Steemit crypto academy season 5 homework post for Task 5
WHAT IS BITCOIN AND WHAT WAS THE AIM BEHIND BITCOIN INVENTION? IS CRYPTOCURRENCY GOOD FOR A BUSINESS TO ACCEPT AS PAYMENT? WHY?
Before I joined the crypto academy I did not really know much about Bitcoin or Cryptocurrency, all I knew was what I had searched online out my curiosity and from what I understood Cryptocurrency is a digital currency which functions or operates base on block chain technology and that it is a free and open market in which anyone and everyone can participate in not caring about your location anywhere in the world as long as you have access to the internet. But upon joining steemit and the crypto academy I have been able to increase my knowledge about cryptocurrency and now I am part of the many countless individuals that trade in this free and open market.
Based on my vast knowledge and research I would like to answer the following questions:
- WHAT IS BITCOIN?
- WHAT IS THE AIM BEHIND BITCOIN INVENTION?
- IS CRYPTOCURRENCY GOOD FOR A BUSINESS TO ACCEPT AS PAYMENT? WHY?
Bitcoin as a Cryptocurrency is a decentralized virtual or digital currency that can be bought, sold or traded freely vai digital wallet which is based on block chain technology.
Digital wallet is just like a bank but stores Cryptocurrency or in a lame man's term online cash, the digital wallet cannot be accessed physical but with a smartphone or a computer and an internet connection depositing and withdrawing of Bitcoin or any other Cryptocurrency can be done.
Block chain technology is a technology that allows the systematic process of storing information in such a way that make very difficult or impossible to hack or cheat.
Bitcoin like any other Cryptocurrency does not require any organization acting as an intermediary like a bank between the traders, the bank or the government do not have any influence over them.
Bitcoin is generated by a decentralized procedure or process Calle Bitcoin mining.
Bitcoin mining is the procedure or process of generating or bringing new Bitcoin into circulation by solving very complex mathematical problem and Bitcoin tokens are given as a reward for the miners.
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The idea of Bitcoin invention was first tested in the year 2008, the invention was as a result of the severe financial crisis and the over reliance of all financial transactions on bank and in response to this predicament an alternative payment system that would be used just as our long existing currency. Bitcoin was launched in the year 2009 and as a decentralized digital, virtual currency that operates on block chain technology has no need for intermediary organization like banks and as a result attained hundred percent freedom from any influence or manipulation from banks or the government.
Bitcoin so far has been meeting our expectations and serving the purpose and aim for which it was created which is creating an alternative payment system that is cleaner and fairer and is free from control of central authority.
The brilliant mind behind the invention of cryptocurrency is no other than the anonymous Nakamoto Satoshi.
Yes Cryptocurrency is good for a business to accept as payment and these are my reasons;
Cryptocurrency transactions offers many juicy and mind blowing advantages such as fast and speedy transactions and very low transaction fee unlike the alternative which will be transactions with banks which is very slow and unreliable not to mention the high transaction fee.
Cryptocurrency transactions are available world wide trading or business transactions can be done internationally and this especially useful to enhance business transactions.
With the use of cryptocurrency, users will have authorized right to their funds and will be allowed to do anything with it
When it comes to cryptocurrency transactions, there's is maximum Security of funds, because a blockchain is impossible to hack.
The use of cryptocurrency, draws no unnecessary attention to oneself nor investigation from higher authorities.
Unlike the banks we have, whereby you constantly have to show the source of your wealth.
The invention of cryptocurrency is no doubt an insight into what our future self will need.
The use of cryptocurrency will enable all make transactions at any point in time at a very low fee.
Sincere appreciation goes to @stream4u for this lecture.
CC:@nane15