Heya Steemians, I hope you are doing great? This is my submission to Professor @stream4u @dilchamo and @shemul21 for Beginner's Task 5: Bitcoin, Cryptocurrencies and Public Chain.
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What Is Bitcoin and what was the Aim Behind Bitcoin Invention? Is Cryptocurrency Good For A Business To accept As Payment? Why?
BITCOIN
BTC is the abbreviation for bitcoin. Bitcoin is mostly known to the world a the face of Cryptocurrency or the father of Cryptocurrency, It was invented by an anonymous person or persons called Satoshi Nakamoto. BTC to some people is a mathematical algorithm that can be solved or mined to gain it.
Back then in October 2008, when Satoshi published the original whitepaper, this described his blueprint for “A Peer-to-Peer Electronic Cash System.”It was promised that this digital currency would be independent of any government policy making it a decentralized system. Fast forward, this promise came to pass in January 2009. Bitcoin cryptocurrency was launched In the year 2009 by the then mining genesis block.
At that time, bitcoin wasn't tradable, instead, it was ready for mining. This is how the pioneers of Bitcoin accumulated it. It was later on in 2010 that people started trading this coin. When it started the first price increased and the value of one Bitcoin shot up to $0.08 from $0.0008. Over time, it gained a lot of popularity and people from different all over the world gained interest and started investing in and trading bitcoin. Further development of Bitcoin gave birth to what we all know as the blockchain.
What was the sole Aim Behind Bitcoin Invention?
To understand why it was invented I'd be sharing a bit of information on it.
Basically, it was created to serve as a means of transacting money over the internet in a faster, convenient and safer way. It was developed so people could transact, money without the involvement of the government so people could have total control over their own funds and do what they wanted with it without restrictions.
Is Cryptocurrency Good For A Business To accept As Payment Option? Why?
The advantages of accepting BTC as a means of transaction greatly outweigh why it should.t so I would say it is a good payment option to be sued in businesses.
Cost of the transaction; When it comes to using BTC you're being charged A minimal fee for making transactions compared to other payment options such as banks and others
Also it is a quick and instant way of the transaction; Because the blockchain is decentralised and that you wound;t require a third party before making any form of transaction it makes using BTC quick and instant without waiting for authorization from a third party.
Secure and Reliable; Unlike other means of transactions like banks where fraudsters and hackers have paved their way into their system, the blockchain is secure from hackers so saving money there is legit and safer.
Lastly, No Barrier: When it comes to transactions, credit cards and our traditional payment method it is limited. An international transaction is always difficult to do, but Cryptocurrency makes international trade more accessible by removing barriers and restrictions to trade such a distance and others, making it way easier to perform transactions across the world.
Conclusion
Special Thanks to Satoshi Nakamoto for blessing the world with this life-transforming invention. Cryptocurrency has become more popular and widely embraced now, individuals, companies and businesses should be keeping a close eye on how this technology develops and consider how it could be used to their advantage since it is the new future for generations to come and also our age.
