Hello Everyone on Steemit. I hope you all are doing well. My name is Pratik Jumle and I'm from India. I have done some of the Beginers tasks in the steemit Crypto Academy already.

Now through this post I'm looking forward to complete my homework on task 5 of season 5 Beginers Course (fixed).
I have read the professor @stream4u's post and studied it.

This is my homework on Question 2:

What Is Bitcoin and what was the Aim Behind Bitcoin Invention? Is Cryptocurrency Good For A Business To accept As Payment? Why?

What Is Bitcoin and what was the Aim Behind Bitcoin Invention?

Source

Bitcoin is the first coin founded in year 2009 in the world of cryptourrency. It was invented by the programmer whose name is Satoshi Nakamoto in 2009 but the real identity of the programmer is still remains unrevealed. Bitcoin was the first cryptourrency which is operated on Decentralized blockchain technology. We can trade this coin directly through p2p network. So we don't have to go through any mediator. Also the trading process of bitcoin is very fast and easy. Moreover, its trading fees are also low as compared to the centralized banking system. Also the bitcoin users have 100% control over their coin assets, they can do their transactions without any restrictions or without taking anyone's permission because it operates on Decentralized system.

When bitcoin was introduced in the year 2009 people didn't showed any interest in it at the initial stage because the people did not understand this coins mechanism and technology at all. But after sometime bitcoin a lot of popularity. And still bitcoin holds the no.1 spot in cryptourrency World. After Bitcoin got successfully a lot of cryptocurrencies launched some got successful and some faced failure.

Now, as we all know that bitcoin is successful project because a lot of business started accepting bitcoin as a medium financial exchange because of its low trading fees. But sometimes we get to see a lot of fluctuations in the price of bitcoin because it is operated and maintained by its users and not by any governing authority. Bitcoin also have a huge volume in market. Because of this we saw a rapid growth in bitcoin and some other cryptocurrencies as well.

The Idea behind the invention of bitcoin:

When the whole world was facing the global crisis in the year 2008 a programmer Satoshi Nakamoto created bitcoin to reduce the financial world’s dependency on banks as a medium of all financial transactions. He invented p2p system to disintermediate banks from one's financial transactions, so users doesn't need to take anyone's permission for their own transactional operations and the users will have 100% control over their assets. Hence, he created bitcoin on Decentralized blockchain system.

Some more salient features of Bitcoin:-

• We can send Bitcoin from one person to another person via the Bitcoin Network.

• We can store bitcoin in a digital wallet which can be operated thorough internet via a computer or a smartphone.

• We can buy the assets with bitcoin such as online goods and services, etc.

• one can trade the bitcoin through various crypto exchanges available such as Binance, WazirX, CoinDCX,etc. One can easily buy or sell bitcoins on this exchanges easily.

Some information about bitcoin mining & miners:

• Bitcoin miners receives some amount of bitcoin as a reward for verifying and processing of the transaction.

• Some amount of the transactional fees which bitcoin users pay while trading Bitcoin goes to the hardworking miners who puts their efforts and utilities like electricity, computer hardware such as GPU for the bitcoin mining process.

Source

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

Yes! I can surely say that using cryptocurrencies as a medium of financial exchanges in Business is totally beneficial for both sender and receiver. Cryptocurrencies are more secure and transparent than centralized currencies. Also one can easily trade the cryptocurrencies through his public and private keys without creating any kind of fuss. This process is more faster than traditional banking system.

Key points of Cryptocurrencies if used as a Mode of payment for a business:-

• Faster Transactions: By using cryptocurrencies as a mode of payment one can receive their payments faster or in some cases we get payments instantly. So no need to worry about transactional delays.

• High Security: In cryptocurrencies each and every transactions are stored on the blockchain ledger. Hence making it more secure and accountable.

• Lower fees: Cryptocurrencies offer a very low transactional fees as it is not operated by any centralized bank or government.

• No headache: Here I'm referring Headache to the all transactional processes and formalities we have to go through while doing transactions through traditional banks. In cryptourrency one can easily do their transactions without taking anyone's permission and without any kind of mediator.

Some examples of Cryptocurrency Coins:

• Bitcoin
• Litecoin
• Ethereum
• Dogecoin
• Ripple
• Cardano
• Tether
• Zcash

There are over 15,000 or more cryptocurrencies present now! As per the data of coin market cap!

Conclusion

The word of Cryptocurrencies are our future! It is more safer and reliable than traditional currencies which are controlled by governments. While doing this homework i have learnt about Bitcoin and cryptocurrencies and their uses.

The professor @stream4u has written a wonderful lecture on bitcoin, cryptocurrencies and public chains. I have gained a lot of knowledge from this lecture.

Thank You!

Regards,
@pratikjumle29