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WHAT IS BITCOIN AND WHAT IS THE AIM BEHIND BITCOIN INVENTION? IS CRYPTOCURRENCY GOOD FOR A BUSINESS TO ACCEPT AS PAYMENT? WHY?

WHAT IS BITCOIN.

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Bitcoin is a digital/virtual decentralized currency that can be used for the buying and selling of commodities online with out the use of an intermediary. Bitcoin is the first digital currency that was created in 2009 by a unanimous person or group of persons called Satoshi Nakamoto.

Being the first cryptocurrency to exist, Bitcoin is the most used cryptocurrency and in the whole world with a daily transaction volume of $19,919,778,326 as of the time of writing this post. Bitcoin operates on a distributed digital ledger that stores and record all information called Blockchain.

WHAT IS THE AIM BEHIND THE CREATION OF BITCOIN.

Before the year 2008, the world experience a great financial crisis. This crisis was caused by the lax financial regulations, excessive risk taking by banks and the government intervention in the Financial system. Because of the crisis, Satoshi came up with the idea of creating a digital payment method. First

• To eliminate the dependent of citizen on banks and the government for financial transaction. It was clear that the dependent on government and bank was the cause to the crisis.
• To eliminate the middle man or intermediary in financial transaction.
• To reduce cost of carrying financial transaction.

IS CRYPTOCURRENCY GOOD FOR A BUSINESS TO ACCEPT AS PAYMENT PAYMENT? WHY.

In my opinion, I think Bitcoin is good for a business to accept as a means of payment. Below are my reasons for saying it is good.

• Good Investment. In recent years Bitcoin has gained alot of ground in the world from it's creation. The value of Bitcoin has increased tremendous and is yet to reach its potential high. This is a good investment for any business now. It explains why most business world wide are accepting it as a medium of exchange.

• No Middleman. Bitcoin is a peer to peer platform that allows users from different countries to interact and transact without the government or banks. For a business to see worldwide, Bitcoin will be a good medium of exchange as any country with internet can transact in Bitcoin.

• Reduces Cost. The eliminating of the middle man like banks simply means a reduction in the cost of transaction. This means more profitability to any business.

CONCLUSION.

In conclusion I can evidently say Bitcoin was a revolutionary blessing to mankind. The administration bottlenecks in the banking system imposed a lot of barriers to economic growth.
Ever since the creation of Bitcoin, the world has seen a rapid growth in economy. Bitcoin has made many people to be billionaires as it allows businesses that where local to be Intentional. Bitcoin has brought clarity and Transparency in most financial transaction.

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