Crypto Academy Season 03 Beginners' course - Task 3 : Bitcoin , Cryptocurrencies , Public Chains
🎗️Homework Task🎗️
(1)What is cryptocurrency and how you would like to see cryptocurrency in the feature?
(2)What is Bitcoin and what was the Aim And Behind Bitcoin Invention? Is Cryptocurrency good for a bussiness to accept As payment? Why?
(3)What is Public Chain and what will be the Advantages and Disadvantages of public chain?
🧭What is Bitcoin and what was the Aim and Behind Bitcoin Invention?
♨️What is Bitcoin?
Bitcoin was the first digital currency to be invented in 2009 by programmer Satoshi Nakamoto. During the terrible global crisis of 2008, Satoshi Nakamoto was planning to find a way to pay digitally. He sought to build a decentralized, electronic payment system.
In the early days of bitcoin, people did not have the knowledge to understand this coin and its technology. Later it became a very popular coin and today Bitcoin is the number one crypto currency in the world.
Attempts were made to introduce bitcoin, a crypto currency, but some of them failed. Bitcoin was the first digital crypto currency in a decentralized network that could be sent as cash without the intervention of institutions such as banks.
♨️What was the Aim and Behind Bitcoin Invention?
The concept of Bitcoin was created as a solution to financial crises and in response to trusting financial intermediaries, the Financial World Bank. Satoshi Nakamoto's idea was to create a peer-to-peer payment system that was different from bank financial transactions and did not rely on third party guarantees. His main goal is to create a secure way of handling money and a digital money medium. He also wanted to create a secure money system in which no one could access a digital database or steal data. As a result, the Bitcoin currency was created.
🧭Is Cryptocurrency good for a business to accept as payment? Why?
This process acts as a third party to financial institutions such as banks and when all transactions are done, banks charge high fees from both the sender and the receiver. The transaction also takes a few days to complete.
In light of the above, It is best to choose crypto currency as a business payment.
The reasons for ,
✳️This is that the two persons involved in the transaction can be connected simultaneously through this transaction easily.
✳️This system can also be identified as a system that does not charge for high transactions.
✳️Blockchain technology allows you to transfer money quickly and easily and has a high level of security.
✳️Also, due to the speed of transactions, the transaction can be completed quickly. This saves a lot of wasted time.
🔎Conclusion🔍
Bitcoin is a decentralized digital currency that we can buy. It is based on an electronic payment system. This can be described as a secure system where money can be sold and exchanged directly without an intermediary such as a bank.
@stream4u's article helped me a lot to complete this article. I prepared this article with the help of that article.
Cc:-@stream4u
Thank You!
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It seem you have learned and worked hard on this task all the best
Thank you so much for your encouragement!❤️
Hello @arshani,
Thank you for taking interest in the 3rd Task of the Beginners’ class. Your grades are as follows:
Feedback and Suggestions
Your work has some parts paraphrased from the lesson. Always be a original as possible.
Some statements are not very clear.
There were also some repetitions.
Thanks again as we anticipate your participation in the next class.
Hello professor @awesononso,
Thank you so much for reviewing my homework. I will make sure not to point out the shortcomings you pointed out above in my next homework posts.