Question

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

Introduction

It is with yet another honour that I write to the #SteemitCryptoAcademy community. I aim to give the underlying meaning of bitcoin and the reason for its invention, and also listing out the importance and advantages of why cryptocurrency is good for business.

What is Bitcoin?

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Before delving right into its definition, an important aspect of cryptocurrency must be defined. A cryptocurrency is currency which is used digitally in order to buy goods and services but uses online registries (often referred to as ledgers) to secure these online transactions without the use of intermediaries
That being said, bitcoin is therefore a decentralized cryptocurrency used for online buying and selling of goods and services.

Aim of creation of bitcoin

Before 2008, economies and states of many countries relied on banks as intermediaries of all their financial transaction. As a result, after the great financial crisis which happened in 2008, an idea was very much needed to counteract this dependence on banks and thus the concept of bitcoin emerged.

The founder of this bitcoin (whose identity remains hidden) was Satoshi Nakamoto. His idea was to dismember financial institutions from all business transactions, that is, to make sure financial institutions did not have to be involved in every transaction. He did this by creating a peer to peer payment system that involved only the two parties involved thereby eliminating the third party.

This creation, instead of relying on the central authority (banks) to confirm these transactions, the blockchain was invented. A blockchain in simple terms, is a data system that keeps the records of all transactions and at the same time securing the safety of these transactions.

Is cryptocurrency good for a business to accept? Why?

First and foremost, YES! Cryptocurrency is good for a business to accept and has some very must distinct advantages which are listed as follows;

Advantage	Explanation
Low fees	Bitcoin as opposed to traditional methods like credit cards have a significant lower fees for transactions and also completely eliminates the need of bank charges.
Absence of barriers	Goods and services throughout the world can be bought and sold with very little or no stress as bitcoin transactions connect millions if not billions of the world’s population.
Fraud decrease	The process of chargebacks which is used by fraudsters is eliminated with the entry of bitcoin. Chargebacks are payments that are made using credit card payments and later on reversed. With bitcoin, once payment is made, it cannot be reversed.
Stand competition	Since a great part of the world already trusts and deals in cryptocurrencies, dealing with bitcoin can boost at a very reasonable rate the business involved since the acceptance of bitcoins will mean a drastic increase in the buying and selling involved in the business thus giving the entrepreneur a start ahead of their competition
Safety	Keeping financial assets on their blockchain is the safest method of archiving as it is impossible to hack into blockchain wallets and transfer funds. This makes it totally useless for thieves and thus leaves the business solely on the hands of the businessman.

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Conclusion

Even though with every advantage comes a disadvantage, the advantages that bitcoin entails outweigh by a vast measure its disadvantages further proving the point of being very much vital and essential to businessmen and their business.
Warm appreciation
@stream4u
@awesononso