Steemit Crypto Academy Season 4 Homework Post for Task 5
Greetings everyone, I am honored to once again complete another homework task in this great community. I am therefore grateful to our noble professor in the person of @stream4u for this great lesson. I hereby move forward to making my homework task on Bitcoin and Cryptocurrency.
What is Bitcoin and what was the aim behind Bitcoin invention? Is cryptocurrency good for a business to accept as payment? Why?
Bitcoin happens to be one of the most talked about cryptocurrency we have in the world today as it happens to be the first cryptocurrency. It was brought to the limelight in the year 2009 in a form of an open source code. The founder of this currency is in the person of Satoshi Nakamoto who was a software developer. At the beginning stages of Bitcoin, there were about 221 million people that had the permission to produce this cryptocurrency. Satoshi who happens to be the founder of Bitcoin currency is not known by any individual till current date. Bitcoin happens to be a virtual type of currency and also works on a decentralized blockchain. It is decentralized in a sense that, we have no third party involved or any kind of central authority governing this crypto currency. For an individual to have this currency, one can do that by either trading for it on various crypto exchanges or mining it.
From the statistics of Bitcoin which can be seen above the price of Bitcoin is at $ 41,311.02 . It has the biggest trading volume among all other cryptocurrencies. Bitcoin blockchain network has a great security bounded on it since it happens to be a decentralized type. Various transactions that do take place on the Bitcoin blockchain are save, secured and transparent to all.
In the year 2008, there was a havoc on the economy of the stock market which was very severe. There was no an chance of it's survival not until one genius software developer in the person of Satoshi Nakamoto brought up a digital currency which help survive the economy of the stock market. This currency was a decentralized one that is very open to every one and no authority over it. Transactions made with it were very fast and clear to everyone with less fees involved.
Initially, Bitcoin was referred to us the 1st generation blockchain. Until then the name change to the present day Bitcoin. Satoshi and one programmer in the person of Hal Finney were the first individuals to carry out transactions using Bitcoin. This transaction was made through the use of emails. From the point, a lot of individuals saw the bright future in the Bitcoin currency and then traded for it and had holds of it. This made the currency get a good value on the market. Later days passed then we saw the production of other coins to the crypto market but Bitcoin still remains the first one.
In the global market were we find ourselves in, when a certain type of currency is adapted as payment method, it gains a good value in the market. When we take a look at the various companies or businesses that do accept this cryptocurrency as a mode of payment, they do get a lot of customers visiting them everyday. In some years back, when Bitcoin had not yet gotten to this price value, it was used for payment for Pizza in a certain pizza which is very popular. They even till date observe a Bitcoin Pizza Day. As at that time, 10,000 worth of Bitcoin was used to pay for 2 Pizzas. They really had a great time doing business and also accepting payments in Bitcoin. This lured other restaurants and shops to also start accepting payments in Bitcoin.
Moving further, most nations in the world have legalized the acceptance of Bitcoin as a normal currency in their various countries. This has made Bitcoin over this number of years had great improvement in terms of price value and what have you. Various transactions that are carried out in the exchanges of Bitcoin holders happens with the encryption of their addresses between the buyer and seller when making payments. This is very simple and easy to to with low fees. Therefore, accepting payments in Bitcoin cryptocurrency is a very great initiative which I am sure will overcome the world soon.
In conclusion Bitcoin Cryptocurrency is a very great innovation of the crypto market. It has had great impact on various cryptocurrencies and still has a good stand. The price and the statistics of this cryptocurrency is been mentioned in the work. Also the history behind it's creation or the production to the crypto market has been mentioned. Accepting this cryptocurrency as payment method will be of great benefit since we know the capabilities of this cryptocurrency.
I am therefore grateful to professor @stream4u for this great lesson and looking forward to complete more task.
Thank your very much.
To the attention of @nane15 and @sapwood.