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

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BITCOIN:

Bitcoin stands out as a pioneer in the field of cryptocurrency. It was created in January 2009 by a person or group of persons who have kept their identity secret. However, SATOSHI NAKAMOTO has been used as a pseudonym so as to keep the creators anonymous.

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Bitcoin is a digital currency which does not exist physically. With that fact, it can be considered as a virtual currency that can be accessed on a public ledger.
It is important to comprehend that the underlying technology that brings the existance of bitcoin is BLOCKCHAIN.

Bitcoin is created, distributed, traded and stored in its blockchain. For this process, Bitcoin miners who are in a position to verify and process the transactions, get rewards with certain amount of bitcoin. In all the bitcoin transactions, some amount of the fees incurred goes to the miners who are contributing their computational resources and hardwares.

Bitcoin is the first digital money to be used for instant payment globally in a peer-to-peer bitcoin network in a decentralised nature. This allows us to send currency directly from a sender to the reciever. Because, there do not exist middle party to process the transaction. Besides, such transaction costs way low compared to the banks and other financial institutions.

Botcoin is used as a store of value. One of the many advantages of Decentralisation is that it gives us an ownership of our digital currencies. It is stored in a digital wallet which can be accessed from anywhere in the world with an availablity of internet through mobile and computer.

Bitcoin is not a government-issued currencies nor it is backed by any banks or financial institutions. Its existance entirely depends on people who are using it. In addition, it is open-source. Whether you run the bitcoin node or not, you can see the transactions occuring in real-time.

Bitcoins' popularity is skyrocketing as the days are passing. And also, its success has triggered the launch of other crpytocurrencies collectively referred as "Altcoins". Some could not thrive for its existance while others are being successful.

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BITCOIN	BTC
RANK	1
CURRENT PRICE	$47,497.29 USD
MARKET CAP	$885,702,196,191 USD
CIRCULATING SUPPLY	18,787,731
MAX. SUPPLY	21 millions
NATURE	Decentralisation

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what was the Aim Behind Bitcoin Invention?

Let us go back to 2008, when the whole world was encountering the crisis. Such a horrible crisis had given us a lesson. It was the reason Satoshi Nakamoto decided to build an electronic Payment Mechanism in a decentralised platform. Consequently, on saturday, 3^rd of january, 2009, he brought the bitcoin blockchain to the world initiating the hardcoded block which is termed as GENESIS BLOCK. it is also referred as BLOCK 0 which has a message in a coinbase parameter. i.e,

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

_{Block 1 in bitcoin blockchain was mined in 9^th of january 2009, and the rest is history.}

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Bitcoin and its associated blockchains work in an exact way that the banks and financial institutions do. Keeping this in mind, we can say that bitcoin is invented to avoid the use of traditional banking systems. Moreover, Bitcoin performs way better than those banking systems in every way such as:

• Instant transfer with the help of peer-to-peer technology
• Worldwide payments
• Low processing fees
• Censorship-resistant, anybody, anywhere can take part in it.
• It gives an ownership of ones' money with full control.

These unique features have kept the bitcoin ahead of existing banking systems.

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

At present days, the widespread popularity and success of the bitcoin have opened the doors for many creators to invent the cryptocurrencies. Many of these cryptocurrencies, with good projects and use cases, being worked hard on to reach to the majority of the people. It plays a major role where people have no access to the banking systems. With an internet connection, all those underprivilaged people from developing countries can take part in the network to access the digitial financial system from theirs' mobile and computer.

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Cryptocurrency can be considered best for a business to accept as payment. There are many reasons to put cryptocurrency first when it comes to the payment system.

1. Cryptocurrency uses the blockchain technology. And, the technology cannot be put to an end. It is here to stay. It rather gets upgraded and updated.
2. Most of the blockchain networks have their cryptocurrency as a stable token. It is designed in a way that their value is pegged to a certain amount of dollars. These stable currencies can be used to price the products and services of the business which prevents them from losing their values.
3. Peer-to-peer technology to facilitate fast payment with low transaction fees.
4. Globally accessible by anyone from every walk of lives.

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With an official adoption of the bitcoin as a legal tender by El Salvador in June 2021, i hope this will bring an attention to the rest of the world to accept it in coming days. Still, we are in the early stage of its venture. We can only imagine now what exactly will happen when it takes the gobal adoption in the near future. Sooner or later, i hope the day will come when it will change the entire world in almost every aspect of our lives.

Thank you for your attention.
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