Hi everyone, hope we are doing great. Am happy to be back once again on beginner's task to express my little understanding on bitcoin. After going through professor @stream4u lecture post, have been able to gain a lot of knowledge on bitcoin not just bitcoin but also other cryptocurrencies as well as public chain which are the basic of task 3 lectures.. Firstly, let look at the questions..

Task 3 Questions

• what is bitcoin?
• what was the aim behind bitcoin invention?
• is cryptocurrency good for business to accept as payment? Why?

what is bitcoin?

Source

Bitcoin is a cryptocurrency or a digital currency that is widely accepted for the exchange (buying and selling) of product and service.
Bitcoin is one of the decentralized digital currency though there are other thousands of cryptocurrencies but it is regarded as the mother coin because it is the world first widely adopted cryptocurrency and still remains the largest by market capitalization and trading volume.

Unlike the fiat currency(government-issued currency) like the naira here in Nigeria, bitcoin allows online transaction without the aids of banks and other payment processor which helps money to move around the global internet more easily, quickly and doesn't require transaction charges and also allowing individual to have total control of their asset.

Bitcoin is know and presumed to be created by Satoshi Nakamoto in 2009, it was design in 2008 and later lauched in 2009 though it origin and originator is not certain or clearly known as far as cryptocurrency is concern.

what is the aim behind bitcoin invention?

According to my understanding bitcoin has many aim behind it invention which few are:-

• creating an alternative means of sending money online and creating a payment system free of central control that is to say it allows individual to have maximum control of their asset which no one can have an oversight of.

• And also, creating a system were transaction can be possible without the aid of financial institution or payment processor.
  In addition to that, I will say with the invention of bitcoin transfer of assets, business transaction, payment of product and good can be done internationally or around the globe very easily and quickly through the use of bitcoin wallet that i think was one of the aim of bitcoin invention.

is cryptocurrency good for a business to accept as payment? Why?

Yes!!, I am fully in support of accepting cryptocurrency as a mode of payment in businesses.

Looking at where the world is driving at, we certainly moving into a more computerized and digital world where most businesses are being done digitally across the globe. I think accepting cryptocurrency has mode of payment will help ease business transaction issues and quicken business transaction process.

Though we also have disadvantages of accepting cryptocurrency in business let first outline the advantages of it.

Advantages of accepting cryptocurrency as mode of payment in business

• It is useful for international transaction:- as we all know most businesses are done online especially international businesses which involve large amount of money,transferring such money requires a lot of process, time and most times large money are freeze during the process of this transaction for security reason, but with the aid of cryptocurrencies transaction are done very easily without obstructions or third party.

• less transaction fees:-
  Using cryptocurrency as mode of payment for business transactions no or less charges are required,as it only requires to transfer asset from one wallet to the other.

• It aid fast and easy transaction:- it enable fast and easy transaction in a way that you don't experience system failure,network problems,delay in the process of transaction..

Disadvantages of accepting cryptocurrency as a mode of payment.

• Price flutuation:-this is a major disadvantage of accepting cryptocurrency cause in cryptocurrency, price are not stable the rise and fall which might cause a great deal of lost in a way that if you accept to sell a product in a certain amount of coins immediately the transaction is done and it falls it will be a lost.

• illegal and fraud transaction:- financial cyber fraud are mostly done using cryptocurrency to avoid tracing of offenders,currently in nigeria were fraudstars popularly known as yahoo boys will dupe/scam their client into paying with cryptocurrency to aviod being trace later by the EFCC(financial crime commission).
  And it also helps transaction for drug dealers,traffickers,terrorists in transferring large amount of money without being investigated or obstructed..

conclusion

In conclusion,As we keep on living into a more digitalized world, let consider cryptocurrency as the future cause of it positive impact on are daily lives.
Really have been a beneficiary of cryptocurrency and i believe as the world revolves everyone will stand a chance to gain from accepting cryptocurrency in businesses and other sector.
indeed It has been a great time going through this assignment thanks to a great lecture from professor@sapwood.