Crypto Academy Season 3 Beginners' course - Task 3: Bitcoin, Cryptocurrencies, Public chains. HOMEWORK for professor @stream4u by @dilchamo
Homework Task
You can attempt any one out of three questions mentioned below.
(1) What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Feature?
OR
(2) What Is Bitcoin and what was the Aim Behind Bitcoin Invention? Is Cryptocurrency Good For A Business To accept As Payment? Why?
OR
(3) What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?
I have completed my Task 3 lecture. So I will select the second question to answer for homework.
(2) What Is Bitcoin and what was the Aim Behind Bitcoin Invention? Is Cryptocurrency Good For A Business To accept As Payment? Why?
What Is Bitcoin and what was the Aim Behind Bitcoin Invention?
source
Bitcoin is known as the first coin in the crypto currency world. Bitcoin is a digital currency which electronic payments are done without the intervention of banks or financial institutions. So Bitcoin is known to be the first Decentralized crypto currency in the world. Bitcoin is operated in peer to peer system where one individual can send bitcoin to another individual without an intervention of a bank. This method saves our time and also total power is up to the user who holds the bitcoins. The fees are low when comparing with normal banks but the value of bitcoin is very high. Bitcoin can be considered as an independent digital payment coin. Decentralization of power of controlling monetary values is the aim of bitcoin as it costs very low transaction fees.
Is Cryptocurrency Good For A Business To accept As Payment? Why?
Crypto currency is good for a business to accept as payment because the payments are controlled by the users who are holding them. Bitcoin can also be stored in a digital wallet without keeping them in a bank. Crypto currencies are used to buy things from anywhere any way. Crypto currencies can be accessed from being anywhere using the mobile or computer. If someone is dealing with foreign businesses then the best monetary transaction method is crypto currencies. The exchange fees are really low comparing to normal banks. Unlike in normal physical wallets in virtual wallets crypto currencies can be stored a much as we want and then we can use them for transactions where necessary. Even though crypto currencies were not popular in early years now there are many crypto currencies which make the business transactions easier. Some have become success while some have failed.
In some countries if we exceed a certain amount of money in our normal banks we have to pay income tax for the government under its rules and regulations. But if we use crypto currencies we are not under the governance of a single central authority so on one can take decisions for us. Having a virtual wallet with crypto currencies is beneficial in all these aspects.
This is the end of my Homework post for Task 3. Thank you so much Professor @stream4u for giving us this knowledge.