Crypto Academy season 4//Beginner's course// Homework post for task 5:-Bitcoin,Cryptocurrencies and public chains for professor@stream4u.

Introduction

Hello steemian, am very happy to take part in this task and answer the questions it is really and interesting topic.

Questions

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

Source

Bitcoin is a crytocurrency that operates without a central authority or government overseeing the currency. It's works with direct transaction between a seller and a buyer without any third party and with little charges.

Bitcoin is a digital currency that was created for the purpose of being free of the government intervention and that it should be fair and with understanding between the two parties involved. Government has use its own currency called fiat currency or physical currency to do what pleases them and by that inflation keeps rising.

Bitcoin was created by Satoshi Nakatomo in 2009 that was because of how government was misusing it's authority on currency over the citizens, conditioning them to their own profit and not of the citizens. Satoshi came up with an idea which will be free from government intervention and would be free and fair to everyone involved and that was bitcoin, and that transaction would be made online with little or no charges involved.

What was the aim behind bitcoin invention?

The aim of bitcoin invention was to by pass government controlling currency on like how they can control fiat currency which its valued is determined by the government. Whereas, bitcoin is influenced by investors and what ever decision was made to influence the coin is all in them.

Bitcoin works with block chain that helps to store information about every data and transaction that was made, and it helps the bitcoin coin not to be able to be hacked.

One of its major advantage is that it is only accessible to you, both the login aspect which you will use your public key to do and the financial aspect which you will use your private key to do. Bitcoin invention was just a response to the financial issues and over reliance to the bank with out finance as intermediaries.

Where am I seeing bitcoin in the future?

Am seeing bitcoin to be the future of total transaction done by people. The idea of its invention was to satisfy the society and make it plainly fair for every one to make money and do peer-to-peer transaction. Am seeing Bitcoin to be the head of every transaction in countries including the ones that concern the government, trading and also payment of services.

Bitcoin has come to stay because it is getting bigger and bigger and that is because it is the most reliable crytocurrency. Companies will trade on bitcoin, and also invest in it and with that they can influence the market on how they want. Some countries hasn't really seen the importance and future of this bitcoin, while some has ban it.

The countries using it are really enjoying and also improving their standard of living, and also doing all kind of transactions on a easy mode.
One of the things that I would like see in the bitcoin system is to help retrieving of keys when lost. In bitcoin when your key is lost then all your asset is gone and many people have lost alot because of this rule.

Trying to educate people about bitcoin, it's uses, advantage and disadvantage and how it can develop them and their community.

Conclusion

The task has really been an interesting one, am very happy to have participated in it and make my brief contributions
Thanks to prof @stream4u , @nane15 and @dilchamo