Steemit Crypto Academy Season 4 - Homework Post for Task 5.

Bitcoin is the first ever cryptocurrency that was created. It was created on a blockchain technology and had the ability to provide a peer-to-peer platform for transactions to be made from one account to the other without any mediator. This transactions can be through the means of cryptography. Bitcoin is definitely the currency of the future, it has no boundaries in terms of transactions. It can be sent from one account to the other all over the world provided you have a bitcoin wallet, which is also very easy to create.

All transactions are recorded on a public ledger which is then held on every server around the world and shared across from node to node

The man behind the creation of this bitcoin on a decentralized blockchain technology is called Satoshi Nakamoto. Although he is anonymous yet we still believe that is the name of the developer behind this technology. This is probably because of some reasons or research done by individuals to find out who is behind. No one has owned up to claim he is Satoshi Nakamoto but still this name can not be excluded when we talk of bitcoin and decentralized technology.

Bitcoin is currently ranked as number one(1) when it comes to cryptocurrencies which can be confirmed from coinmarketcap. The screenshot below tells it all.

Bitcoin over the years has seen massive recognition and most sites and some online services accepts it as medium of payment.

what was the Aim Behind Bitcoin Invention?

At first, we solemnly depend on the centralized or banking system to take control over our funds and look after them. We put our trust in them and allow them access to our funds. But as I Satoshi Nakamoto realized that there were some flaws in the centralized system. Some of these limitations included;

• Inability to send funds directly from one country to another.
• Record of fraudulent activities with the centralized system example hacking activities, malicious attacks, stealing etc.
• Delays in transfers of funds.
• Lack of total control over ones own funds.

With all these flaws within the centralized system, Satoshi Nakamoto developed the bitcoin with the decentralized system just to check and fix all these problems.

Therefore bitcoin was created with the aim of allowing people to transfer digital money which has an actual store of value. This generally provided an alternative means of transacting all over the world in a peer to peer way rather than the normal centralized means. This really gave users total control over their asserts and are able to easily send money at a very fast and cheaper rate. These was generally the aim of the creation of bitcoin.

Some information about bitcoin from coinmarketcap in the screen shot above at the time of doing this assignment.

Is Cryptocurrency Good For A Business To accept As Payment? Why?

Is Cryptocurrency Good For A Business To accept As Payment?

Absolutely, I think it is good for business to adopt bitcoin as a medium of payment. Bitcoin payment is limitless in the since that you can make payment from any part of the world with ease and comes with no extra chargers. I think most businesses have already started accepting bitcoin as medium of payment. Here are some list of renowned companies that accepts bitcoin

• Pizza Hut
• Microsoft
• Burger King
• KFC
• Overstock
• Subway
• Express VPN
• Benfica FC
• Amazon

These are just a few of the names listed above, there are several companies that accepts bitcoins and there will be more as time goes on. Those who have not joined yet is just ignorance or are totally not inclined in cryptocurrencies and how beneficial they are.

Why?

There is always a Technological advancement and each and everyday new developments are being made. To be frank, this decentralized system is one of a kind. It has fixed much problems that comes with the use of the centralized system. This technology is definitely the future of the world. Bitcoin to say is much more secured and have and have lots of advantages over the centralized means of payment.

I personally think if businesses should accept bitcoin a means of payment, there will be no boundaries, it comes with less fees, transactions are very fast to do, the system can not be easily hacked making it more secured and safe to use.

CONCLUSION

Bitcoin being the mother of cryptocurrency was created on a decentralized system which allows peer to peer transfers. This technology has made transfer of funds direct and comes with lots of advantages over the centralized system. I advice every to embrace it now and start making use of it especially the business men and women.

Finally, I will like to say a very big thanks to the steemit crypto academy for making this possible. They have made it possible to learn and earn at the same time. Not forgetting our honorable prof @stream4u for taking us through the class.

Thanks for your time and audience.