Crypto Academy Season 3 Beginners' course - Homework Post for Task 3: Cryptocurrency, Bitcoin and Public Chains

taziba (57)Beginner[2,4,5,6]in SteemitCryptoAcademy • 3 years ago

Question
(2) 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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2a.) What is Bitcoin and what was the aim behind Bitcoin invention?
Bitcoin is the first ever digital/virtual currency to ever be created. It was created by the anonymous developer(s), Satoshi Nakamoto in the year 2009 after it's whitepaper was published in 2008. It was made due to a great financial crisis experirienced in many parts of the world to be a sort of bail out for banks. It was considered a bail out owing to the fact that it is a digital currency that was set to operate on a decentralized Blockchain technology. This means it operates strictly on a P2P system (peer-to-peer) with nothing like a central authority to control the movement of funds. This was the beginning of the cryptocurrency world as we know it.
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2b.) Is cryptocurrency good for a business to accept as payment? Why?
I believe businesses should accept cryptocurrency as payment. Why?

Blockchain technology is decentralized and very secure. The payments made to the business would be kept properly in a wallet and since it's a digital wallet, hackers would not be able to get into the company and steal their money preventing fraudulent activities.
The data after every transaction done in a business would be stored in the Blockchain and data in a Blockchain cannot be altered but can be viewed due to the transparency of the decentralized system leading to accuracy of the data.
This accuracy in the data stored will trigger a good sense of accountability amongst every body involved in the organisation's doings.

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Conclusion
Cryptocurrency simply refers to digital/virtual currency. Bitcoin was the first ever cryptocurrency ever made in 2009 by the anonymous developer(s), Satoshi Nakamoto to serve as an alternative route for people to make transactions and manage funds. I believe businesses should allow payments to be made in cryptocurrency. Cryptocurrency and Blockchain technology is the future and it should be embraced early by all! A wonderful lesson and I hope to learn more. Thank you.

CC: @stream4u

#academy-intro03 #cryptoacademy #steemexclusive #steemitblog #nigeria

3 years ago in SteemitCryptoAcademy by taziba (57)Beginner[2,4,5,6]

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reminiscence01 (74)memberProfessor 3 years ago

Hello @taziba , I’m glad you participated in the 3rd Task of the Beginner’s class at the Steemit Crypto Academy. Your grades in this task are as follows:

Criteria	Ratings
Presentation / Use of Markdowns	0.5/2
Compliance with topic	1/2
Spelling and Grammar	1/2
Quality of Analysis	0.5/2
Originality	0.5/2
Total	3.5

Recommendation / Feedback:

The student have completed the assignment for this lesson.
The student also answered all the questions in his/her own words.
Your overall presentation is good. But you need to improve your writing skills by working on your markdown styles.

Your explanations are very shallow and your presentation is very bad. I suggest you spend quality time to perform your homework task.
Thank you for submitting your homework. task 3. We hope to see the rest of your submissions.