What you mean by Bitcoin and what is the Aim Behind the creation of Bitcoin? Is Cryptocurrency Good For A Business To accept As Payment? Why?

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What is bitcoin?

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Bitcoin is the first electronic and digital currency to be invented. This digital currency was created by a mysterious programmer Satoshi Nakamoto in 2009. Not much is known about this program. When the world was going through an emergency in 2008 In this program, we planned to create a currency that would allow us to easily transfer our money from one place to another.

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No third party or bank should be involved in remittances and the system should be designed in such a way that it is completely decentralized, which means that it is not under anyone's control.
Thus, in 2009, the programmer put into practice his plan to create a bitcoin. Initially, the value of this currency was very low, so no one paid attention to it, but over time, its importance increased and Its value has increased. People realized its importance that we can easily transfer our money from one place to another with the help of it, so its importance increased and it became popular among the people. Included in the list of cryptocurrencies.

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Aim Behind the Creation of Bitcoin

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The purpose of creating a bitcoin is to send money from one place to another. We can easily send our money from one place to another and also receive our money from another person using the bitcoin network and all The great thing is that we can do it absolutely free. No tax is charged. We do not need any third party permission to send money. We do not involve any bank in the transactions.

• We had to store it in a place where we could access our money at any time and withdraw it when needed.
• The purpose of creating bitcoins was also to create a currency that would allow us to buy and sell digitally.
• The purpose of making bitcoin was not only to send money from one place to another but also to make profit by mining it.

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

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• Accept money as payment in the form of cryptocurrency is good thing for business because accepting money in cryptocurrency as payment is a safe way of payment, there is no risk in it, no one can easily hack our transactions.
• Also the transaction fee is very low. If we pay or receive in cryptocurrency then it has very low transaction fee which is a good thing for our business.
• Number of Blockchain users are increasing day by day. According to Blockchain website more than 32 millions people use Blockchain technology. And now according to the data 2020 this figure is increased by 41% and 45 million peoples are involved in Blockchain. In this we can say that people want to pay in the form of digital currency intead of cash payment. In this way if we accept payment in the form of cryptocurrency then we attract more customers ( that are interested in cryptocurrency payment) toward our business.

This is why accepting payment in the form Cryptocurrency is good for business.