[Bitcoin] - Steemit Crypto Academy Season 5 - Homework Post for Task 5.
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HOMEWORK TASK:
(2) What Is Bitcoin and what was the Aim Behind Bitcoin Invention? Is Cryptocurrency Good For A Business To accept As Payment? Why?
BITCOIN
Cryptocurrencies and blockchain networks have become typical phrases used all over the planet. These terms were not known 16 to 13 years ago as they are present, as very few souls knew about the aforementioned vocabularies then.
There was a modification in January 2009 as a person(s) known as Satoshi Nakamoto inaugurated the very primary Blockchain technology named the Genesis block. This was the Advent of tremendous things to arrive. We are now conversing about what transpired on the third day of January 2009.
This was a Bitcoin blockchain and the first of its kind. Bitcoin is the primary decentralized virtual cryptocurrency that is operating on a peer-to-peer network so that cryptocurrency traders can transmit Bitcoin as a currency from one individual to another individual via Bitcoin peer-to-peer network without an arbitrator like Banks. With this, cryptocurrency traders can quickly remit and receive Bitcoin as a currency at a low charge rate as compared to conventional banks. Also, because the bitcoin blockchain is decentralized, traders have 100% power over their currency.
THE GENESIS BLOCK OF BITCOIN
The phrase Genesis frequently pertains to the beginning or launch. Furthermore, Genesis Block of Bitcoin also known as Block 0 is the outset of block creation-the foremost block that was ever built, and every other block is established on it. It is the institute. Genesis Block or Block 0 of Bitcoin is the major forebear of every additional Bitcoin block and every block on the Bitcoin Blockchain is tracked back to it. As spoken of earlier, Bitcoin was coined by the creator of Bitcoin Blockchain, Satoshi Nakamoto. Nobody understands who Satoshi Nakamoto is if he is someone or a committee of someones.
It was 50 Bitcoin that satoshi foremost coined(mined). At its invention, the Bitcoin exchange rate was worth nothing, and the 50 coins were remitted to an address shortly after tunneling. Nonetheless, an ordinance that made the first mined 50 Bitcoins elusive by anyone was established by Nakamoto. Nobody understands if he consciously established the ordinance(code) or it was a malfunction of the code(ordinance). These 50 Bitcoins are still seen on the Genesis block.
Let's now have a critical look at block 0 or the Genesis block of Bitcoin. This 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f is the address of block 0 of the bitcoin. The transaction information of this block can be seen if the aforementioned address is put in https://www.blockchain.com/explorer let us have a look at the information.
Source
It could be seen from the above screenshot that Block 0 of Bitcoin was mined on the third day of January 2009 at 7:15 pm GMT+1. The block currently has 617,581 confirmations on the Bitcoin blockchain. The reward that the miners earned was a total of 50bitcoins($2,113,260.50).
The block address has transacted 3,191 times and received a total of 68.52878393BTC($2,895,107.44) and made no transfer at the time of this write up as indicated on the screenshot below:
Block 1 of Bitcoin blockchain
The Genesis block or block 0 is not the only block on the bitcoin blockchain, there are other blocks like block 1 which was mined six days after the mining of the Genesis block. Block 1 currently has 717,588 confirmations and has indicated on the screenshot below:
The address of block 1 is 00000000839a8e6886ab5951d76f411475428afc90947ee320161bbf18eb6048.
We also have block 2,
Block 3
which were mined 6 days after the mining of the Genesis block but at different time, and block 4 etc.
Facts about Bitcoin
Bitcoin can be stored in a digital wallet and cryptocurrency traders can have access to this wallet through the internet from a computer or mobile phone.
Bitcoin can be sent from one individual to another individual through Bitcoin Network.
Anything can be purchased with Bitcoin.
Cryptocurrency traders can trade bitcoin on Crypto exchanges platforms like Binance and the rest wherein they can buy or sell bitcoins.
THE AIM BEHIND BITCOIN INVENTION
There was an awful widespread crisis in the year 2008, during this time Satoshi Nakamoto was planning to create a digital expenditure system that will not be a pendant on the government or any other economic institute. Satoshi Nakamoto was striving to create an electronic payment system that will be solely decentralized. As spoken of before now the decentralized system implies it is autonomous of central authority, no middle man in any transaction. So I would suggest the aim of inventing was:
To eliminate the central authority in financial transactions.
To minimize fraudulent acts as the keys to transactions are accessible to only the owners.
To make people managers of their currency.
To facilitate global economy, thus making it possible for individuals from different parts of the world to engage in financial services at ease and low cost as compared to the central system.
for fast transactions since there is no central man.
Cryptocurrencies Can Be Used In Businesses For Payment
As the name implies cryptocurrency is a currency, an acceptable currency in many parts of the world. The only difference is that cryptocurrency is a virtual currency, but it's acceptable and valuable.
Some cryptocurrencies have high financial value than most conventional currencies, for instance, bitcoin worth $42,055.47 as indicated below;
All a businessman needs is a digital wallet or exchange platform such as Binance and knowing the exchange value of specified crypto to his conventional currency. For example, if an asset is worth $42,055.47, he can accept 1 bitcoin in place of that, then exchange the BTC for his conventional currency. It's even safe to transact with cryptocurrency since it requires no mediator, you are the manager of your money.
CONCLUSION
Bitcoin is the primary decentralized virtual cryptocurrency that is operating on a peer-to-peer network so that cryptocurrency traders can transmit Bitcoin as a currency from one individual to another individual via Bitcoin peer-to-peer network without an arbitrator like Banks.
aim of inventing Bitcoin was: To eliminate the central authority in financial transactions, to minimize fraudulent acts as the keys to transactions are accessible to only the owners, to make people managers of their currency, to facilitate global economy, thus making it possible for individuals from different parts of the world to engage in financial services at ease and low cost as compared to the central system and for fast transactions since there is no central man.
Crytocurrency is good for a business to accept as payment, it is a virtual and acceptable currency in most part of the world. Thank you so much professor @stream4u.
Thank you so much for reading!
