STEEMIT CRYPTOACADEMY SEASON 5-HOME WORK POST FOR TASK 5

Introduction

It is a very big and happy feeling to take part in this tasks 5 of season 5 beginners course and I will put in my best to make a good grade and avoid plagiarism.

Question

WHAT IS BITCOIN AND WHAT WAS THE AIM BEHIND BITCOIN INVENTION? IS CRYPTOCURRENCY GOOD FOR A BUSINESS TO ACEPT AS PAYMENT? WHY?

WHAT IS BITCOIN

Bitcoin is a digital currency or assets that is being own by those who mine or may have received or purchase it from an investor, it is also the first decentralized currency or cryptocurency that was being established, it is a decentralized currency which means there is no third party intervention when bitcoin is being put to use or any central body intervention, it is digital not seen unlike fiat currency but can be use to buy products online.

Bitcoin establishment brought about the establishment of other cryptocurrency that we are all seeing today such as ethereum, doge coin and even the steem we are using.

The establishment of Bitcoin brought about so many changes in the financial world though the identity of the first person to establish this coin is not certain but we all know of Nakamoto satoshi who is always regarded as the father of Bitcoin and was said to have established it in the year 2009.

Bitcoin is a coin that is being save in a wallet not bank and can be send from one person to another it has a very strong security network and this sending from one person to another is being done with the help of the P2P system peer to peer system and this is done without any geographical boundaries restrictions

The charges here when a transaction is down is low and the coin is always transparent.

So many factors always affect the Bitcoin price and some of this factors are

• The way it is being demanded and supply in the market
• How it is being regulated. Etc
  
  
  Source
  

Bitcoin	features
Bitcoin	ranks 1
Price	$48,835.40
Market cap	$922,976,578,783

AIM BEHIND BITCOIN INVENTION

The aim of behind Bitcoin invention are.

• Decentralization
  This has to do with no third party being involved when whenever the user want to perform transaction for example the user will not need the bank approval before making use of it but rather the user will use the P2P technology to perform transaction easily and secured.

• Low commission charge
  Here it was established for it to be able to minimize or reduce the commission charge when the user want to perform transaction.

• Transparency
  All transaction done with Bitcoin are always secured and transparent and al the transaction are always being kept in a ledger accessible by all and this also make the user level of trust high.

• No Government or CBN rules.
  Unlike fiat currency that can be manipulated by government Bitcoin is a coin that no cbn or government can control or manipulate

IS CRYPTOCURRENCY GOOD FOR BUSINESS TO ACCEPT AS PAYMENT?

Yes it is good to accept as payment.

WHY

• Low commission.
  The commission that is being charged when individual want to perform transaction is always low no matter the huge amount you may want to transact , no problem of bank charges up and down or stamp duty charge.

• No third party
  When using it as a payment you will not need to go to the bank to cash cheque or anything . which means that no third party is always needed when using this and is very good you are the owner and in control of your wallet.

• security
  The currency is secure in that you are the one in control no one know how many you have all you do is only know by you no one else which shows how secured it is.

• No problem of cash reversal
  This really favor the seller that do collect transfer and later the money get reverse to the buyer which may not be honest to return it but here once a transaction is done it is automatically gone no reversal.
  

  
  
  

Conclusion

I must say the lecture is really wonderful, Bitcoin establishment has really help alot of people and has save us the stress of visiting the bank always.
I am happy to have done this task and also thankful to the prof that gave us this wonderful lecture.
Cc- @shemul21.