[Bitcoin, Cryptocurrencies, Public chains] - Steemit Crypto Academy Season 5 - Homework Post for Task 5
Source - https://www.canva.com
(2) What Is Bitcoin and what was the Aim Behind Bitcoin Invention? Is Cryptocurrency Good For A Business To accept As Payment? Why?
Source - https://blockgeeks.com
- WHAT IS BITCOIN ( ₿ )
As the first step, I will explain what Bitcoin is. When we talk about Cryptocurrencies, we can't forget the main Cryptocurrency in the world. It is non-other than Bitcoin.
Basically, Cryptocurrencies are a digital expression of our real money. It means, we can use these Cryptocurrencies for many payment purposes like our day-to-day physical money. However, there are some interesting things when we use Cryptocurrencies such as payment safety and payment speed. Actually, the most important thing is we can do these transactions without intermediaries.
We can directly say that Bitcoin is the father of this Cryptocurrency world. It means, if we could not find Bitcoin, we could not see anything called cryptocurrency today.
Another important thing is that when we talk about Bitcoin, we can not forget its internal process. Most of these Cryptocurrencies depend on Blockchain Technology. So the Blockchain comes to represent the structure of the operation of Cryptocurrencies, they are decentralized, reliable, secure, mostly public, and work as a large database where everything that is done at the digital level is stored, everything is recorded without being able to be modified. That's why we can recommend Cryptocurrency as a very safe method than traditional digital currencies like Online Bank Payments.
However, there is a specific separate party named Miners. Miners are playing a significant role to keep Bitcoin transactions continuously. I will explain it further using a sourced Image.
Source - https://www.theengineeringprojects.com
- WHAT WAS THE AIM BEHIND BITCOIN INVENTION? ( ₿ )
In fact, Bitcoin is a great Invention that was born in 2009, under the authorship of Satoshi Nakamoto. The amazing thing is that his true identity is still unknown probably we can say it's still a mystery.
Bitcoin has given rise to the world of Cryptocurrencies, without a central authority that controls it, allowing the exchange of person to person without intermediaries. It does not have a tangible physical expression that we can handle in our pocket wallet, but these liquid assets can be transferred within the digital wallet from any technological equipment through the internet. These are the main target of Bitcoin invention. Finally, we can say that bitcoin is a virtual currency that allows the payment of various services and goods.
Bitcoin rises with the premise of subtracting the cumbersome weight of interbank transactions between one user and another. In the midst of a very strong crisis, Satoshi Nakamoto devised an alternative that would skip the use of banking transactions but, that would allow those interested in a transaction, to be themselves who will determine the guidelines that would govern the transaction in common. This is achieved when the network is decentralized and each user can establish (in almost all countries) a transaction with anyone privately and with the immediacy that the connection allows.
It was It is incredible that its success did not come immediately, it took years to position its leadership in the market, volatile behavior, completely decentralized has been welcomed by thousands of users who believe in its project, its benefits, and the great advantages of its use.
Source - https://www.the-next-tech.com
- IS CRYPTOCURRENCY GOOD FOR A BUSINESS TO ACCEPT AS PAYMENT?
I can directly say yes, Cryptocurrency is very suitable for a Business to accept as a payment method. In fact, still, there are a lot of organizations that are dealing with Bitcoin as their main payment method. Therefore they have decided to accept it as a form of payment for their products or services, and this is a great advantage for people who work and obtain income in cryptocurrency. So they do not need to worry about their funds. They can receive them safely without wasting time and unnecessary papers.
- WHY IT'S GOOD FOR A BUSINESS TO ACCEPT AS PAYMENT
In fact, allowing Cryptocurrencies as a form of payment can be very positive for most companies, because they show a vision for the future by making use of new technologies and their modern payment platforms. And also, it's a good opportunity to save their time.
There are many companies that accept cryptocurrencies as a form of payment including Gyft, Microsoft, PayPal, Tesla, and many others, which have decided to join and accept bitcoin as their official form of payment. Further, because of this method, all the transactions are definitive and are confirmed in their blockchain. Therefore, Bitcoin has had a deserved recognition by many companies around the world, allowing a new modernization in their commercial transactions.
There are many people who are dedicated to the purchase and sale of Bitcoin with the purpose of having a stable and secure income, despite the fluctuations that are present, since it is a fast and reliable form of payment, especially if it is to send money abroad for example, and as I said very useful for trade because there are many entrepreneurs and merchants who accept it as a means of payment.