Crypto Academy / season 3 / beginners course Task-3 / Bitcoin,Cryptocurrencies and public chain by @rasheedkamboh.
WHAT IS BITCOIN
WHAT WAS THE AIM BEHIND BITCOIN INVENTION?
IS CRYPTOCURRENCY GOOD FOR A BUSINESS TO ACCEPT AS PAYMENT? WHY?
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What is bitcoin?
Bitcoin is a form of currency.bitcoin is a virtual and digital currency.bitcoin is launched in 2008 and released in 2009.the owner of bitcoin is satoshi nakamoto.bitcoin is not a physical currency like fiat currency.the world is getting more developed the crime is getting too much the digital currency is a way where our money is save and secured. the digital currency is save is our digital wallet.the transactions are visible to anyone and the transaction records are available on blockchain.the first crytocurrency in the world is bitcoin.now in cryptocurrencies market thousands of coin or tokens available. bitcoin mining is a process in which new bitcoins are added in circulation. in mining process the computer are used for solve extremely complex computational maths problems.after that new bitcoins are entered into blockchain system.
How we can get bitcoin?
- we can buy bitcoin in different exchanges using banks cards and money transfer.
- through mining systems we can get free bitcons.
- We can buy bitcoin from bitcoin websites.
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what was the Aim Behind Bitcoin Invention?
The aim behind the bitcoin invention is provide alternative payment system that operates free central control.any central bank or central control system is not controlled bitcoin.any third party involvement is reduced using the internet and using blockchain networks.save the time of people and give full responsibility to owners of bitcoin or digital currency.the aim that bringing a system where the transaction will be done without interference of any bank and institute.bitoin is used for business and others different payments purposes.give the power of peoples who can handle their own money and used without any permission or problem.
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Is Cryptocurrency Good For A Business To Accept As Payment? Why?
Yes i think cryptocurrency is good for business to accept payment methods.
Low transaction fee.
there are no much fees charged here.in central bank system the transaction has changed attach to it.but bitcoin or crytocurrency the is very low transaction fee. in bitcoin or crytocurrency we can more then 100 transaction at once just 1 transaction incurred.
No third party involvement.
In bitcoin or crytocurrency payment no third party or any central power is not involved.in cryptocurrency transactions have not any bank work before it can be transferred.
Digital wallet.
Digital wallet is used for cryptocurrencies send or receive. digital wallet is very secure.the cryptocurrency is stored in digital wallet.in digital wallet the cryptocurrency are controlled in computer.the digital wallet give us more security in the form of keys.
Easy to use.
its very easy to use cryptocurrency wallet or digital wallet.we cab use very easily cryptocurrencies to one persons to another person without any third party involvement or any Central bank system or without any using time.when one person can transfer their digital wallet anywhere at anytime.if you know rhe basic knowledge and rules then every is very easy to accessible.
bitcoin is online payment system.
bitcoin or crytocurrency is a mobile or online payment system.its very cheaper than banks transfer.in this payment methods is not any govt or Central bank involved.
Safe transaction.
bitcoin or crytocurrency transactions are very safa then banks. because the bitcoin stolen is impossible. bitcoin transaction is very save and secured because third party have not information about your transaction.
CONCLUSION
Bitcoin is change our life in future and make it very easy and simple.i hope in future bitcoin is used in our every day life and every field of life and changed it. every business is accept and adopted to bitcoin in future.i am very thankful to @stream4u for this informative lecture for us.i learnt a lot of knowledge about cryptocurrency and bitcoin in this wonderful lecture.
ReGards @rasheedkamboh.
Hi @rasheedkamboh, Thank you for taking interest in the 3rd Task of the Beginners Fixed Class. Your grades are as follows:
My Review and Suggestions:
You have completed the task.
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Thank you!