Preferred Question

(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

When the pseudonymous Satoshi Nakamoto came up with their unusual peer-to-peer electronic cash system proposal in 2008, lots of people (including me) had no idea how significant the outcome of a peer-to-peer electronic cash system would be. Personally, I was just getting used to Auto Teller Machines and Java powered mobile devices at that time.

Fast forward to 2021 and we're all now talking about Satoshi's invention - that peer-to-peer electronic cash system. The pseudonymous Satoshi Nakamoto named this peer-to-peer electronic cash system Bitcoin and that about sums up what Bitcoin is.

Bitcoin is a peer-to-peer electronic cash (or digital currency) system. In this system, money, in the form of ledger balances, can be transferred from person to person without the need for an intermediary, and at relatively low fees.

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This system was created with some core building blocks including the novel distributed ledger technology popularly known as blockchain, the Proof of Work consensus mechanism, and an open source software.

THE AIM OF THE BITCOIN INVENTION

Although Satoshi masked his identity from the world, he did clearly state why he created the Bitcoin. The aim of creating the bitcoin was to purge the conventional financial system which was trademarked with centralization and government control.

These two features bedeviled the conventional financial system as it created intermediaries and endless regulations, and here we assume that are so buoyant to bother about fees even though that's not the case.

Owing to it's aim, bitcoin was created to be uncontrollable as well as peer-to-peer. Not a single chance of government banning or censoring and no need for an intermediary. We might talk about fees later.

CRYPTOCURRENCY AS PAYMENT

You definitely can't find a better payment system than cryptocurrency. Bar none, crypto is the go to system for business to carry out CHEAP, BORDERLESS, CENSORLESS, and SECURE transaction.

So to answer the question,

Is cryptocurrency good for a business to a accept as payment?

YES!

And here's why...

It's cheap

Paying through cryptocurrency is cheaper for business. Via centralized systems, fees are paid in percentages, increasing as the amount sent increases. It's like paying tax for spending your money.

Let's not forget that you might also have to service whichever payment platform you'll use for centralized payment. You service with regular fees, monthly or yearly.

When it's an international transaction, the dismay escalates as you will need to involve merchants and payment solutions which raises cost.

It's borderless

Imagine being able to send to any part of the world with the same effect per cost and otherwise. With centralized payments, there are lots of regulations to adhere to and sometimes some areas are still to accessible to receive payments from.

With cryptocurrency, you can directly send and receive payment at far less cost, to legit any part of the internet connected world. Both parties need only have the relevant knowhow, internet connection, public and private keys of the blockchain to be used, and an internet connected device.

Censorless

People in power who have an issue with anything can't just come up to ban or freeze the business/customer's funds or even both parties from transacting.

The government might shut down a business and not allow them operate, but the crypto assets owned by the business is beyond the reach of the government. Human rights!

Security

Nothing like funds are stolen. With multisig wallets, a business can set as many as 5-6 factor authentication, meaning that before any asset is spent, it must be signed by 5-6 different wallet. This ensures that with the personal custody of keys, compromise will only be very difficult.

The owners of the wallet need only keep their keys safe, in easily accessible but secure locations. Offline locations are advised.

Here's a bonus reason

Cryptocurrency falls into the asset class

You could accept a coin as payment and the value of the payment will increase in less than 24 hours.

Imagine accepting 2 steem for a pair of shoes as a business when steem = $0.2 and two weeks later, steem rises to $0.6. You're now making $1.2 instead of the initial $0.4, an extra $0.8 as a reward for using crypto to accept payment ;)

Don't ask me 'what if the price drops', that's business.

CONCLUSION

Bitcoin is a peer-to-peer electronic cash system proposed in 2008 and created in 2009 by the pseudonymous Satoshi Nakamoto, to purge the world of the excesses of the conventional financial system.

It also became the first cryptocurrency and up till the time of writing, is still the most successful.

Accepting cryptocurrency as payment offers the benefits of borderless, secure, cheap and censorless transactions, with the bonus of increase in the value of payment received on a very good day.

Thanks for reading.

Cc:
@stream4u