BITCOIN, CRYPTOCURRENCIES, PUBLIC CHAIN - STEEMIT CRYPTO ACADEMY SEASON 5 - HOMEWORK POST FOR TASK 5 BY @jacksonmark1
Hello everyone! good afternoon from my end, I hope y’all are having a great new week.
I’m here again to submit my answers on the home work post for task -5 of the introductory courses which is mentored by our amiable professor @stream4u, I'm answering questions 2 of the task-5 talking about BITCOINS, CRYPTOCURRENCIES, PUBLIC CHAINS.
What is Bitcoin and what was the aim Behind Bitcoin invention?
Is cryptocurrency Good for A Business to accept as payment? Why?
Unlike physical currencies issued by Government, Bitcoin is operated under a decentralized jurisdiction. Because if it’s decentralized nature, it’s been proven the best online currency.
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Bitcoin being a crypto currency uses cryptography to keep it secure and safe. It has no physical Note or coin but it only gives balances stored in a particular ledger or wallet. Bitcoin transactions passes through several amounts of computing authority for verification through a process known as “Mining”. Bitcoin isn't an issued currency or does it have any bank or government backing it up.
Regardless of the fact that Bitcoin isn’t accepted in most countries as a legal asset, it has gone very viral within the short period of existence and has brought about the existence of over 10,000 of other crypto currencies.
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Satoshi Nakamoto created the first crypto currency in existence (Bitcoin) in 2008.
The Bitcoin originator history isn’t well known and it’s therefore a story untold about this persons. We can sometimes say this Satoshi Nakamoto could be a group of people or a single person that created this technology.
Bitcoin was later executed in 2009 and was released in a decentralized system as a open source software. Bitcoin was created Twenty one million in number for a reward by “Mining”.
Right from it’s existence, Bitcoin has been a criticized asset and considered illegal in different ways due to the amount of electricity it consumes, the rising and falling of price etc.
Bitcoin Transactions are P2P Transactions system and are being verified by several nodes and its transactions details are recorded in ledgers (Blockchain).
- Easy means of online Transactions
- A reliable future investment
- Transfer of assets in Bitcoin Transactions do not need a third party as compared to other local banks. Transactions goes directly from the sender to the receiver without no middle man involved
- Easy payments for goods and services, it can be invested to get value, traded for more profit
- Buying of physical assets like House, Cars, Wears etc are easily gotten through Bitcoin means of payments.
Bitcoin is a digital decentralized currency operating free of a central authority or control as it’s being done in government institutions and Banks. For this reasons, Bitcoin was invented to avoid the operation of a central power in a transaction and for easy means of making transactions from one person to another without a third party.
It was also created for safe storage of user transaction informations, easy identification of coin owners is extended cryptographically all round this nodes as compared to Bank which relies on a central power.
Public broadcast of transactions to the network and circulates from nodes to nodes, which makes every transaction transparent.
I recommend crypto currency as a good business payments method and below are my reasons.
Because crypto currency has a decentralized peer-to-peer online Transactions network that needs no third party. This makes it a secure and safe way of making payments in a business.
Adopting and accepting crypto currency payment gives the customers a careful means of payments, secured payment and stored on the Blockchain ledger with a less in cost as associated with other payment methods.
Strict regulations by government institutions, central banks and tax authorities do not have any authority over crypto currency payments, which means all the above mentioned have no authority over crypto currency. Also there’s no reversal after payments is done.
Payments made with cryptocurrency are enabled through a crypto payment gateway. The gateway is the programmed technology that gives businesses the access to accept transactions in cryptocurrency.
The payment gateway ultimates payments and allows the businesses to make reports also to make the transaction a convenient and fast .Payments done on the Blockchain are highly encrypted, secure and highly safer than traditional banks and other online payments methods.
crypto currency payments are negotiated and closed using a smart contract agreements between the sender and receiver of payments.
Security and transparency are also increased using the smart contract, this gives the parties peace of mind when applying a decentralized Payments gateway.
With regards to the homework and the organizer of this contest, I deeply wanna say a big thanks to y’all for helping us learn at free cost and earning from it as well. Thank to the steemit network.
