Steemit Crypto Academy Season 4 - Homework Post for Task 5.
WHAT IS BITCOIN AND WHAT WAS THE AIM BEHIND BITCOIN INVENTION? IS CRYPTOCURRENCY GOOD FOR A BUSINESS TO ACEEPT AS PAYMENT? WHY?
answer :-
we have created digital currencies that can be used in place of these fiat money they are called Cryptocurrencies is that's the Since we are constantly improving our way of life.
And Payment of any goods and services, in over time we have evolved upgrading from the cowries to fiat money or Back in the days mankind used dowries as a form of legal tender
What is Bitcoin?
The value of bitcoin.
The Bitcoin are new currency and it is digital Currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto.
They are much of the hype is about the getting rich trading by it . There price of bitcoin skyrocketed into the thousands in 2017 and still the Transactions are made with no middle men – meaning, no banks!
Can be Bitcoin used to their book hotels on Expedia furniture in Overstock and buy Xbox games in Shop.
Some and more people are just buy bitcoins as investment and they hoping that they’ll go up in value.
WHAT WAS THE AIM BEHIND BITCOIN INVENTION?
That are the digital currency was intended to provide to the alternatives payments system .
And that operate free of central control and but otherwise just like traditional currencies used be this.
a way for people to send money over the internet it was the reason to created bitcoin.
the invention of Bitcoin for overcome the weaknesses that traditional monetary systems and know about it or If you have read about the white paper introduced in 2008.
IS CRYPTOCURRENCY GOOD FOR A BUSINESS TO ACEEPT AS PAYMENT? WHY?
There are some of the pros of accepting it
• there are no matter in the amount involved in Less transaction fee compared to fiat currencies.
• such problem are not applicable in the
cryptocurrencyy transaction still Most banks restrict certain amount for a single and daily transaction.
• seller’s identity and Anonymity of a buyer.
• fiat currency users afterwards Most the customers that patronize businesses and Most of the customers are that patronize businesses is that uses cryptocurrency as means of payment are always new customers.
• suppliers overseas than cryptocurrency before It is the difficulty to send a fiat currency.
finish answer
Conclusion
I want to pay thanks to professor @stream4u.
Learned a lot about bitcoin and its origination, aim of its invention and We understood your lecture very well.
And thanks again.