(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?
- What Is Bitcoin
A year ago this was a strange name for everyone, because we did not know completely what a cryptocurrency was, the only one I had heard in my country was a national one called petro, my entry into the platform allowed me to have knowledge about the subject and of course we can not talk about cryptocurrencies without the word Bitcoin coming to mind.
Bitcoin is the first cryptocurrency that is created, it was born in January 2009 and was created by Satoshi Nakamoto, it is a means of digital payment, a digital money, which does not exist in physical form, since its creation it has had an amazing advance and despite some deficiencies in its operation, it is today the most important of all cryptocurrencies, its creation was the basis for the birth of many others that despite making improvements in terms of the deficiencies of Bitcoin in issues such as scalability, still do not manage to overcome it because it is the first in market capitalization and dominance, for this reason we can say that it is not only the predecessor of all but it is the most important.
Its operation is based on blockchain technology, its orientation is towards decentralization to avoid depending on a single central entity, in this network all connected servers work as nodes to disseminate and validate the information, once the information is validated a verifiable and unalterable record is created, so security is present, in this way you can make transfers of large amounts of money in a very fast and safe way.
Below I will present an updated image of the ranking of cryptocurrencies where we can see how Bitcoin occupies the number one position of all cryptocurrencies according to the coinmarketcap platform.
- Today Bitcoin Price
Now I will show you the detailed information at the time of performing my task regarding the price and market capitalization of Bitcoin.
As we can see it occupies the position nro 1 of the ranking, currently has a price of 51,030 $, its market capitalization is $963,249,717,766, then I will show you an image where we can buy Bitcoin.
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- Main features of Bitcoin
👉 It is the first of all cryptocurrencies.
👉 It was the foundation of everything that is the crypto market as we know it today.
👉 It has the largest capitalization in the market.
👉 It has the dominance of the market.
👉 Its mining produces a reward of 6.25BTC.
👉 Its operation is in Blockchain technology.
👉 Its creator is a total mystery, no more data is known than his pseudonym because it is unknown if he is a person or a group of them, if he is a man or woman, in short, it is a total mystery.
Nakamoto's objectives with the creation of Bitcoin were to achieve a solution to the financial problems that arose in the crisis of 2008, for this his mission was to create a means of payment that did not depend on a central entity, and therefore that was not regulated by any law or government, this is how Bitcoin was born.
With its creation, geographical barriers and intermediaries were eliminated, so money could be sent quickly and safely to any part of the world with low commission costs, which in the common financial system is impossible, since international transfers take several days.
Bitcoin managed to meet this objective, because despite the volatility of the crypto markets we can say that Bitcoin has had some stability and the best thing even that after its success it founded the bases for the new projects that appear every day, the deficiencies of the common financial system were the key to the creation of Bitcoin, and today we can say that it has been a success and without a doubt I think it has even exceeded the expectations of its creation.
Is Cryptocurrency Good For A Business To accept As Payment? Why?
I think that yes, cryptocurrencies are a very efficient means of payment due to the versatility it presents and because in the last period of time it has had a great advance and acceptance in the general public, for example in my country there are many companies that are accepting cryptocurrencies as a means of payment, but why would this be good?
It would be good for everyone involved, for consumers or users in general would represent a very good alternative when paying for a service and product.
The variety in payment is always welcome, and even more so if this means of payment can be made quickly and effectively especially internationally.
For the service provider in this case the company would be beneficial because it would obtain its payment immediately and for the variety that exists it could make the exchange from one cryptocurrency to another to have liquidity for the payment of its payroll, it could also make long-term investments with good profitability and if it were a transnational company it could transfer money without the need for exchange in a very fast way.
A national company that receives payment in cryptocurrencies can make the payment of inputs that it imports for its operation without the need to obtain a physical currency, instead it would exchange the cryptocurrencies it receives for the payment of its services and thus could pay these inputs abroad without any problem and with low commission costs.
Now I will include some of Main Companies that are still using Bitcoin as their payment service.
👉 Overstock.com
👉 `Overstock.com
👉 PayPal
👉 Starbucks
👉 Dallas Mavericks
In general, accepting cryptocurrencies as a means of payment is beneficial for the entire economic ecosystem in general, I think that cryptocurrencies are the immediate future of the economy, so I am sure that as technology advances, the implementation of this means of payment throughout the system will be greater.