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

in SteemitCryptoAcademy3 years ago

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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Source

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 :

Decentralization simply means no superior or central authority . A network is called to be Decentralised if every peer of the network has equal authority and there is no superior authority . This is just like a complex chain in which every node is same and you can't tell the designation of any node because all are equally arranged and placed in sequence .

Proof of Work :

When any transaction is to be performed , there is a puzzle generated on the system of miners and they have to solve it. The more updated the system is the more chances are to get a validation task. When a miner get and he validates a transaction by his work on system ,he get rewarded for it. This is called proof of work and bitcoin is based on PoW .

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Starting Specifically;

Bitcoin
is a cryptocurrency and being a cryptocurrency it is kept in online wallets and you can sell or buy it online easily. It is the first cryptocurrency and till now it is at top Rank 1. It was launched in 2009 and it got more and more popular with Time .
It works with proof of Work mechanism that i explained above that how it works and i think i don't need to explain again that how it works in decentralised chain .

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. 🙂

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


Submitted by :

@shahidchoudary

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Hi @shahidchoudary, Thank you for taking interest in the 3rd Task of the Beginners Fixed Class. Your grades are as follows:

Assessment Aspects
Rating
Presentation/Use of Markdowns
0.5 / 2
Follow Rules and Guideline
2 / 2
Quality of Analysis
1.2 / 2
Clarity of Language
1 / 2
Originality
1.2 / 2
TOTAL
5.9

My Review and Suggestions:

  • You have completed the task.

  • 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.

  • Improve your writing skills even more by studying "Markdown Style Guide".

Thank you!

 3 years ago 

Thnku ❤️

 3 years ago (edited)

@steemcurator02
Sir ! My post has been 7 days old and am not curated so what should I do now ?

 3 years ago 

@sapwood , i have completed this fixed task 3 and have been curated for this on another active post so you can label me now ....

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