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Introduction
In this work, I will perform question 2, based on the knowledge acquired in the class, and doing my relevant research for a better understanding of the topic.
(2) What Is Bitcoin and what was the Aim Behind Bitcoin Invention? Is Cryptocurrency Good For A Business To accept As Payment? Why?
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Bitcoin
It is the first cryptocurrency (digital currency or digital currency) which was created by an unknown entity using the pseudonym of Satoshi Nakamoto, in 2009, and worked with other developers until 2010, and this left all further development in the hands of another community. This crypto is also a decentralized payment system, which is not governed by centralization, this means that there are no third parties, in this case central banks that have control over our assets, Bitcoin based on blockchain technology stores all data and information in a block chain which can not be changed and only the owner has full control.
In addition, this currency is also used to exchange services, products or make payments, this crypto is not managed by a central bank, this means that it is a decentralized cryptocurrency, which allows each investor, user or trader to have full control of their assets or Bitcoin funds.
what was the Aim Behind Bitcoin Invention?
As we already know, a centralized banking system apart from having control of our money, also charges large commissions on transactions.
Instead when Satoshi Nakamoto created Bitcoin, his main objective was to create a digital currency without the intervention of an entity such as a central bank or centralized system, creating Bitcoin which is a currency that does not exist physically, this currency is digitized in an open source network, based on blockchain technology (blockchain) that is fully transparent, secure, and accessible to the public, this means that users can make purchases or sales themselves without intermediaries and transaction fees are minimal or free in some cases.
Satoshi Nakamoto when creating Bitcoin, wanted to avoid dependence on a centralized system, making Bitcoin a decentralized digital currency that all users can use it as a payment system, or exchanges of services or products, without a central government entity to intervene.
Is Cryptocurrency Good For A Business To accept As Payment? Why?
In my personal opinion, I think that yes, cryptocurrencies would be a good payment system in a company, since they would be instant payments and would save high amounts of transfer fees.
But as cryptocurrencies have not been fully implemented in society and has not yet been accepted by some government entities, for these reasons and others, many citizens are not familiar and are not trained how to handle and how cryptocurrencies and blockchain technology work, this would be one of the disadvantages to implement cryptocurrencies as payment in a company, since employees or customers are not familiar with cryptocurrencies and blockchain technology.
Implementing cryptocurrencies in a company as a payment system would bring many benefits, if people are already trained in the handling and operation of this technology.
These are some of the benefits:
Speed in transactions.
It would prevent hackers from stealing or hacking the payment system, since blockchain technology is transparent and secure.
The information or data stored in the blockchain is impossible to change.
There would be no intervention and dependence on a central entity to carry out transactions.
The cost of transaction commission fees would be minimal or free.
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Conclusion
To summarize, cryptocurrencies are digital currencies that have revolutionized the world, the Bitcoin, which is the first crypto managed to implement decentralization in the world market, revolutionizing payment systems, purchases and sales of services or products, changed the form of physical money to digitized money, investors have earned high sums of money by investing in cryptocurrencies.
I can say that in the future we will achieve total independence from centralized systems that control our money, through cryptocurrencies we see how little by little we are independent of central entities, and we can have control of our assets. It is very important to train us on this blockchain technology, and everything that encompasses the cryptographic world.
Thank you!