Crypto Academy / Season 4 / Task 5 / Beginners : What is Bitcoin

The world in which we're living right now has been changed recently. In this 21st Century, many innovative technologies brought into our universe. Bitcoin is one of them.

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It was launched publicly after the financial crisis of the world in 2009. It's a digital decentralised currency and using this you can buy or sell anything from your smartphone or computer. Bitcoin is different from physical currency cash and we can't keep it in our jeans wallets. In the start, people couldn't believe the existence of bitcoin and its blockchain technology but now Bitcoin has become a world-leading digital currency in the global market.

what was the Aim Behind Bitcoin Invention?

In 2019, a mystery person Satoshi Nakamoto created this creative blockchain technology and he was the founder of cryptocurrency. Now, the question is how they got the idea and why build this tremendous digital innovation?

The world faced a financial crisis in 2009, and at that time he invented this technology to remove the third party in the financial transactions. Digital currency is not controlled by any central authority and everyone who is linked in the system can access the system. He gave the world the fastest and hassle-free money transfer platform. The traditional banks charge high fees on the transactions like credit card payments or on international transactions. In addition, the idea was to make an alternative payment system that no one can control centrally.

Bitcoin gives you the opportunity to make your business large transactions even globally without any processing or exchange rate. It is the quickest and reliable digital currency but has a fluctuation in growth.

Is Cryptocurrency Good For A Business To accept As Payment? Why?

No doubt, digital currency is now being used by many people, and millions of users are associated with digital currency. Many organizations are accepting the digital currency for their financial transactions.

For instance, Elon Musk is the founder of Tesla company and they are selling their cars in digital currency. This initiative by the Tesla group encouraged many other companies to make changes in the use of technology.

Almost 5000 decentralized digital currency is now working in the global market. Each one of them has millions of people who are investing in digital currencies.

Furthermore, the e-commerce industry is growing rapidly and businesses need a hassle-free payment gateway. Fortunately, digital currency gives the user to make transactions without any transactions fee or limits on the transactions. According to the survey of One estimate 2020, more than 2,300 businesses accepting bitcoin as a payment gateway in the United State. Because of foreign transactions, traditional banks have imposed high fees. Now, you can buy anything from global websites through digital currency.

I must say, every small and large business should accept Bitcoin as a payment gateway. Because it is not time-wasting and you can make instant transactions without any third-party involvement. Also, Australia, Canada, and few other countries are making laws to accept digital currency as a payment system for businesses.

Regard
@attiyaasghar