Crypto Academy Season 3 Beginners' course | [Task 3: Bitcoin, Cryptocurrencies, Public chains.] by @patrickbonyah
QUESTION 2: What Is Bitcoin and what was the Aim Behind Bitcoin Invention? Is Cryptocurrency Good For A Business To accept As Payment? Why?
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Bitcoin is the first virtual or digital coin in the cryptocurrency world. Bitcoin is not just a coin that one can mine and earn, but to trade in the crypto market.
Bitcoin can be transferred from one person to another via network, buy anything online and can be access in a wallet via when stored in a digital wallet from a computer.
The Bitcoin creation project was believed by just few people, and so those who invested gain more, and made them millionaires when the price increases. Example is the first purchase made by a guy, where the bitcoin had no great value, which he bought two pizzas at 10,000 bitcoin.
In simple terms, Bitcoin is a virtual currency created to fulfill or perform the same role as fiat money, for traders to make transactions online, as an alternative means of making payments of goods and services.
The creator of bitcoin had the core objective to create an alternative payment in the decentralized system, where the user will have autonomous control on his or her account, without waiting for an authorization when making transactions as it happens in banks, where one has to pay hug amount as commission for every transactions.
The bitcoin is created to make the transaction process of cryptocurrency very easier and faster and also allow you to invest in the long-term.
Yes, it is good for companies to accept as a means of making payments, because;
Low Transaction Fee: one important thing about cryptocurrency is that, it provides the opportunity to experience less transaction fee as compare to the banks, where they will decide on the amount you will pay, whether is in favour of you or not.
Cryptocurrency Is Easy To Operate: the only thing you need to embark on cryptocurrency trading is your mobile wallet. With your mobile wallet you can buy bitcoin or other cryptocurrencies.
Reduce Robbery Rate: it is very risky, when buying goods that requires hug amount of money, and you are to pay in physical cash, because you may be robbed or lost the money on your way, but with cryptocurrency, you only need to make transfer from your which is safe.
No Limitations On How To Spend: with cryptocurrency, you spend as much as you wish depending on the amount in your wallet, as compared to the banks where you have a certain percentage of amount that you can with a period of time.
In conclusion, i will say that, cryptocurrency has fulfill its core objective as an alternative means of making payments, since it help users to acquire most of their needs and help them to invest in the long-term. The use of cryptocurrency has solved problems like; robbery, lost of money, limitation on expenditure in case of emergency and many more.
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Hi @patrickbonyah, Thank you for taking interest in the 3rd Task of the Beginners Fixed Class. Your grades are as follows:
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Your explanation is too shallow, study the discussion more deeply, so you can add more information to your post.
There are some grammatical errors, please pay attention to grammar before posting.
You use bold writing well to emphasize important words. Good work!!
Thank you!