Crypto Academy Season 3 Beginners' course || Homework post for Task 3: Bitcoin, Cryptocurrencies, Public chains ... By @shahidchoudary

hello everyone !! 👋 😊 i hope you all are having a good day. As you may have fetched from the heading i am here to share my homework post , task given by @stream4u . So let's begin our task :

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What Is Bitcoin and what was the Aim Behind Bitcoin Invention? Is Cryptocurrency Good For A Business To accept As Payment? Why?

Before explaining about Bitcoin , there is something that we need to learn for a better understanding and that is the basic framework of Bitcoin and of Most cryptocurrencies . That thing is Decentralization , let's learn about it .

Decentralization :

Aim behind invention :

Due to some mismanagement in global market and increased global inflation there was a global financial crisis in 2008-2009 . The global banking system and financial mechanisms were being criticized . In those days a person or a group ( identity is still not clear) named as Satoshi Nakamoto introduced a new system that was formally a best system regarding many point of views . Following Aims were mentioned for this creation ;

• The basic reason was the replacement of old banking system with a new one.

• The world needed a fast and efficient transactions system , and it is the fastest and excellent for this purpose .

• The transactions got prolonged because of intervention of local governments and their formal requirements that made them slow and also governments charge much fee for transactions and bitcoin was meant to be the cheapest to transect .

• The security is the main concern when it comes to the online transactions and it is the most secured network. Because proof of Stake mechanism is almost impossible to hack. So it provides next level security .

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

For me , Definitely Yes ! . I think it's a great choice to accept payments in cryptocurrencies along with paper cash . I gave this statement due to following reasons ;

• Your money is much safer because no robber can rob your digital wallet while with paper cash you are more likely to get robbed .

• With paper cash , you have to follow various steps like collect , keep , deposit to store your cash properly along with high charges while in case of cryptocurrencies they directly go into your wallet and fees are very less.

• You don't have to wait and face difficulties in transactions because cryptocurrencies enables you to be quicker and sending-recieving is very simple .

• You get to meet a new innovative way of Banking with new experiences.

• Cryptocurrencies are digital banking and digital banking is the future of the economic world so you should get used to it and rely on it , instead of relying on government based digital banking.

So due to above reasons, i must say that Businesses should accept cryptocurrencies as payments. 💸💴🪙
There is still more that can be explained about bitcoin and its working structure but that would deviate from the main question so let's end this. 🙂

I tried my best to make a proper and relevant post to the question and i hope you liked it. Thanks for reading 💕😊.

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