowledge about the subject and of course that we cannot talk about cryptocurrencies without the word Bitcoin coming to mind.
Bitcoin is the first cryptocurrency to be created, it was born in January 2009 and was created by Satoshi Nakamoto, it is a means of digital payment, digital money, which does not exist in physical form, since its creation it has had an amazing advance and despite Of some deficiencies in its operation, it is today the most important of all cryptocurrencies, its creation was the basis for the birth of many others that despite making improvements in terms of Bitcoin's deficiencies in issues such as scalability, They have not yet managed to overcome it because it is the first in market capitalization and dominance, for this reason we can say that it is not only the predecessor of all but it is the most important.

Its operation is based on blockchain technology, its orientation is towards decentralization to avoid depending on a single central entity, in this network all connected servers function as nodes to disseminate and validate the information, once the information is validated a registry is created verifiable and unalterable, so security is present, in this way you can make transfers of large amounts of money in a very fast and safe way.
Next I will present an updated image of the ranking of cryptocurrencies where we can see how Bit coin occupies the number one position of all cryptocurrencies according to the coinmarketcap platform.

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Now I will show you the detailed information at the time of doing my homework regarding the price and market capitalization of Bitcoin. As we can see, it occupies the number 1 position in the ranking, it currently has a price of $57,054.41, its market capitalization is $ 1,263,238,218,839, below I will show you an image where we can see the dominance of Bitcoin at this time which, as we can see in the image, is 46.63.

• It is the first of all cryptocurrencies.
• It was the foundation of everything that is the crypto market as we know it today.
• It has the largest market capitalization.
• It has the dominance of the market.
• Its mining produces a reward of 6.25BTC.
• Its operation is in Blockchain technology.
• Its creator is a total mystery, no other information is known than his pseudonym because it is unknown about him if he is a person or a group of them, if he is a man or a woman, in short, it is a total mystery.

Nakamoto's objectives with the creation of Bitcóin were to achieve a solution to the financial problems that arose in the 2008 crisis, for this his mission was to create a means of payment that did not depend on a central entity, and therefore that was not regulated by any law or government, this is how Bitcóin was born.
With its creation, geographical barriers and intermediaries were eliminated, so money could be sent quickly and safely to any part of the world with low commission costs, which in the common financial system is something impossible, since international transfers take several days.

Bit coin managed to meet this objective, because despite the volatility of the crypto markets we can say that Bit coin has had a certain stability and the best thing is that after its success it laid the foundations for the new projects that appear every day, the deficiencies of the system The common financial system was the key to the creation of Bit coin, and today we can say that it has been a success and without a doubt I believe that it has even exceeded the expectations of its creation.

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Are cryptocurrencies good for a business to accept as payment? Why?.

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I think that yes, cryptocurrencies are a very efficient means of payment due to the versatility it presents and because in the last period of time it has had a great advance and acceptance in the general public, for example in my country there are many companies who are accepting cryptocurrencies as a means of payment, but why would this be good?
It would be good for everyone involved, for consumers or users in general, it would represent a very good alternative when paying for a service and product.

The variety of payment is always welcome, and even more so if this means of payment can be made quickly and effectively, especially internationally.

For the service provider in this case, the company would be beneficial because it would obtain its payment immediately and because of the variety that exists, it could exchange one cryptocurrency to another to have liquidity for the payment of its payroll, it could also make investments to long-term with good profitability and being a transnational company, it could transfer money without the need for exchange very quickly.

A national company that receives payment in cryptocurrencies can make the payment of inputs that it imports for its operation without the need to obtain a physical currency, instead it would exchange the cryptocurrencies that it receives for the payment of its services and thus could pay for these inputs in abroad without any problem and with low commission costs.

Some companies in my country that receive cryptocurrencies as a means of payment are.

• Crazy.
• Excelsior Range.
• Simple tv.
• Holy Chicken.

In general, accepting cryptocurrencies as a means of payment is beneficial for the entire economic ecosystem in general, I think that cryptocurrencies are the immediate future of the economy, so I am sure that as technology advances, the implementation of this means will be greater. Payment system-wide.

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This is the end of my task 5 post. Thank you for reading.

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