Good day to everyone I am happy to participate for the first time in Steemit Crypto Academy. I am grateful for the well prepared lectures on this forum .

BITCOIN

Bitcoin Symbol Source

INTRODUCTION: HISTORY OF MONEY

As humans, we have so many things in common no matter which part of the globe we live in. We need clothing, food, shelter, and, we have wants and needs to satisfy.
Almost all of these affairs require money.

So in ancient times certain commodities/articles represented money. There was salt, cowries, grains, shell, leather, ivory, metals, and gold representing money. Known as "commodity money." Commodity money had the five features that all monies have.

That is, it must be (1)somehow " scarce", (2) "easily recognizable", (3) "divisible" meaning it can be cut into smaller pieces, (4) "portable", which means it can be easily carried. And (5) "acceptability" meaning it can be easily accepted for the value it represents.

As these forms of monies thrived and served their purpose, there were some valid questions and issues about their durability and sustainability.

For example, if salt was used as a medium of exchange, what will happen if it was to relinquish its saltiness. Or what will happen when there's a drought and animals used as means of exchange and for hides and skin can not be issued because of the animals having pale looks? These issues need to be solved. And in some (unresolved) instances, sometimes led to war!

So a new form of money was invented. Coins. Coins at their prime were universally accepted for their durability and for possessing the other characteristics of money.

"( 1)somehow " scarce", (2) "easily recognizable", (3) "divisible" meaning it can be cut into smaller pieces, (4) "portable", which means it can be easily carried. And (5) "acceptability" meaning it can be easily accepted for the value it represents."

Coins brought about the market economy. But sooner than later, coins became easily debased thereby, needing another invention something new that can be trusted.

Fiat money was created. The term fiat money comes from a latin word which means determined by authority. It means that the government decides on the value of the currency. As with other forms of money, fiat money has it's complications. Thereby needing for a creation of another form of money called Bitcoin.

WHAT IS BITCOIN AND WHAT WAS THE AIM BEHIND BITCOIN INVENTION?

BITCOIN DEFINED

Bitcoin(BHT) is a digital currency and software, it is a shared code that creates a global payment network using a computer(s) connected to the internet. Bitcoins are virtual currency, digital money. lt is decentralized and does not need the help of a third-party, central bank, or Government interference in its regulation.

It came into existence by a programmer named Satoshi Nakamoto in the year 2009. There are controversies/ debates about who the real writer of the program was.

Bitcoin(BTH) transactions can be seen like messages or email, that are digitally signed using cryptography and sent to the entire Bitcoin network for verification. Any agreed information/transaction, is public and can be found on the digital ledger known as the 'blockchain.' Blockchain is a secured type of ledger. Because there are many spreadsheet recording Bitcoin transactions, block chain is a way of organizing it in blocks.

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AIM FOR CREATING BITCOIN

1. It was borne out of concern that the conventional currencies were too dependant on the trustworthiness of the bank to function properly.

2. To eliminate third-party/middle man.

3. To lower transaction fee than traditional online payment procedures.

4. More transparency in accessing transactions and personal control on asset.

5. Was created as a way for people to send money over the Internet. The digital currency was intended to provide an alternative payment system that would operate free of central control but otherwise be used just like traditional currencies.

GOOD FEATURES OF SATOSHI'S INVENTION

Bitcoin is an open-source software protocol. By open-source, we mean that anyone and everyone can use the protocol. No one person or company can control it.

Any change made is public open and transparent.

Bitcoin is the "internet of money" and it is offering decentralized solutions to money.

Is Cryptocurrency Good For A Business To accept As Payment? Why?

Yes, money will continue to be money irrespective of whether its paper, coin or cryptocurrency. Cryptocurrenies are money too,but in digital form.

WHY ACCEPT CRYPTOCURRENCY?

The world is in a digital era, making it essential to switch to digital money. Also there many e-commerce platforms online, that use and accept cryptocurrency.

Besides, there's cryptocurrency debit card like bitcoin used in transaction. In such transactions the cryptocurrency is debited and converted to fiat money equivalent, such as dollars. There is a growing number of cryptocurrency enthusiasts like Elon Musk.

Besides, there are a growing number of companies accepting Bitcoins. The lists includes:

• Microsoft.

• Overstock.

• Home Depot.

• Namecheap

• Starbucks.

• Whole Food

• New Egg.

• Tesla.

• Lolli.

Bahrain recently inaugurate access to some companies to use cryptocurrency.

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Conclusion

Bitcoin is a new invention of money in digital form, and it based on some mathematical theory which doesn't change despite whom invented it . And based on its security, it stands to benefit all especially those who use smart devices.