Hi everyone, it's my pleasure to participate in in this provision of acquisition of knowledge about crypto. Welcome to my blog. My utmost respect goes to @stream4u and @cyrptoacademy for their efforts.

Through this post, I will be answering question 2 in task 5.

QUESTION 2: WHAT IS BITCOIN AND WHAT WAS THE AIM BEHIND BITCOIN INVENTION?
IS CRYPTOCURRENCY GOOD FOR A BUSINESS TO ACEEPT AS PAYMENT? WHY?

INTRODUCTION

Change is constant, and that has been a static fact that has impacted the development of the modern world. Down through the 19th century, there have been several and vast means of exchange in business and money has been the major fulcrum of all goods and services. Down to the 20th century, cryptocurrency was invented as a virtual money, to facilitate and simplify the circulation of funds. Cryptocurrency is a virtual money or a virtual currency, therefore, it cannot be seen or stored in a vaccum physically. But with all sense of belief and confirmation, it exists.

BITCOIN

Image source

Bitcoin was the first cryptocurrency that was accomplished, invented and established.
As a cryptocurrency, bitcoin is in digital form and can only be mobile through digita means like phones, and computers.
The founder and inventor of bitcoin is known as Satoshi Nakamoto. We are only left with his name, but his identity and full background profile has been a mystery according to reports, that is why the actualization of bitcoin has always proved to be feint less apparent.
In 2009, Satoshi Nakamoto created bitcoin, and rescued the world from a larger percentage of the inconveniences caused by traditional banking due to their unreliability and instability. No body has ever seen Satoshi, but his heroic legacy remains ever bright in the hearts of the patronizers of the crypto world, and mankind as a whole. What a relief he created!
Reports show that Satoshi created bitcoin in response to a published article on Times newspaper, which exposed the insufficient nature of traditional banking.

Bitcoin, being the first cryptocurrency, made way for the invention of other cryptocurrencies. Many other people have tried creating vast cryptocurrencies, many succeeding and many, failing to thrive, but from the current statistics, we can see that the world has thousands of cryptocurrencies today. As a matter of fact, bitcoin is seen as the father of cryptocurrencies. I know of few other popular cryptocurrencies such as Ethereum and Tron.

As a cryptocurrency, bitcoin can be sent from one person to another through a peer-to-peer bitcoin network without the help of a third party or any intermediary because, bitcoin is not controlled by any individual, central body or government, just like a central bank controls all the monetary transactions of all other banks and individuals. Unlike the traditional banking system, bitcoin is decentralized, giving every user or possessor of bitcoin the right to control their own funds and mobilize it any way they want.
Bitcoin after being introduced in 2009 took one year to get into use by the masses. Significantly, it was first used in 2010 when a man from Florida wanted to purchase pizza worth 25 dollars. Funny enough, He spent 10,000 bitcoins as a medium of paying in place of 25 dollars.

Cryptocurrencies do fluctuate, and that has been the case of bitcoin too. But in recent years, it has had a rapid growth more than other cryptocurrencies and its rise in value has surprised the world.

SOME FACTORS THAT INFLUENCE THE PRICE OF BITCOIN

• The competition from subsequent cryptocurrencies:
  Other cryptocurrencies are also fighting to gain more and more value everyday, thus creating a huge competition in the acquisition of the cryptocurrency. This can determine whether bitcoin fluctuates or not, depending on the flow of that cryptocurrency.

• Rules and regulations governing the exchange:
  The regulations that are governing the exchange of bitcoin on various plat can determine the fluctuation rate of bitcoin anytime. If the regulations are favorable, the users will make steady transactions, and increase the flow of bitcoin. But if they are not favorable, bitcoin may fluctuate.

• The demand and supply of Bitcoin in crypto market:
  In economics there is a law of supply, law of demand and also, law of diminishing returns. These laws are applicable to the crypto world. Therefore, the higher the demand of bitcoin, the higher the price, and also, the lower the supply or mining, the higher the price of bitcoin.

• Possibility and Availability of bitcoin in some exchanges:
  When bitcoin is highly available on many exchange markets and platforms, it impacts the price, and vise versa.

Currently, as at when I am making this post, Bitcoin still ranks number 1 in the crypto world at a price of $61,352.91, and a market cap of $1,157,526,727,203

This information is from CoinGecko

THE REASON WHY BITCOIN WAS INVENTED

Every invention has a primary aim of solving a major problem of mankind.

Pictures sourceTraders are always delayed and inconvenienced when banking traditionally.

In the case of bitcoin, it has been a blessing and an enrichment. Let me list down some of the reasons why Satoshi reportedly created bitcoin.

1. To solve traditional banking inconvenience:

This has been relevant through the fact that apart from absence of data on phone or service providers and network problems, the exchange of bitcoin can never be Interrupted by anything. Unlike the traditional banking where we have to stand in queues to be attended to, and eventually get disappointed due to the incapable services of traditional banking bodies.

2. To eliminate the middle man:

Satoshi wanted transfers to be made without the help of banks or a supervising body. That is why the exchange of bitcoin is made in a system known as peer to peer, without the relevance of a middle man.

3. To lower transaction fees:

All the traditional banking services are bent on charging each of the transactions they oversee, and there has always been a drastic increase in transaction fees by these mediators. Bitcoin was invented also to reduce the costs of these transactions.

4. To conduct irreversible and uninterrupted transactions:

Irreversible transaction:
The transactions carried out on bitcoin cannot be reversed, the reason for this is to protect the individuals trading bitcoin from fraud.

5. Decentralization:

Bitcoin was created to be free of control from any central entity. This helped in improving its quality to its owner, and it's independence on a particular administration, unlike the traditional cash.

6. To enhance Trust and Transparency:

All transactions done on crypto platforms are encrypted and kept in a safe ledger. It can be seen by anyone who cares. Nothing is hidden, unlike traditional banking systems where most information is hidden, even when they are obviously suspicious. Also, since there is no third party to propel the transaction as a mediator, the two people involved in the transaction will always know the truth without Interruption.

HOW BITCOIN HAS THRIVED SO FAR IN THE GLOBAL ECONOMY

Bitcoin has extended its coast in the global economy, by so doing, impacting the global economic status. Let me briefly explain four ways it has done so.

1. Bitcoin has paved way for and advanced form of digital banking, given individuals the opportunity for a new form of market, to transfer to anywhere in the world without any central authority controlling or inspecting the cash flow.

2. The presence of bitcoin has partly dominated the funds system, in the sense that most people with the knowledge of cryptocurrency no longer acquire cash or monetary contents. They now prefer possessing bitcoin as a digital and invincible currency. It's seen as a safer, secure and more privatized.

3. The dominance and swift popularity of bitcoin on the economy has attracted the attention of investors. From my perspective, I can say that 30% of the world's top investors have invested on bitcoin one way or the other. Many people also troop into the crypto market and invest in bitcoin even as small as possible.

4. By dominating the funds transfer scheme, bitcoin has contributed in frustrating the traditional banking bodies, by reducing their demand in service and it has brought about questions from them through some government officials whom they use as spokesmen. This happens because they are really loosing in the quest for income through bank charges.

5. The flow and usage of bitcoin has prompted many individuals to come and learn about cryptocurrency and its trade. This phenomenon has played a large part in the popularity and patronage of crypto. It has also positively influenced the number of people coming to acquire the knowledge of cryptocurrency and crypto trading.

IS CRYPTOCURRENCY GOOD FOR BUSINESSES TO ACCEPT AS PAYMENT?

YES! With the knowledge I have about cryptocurrency so far, I will recommend cryptocurrency as a payment medium for any business or services rendered to humanity.

WHY?

Here are my reasons for answering Yes:

• To enhance international transaction worldwide, between different countries, anytime, anywhere, unlike most traditional banking schemes that are limited to a particular geographical area.
• To save the cost of transaction fees, business firms and entrepreneurs can directly receive bitcoin from anywhere as payment. They will collect the exact amount they charged for their goods or services, without having to pay huge charges to the middle men who run transactions in the traditional banking scheme.
• Privacy and Trust is very important in running a business. So with the receiving of bitcoin, entrepreneurs and business owners can reach favorable terms and conditions with the senders of the bitcoin, and this will only be between them. So they can trust each other.
• Security is essential in making transactions. Security in businesses means the effort made to stay away from fraudulent activities and fraudsters. Nobody wants to be scammed or monitored by negative people. Therefore the decentralized nature of cryptocurrency(bitcoin), and it's encrypted nature makes it hard to be hacked or embezzled, unless the holder is careless with his keys.
• No business wants stress. Accepting bitcoin as payment will save the stress of going to banks, wasting time and money to face the traditional banking system and end up being inconvenienced or stressed out by their delays.
• Lastly, it will enhance the knowledge of cryptocurrency by giving the potential patronized the edge to know about cryptocurrency before trading with it. By so doing, many people will be able to participate in crypto(bitcoin) trading.

CONCLUSION

Bitcoin is rightfully named the father of cryptocurrencies. It has dominated the crypto world and initiated the creation of many other cryptocurrencies including steem dollar which I have enjoyed on this platform. Bitcoin has created many employment opportunities for mankind and given many individuals a criteria to invest in. It has opened the eyes of many people and helped us to see the need of being secure from cyber terrorism and fraudulent activities on the internet. The actualization of bitcoin and other cryptocurrencies has been the main reason why it's possible for me to be on steemit platform today.

My warm and special regards goes to @steemitblog ,@cryptokannon and @stream4u

Thank you for going through my write up.