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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?

Hello everyone,
I deem it a great pleasure to be a member of the cryptoacademy beginners course this season.

I would like to explain some terms below to make it easier for readers and new comers to understand my concept well.

To begin with,

Open source software:
Bitcoin is not owned by anybody, it can only be controlled by the account user and it is used excitedly. Everyone can take part without any restrictions.

Mining: it is a process of creating new and more bitcoin by solving a computerized puzzle questions. This can only be done by high level computers that requires lots of effort. Miners are also rewarded with crypto tokens for their work.The mining process doesn’t only produce new bitcoin but increases the security of the bitcoin network and help to prevent di-spending problem.

Blockchain:
his is used to store information that are linked in a peer to peer network.

Beginning of my assignment as required.

WHAT IS BITCOIN?

It’s not every time you see a big invention done by a mystery man but here we have one in bitcoin and he is in the person of Satoshi Nakamoto . The world we lived keep generating and everyday problems are being solved and more are been created.

A major financial problem the world is facing is in terms of money transfer since money is a paper, federalization and government influence over money has lead to the creation of one greatest of man mind who inverted the first digital currency known as bitcoin which is in a form of crypto currency.
Bitcoin was created and launched in early 2009 at the previous stage during a period of world economic crisis. Bitcoin was first earned as a reward for mining process . It was created on an open source software and decentralized . It works on what is known as a blockchain where transactions were verified first before it could be accessed.

It was possible to send bitcoin from one person to another through peer - 2 - peer bitcoin network and also be used to purchase for real life stuffs like paying for services , items, properties .

The first transaction was made by a Florida Man known as Laszlo Hanyecz on May 22. 2010, when he spent 10,000 BTC at Papa John's pizza for the purchase of two pizzas, but the first major users of it were the black markets
Upon it creation in 2009, it was criticized and not well understood ans accepted. It wasn’t until a major event with a company known as Mt.Gox a japan company that bitcoin started getting some recognition .

WHAT WAS THE AIM BEHIND BITCOIN INVENTION?

Bitcoin was created with the aim of solving financial problems that proved the world like I said above. The problems had always been there but the 2008-2009 crises was the peak that led to its creation. Below are some major financial problems bitcoin solved.

First of all,
Centralization of money :
Usually money value was decided by powerful people or institutions like traditional banks owned by the government but bitcoin was created to demolish this and extend the power of deciding and controlling the value of money to the people.

Secondly,
Easy transportation of cash:
Bitcoin has made it easier to carry money on you where ever or at any place you are. However, a user can pay bills and and pay for other stuffs with just your mobile and also transfer money at any jurisdiction.

Thirdly,
To remove the influence of bank and middle men in transactions :
With the help of Crypto blockchain, it has decentralized the mode of payment including the bank being involved in transactions too. Now from the comfort of your home or at any place , you can perform transactions through a feature called peer -2- peer network.

Conclusively,
Protecting money more from physical robberies :
Banks have always been victims of robberies using guns and all sort of weapons to threaten bankers, but the creation of bitcoin solves the problem of physical robbery. Since it is digital, your money can only be accessed by only you and therefore can be traced in case of any robbery.

In everything we do in life, there are always advantages and disadvantages. Some of the disadvantages include;

I. Price fluctuations can lead to health problems due to personal emotions :
Emotions are much considered and acts on a good role in the crypto world since people have been given the authority, this implies that, the price of crypto reacts to people’s feeling towards it causing price fluctuations and this can be bad cause you can be a million wealthy today and in the next duration your will be powered down due to the price fluctuation and this can cause the death of a person.

II. A successful robbery causes more losses:
Since bitcoins and crypto currency are stored in wallets which their keys or passwords are known . If someone succeeds in hacking ones account , it implies that your funds will be withdrawn or transferred or can even change your details and it ends up with you.

IS CRYPTO CURRENCY GOOD TO BE ACCEPTED AS PAYMENT IN BUSINESS?

In my own opinion, I say yes and for the questions why? My reasons are below.

1. Low transactions fees :
Another specific problem about the banks that crypto currency has solved . Banks are autocratic and therefore decides the amount of money a customer should pay for any amount of transaction made which cannot be denied by customers but as compared to the crypto world, customers are compensated to paying low charges for their transactions.

2. Reduce Robbery Rate :
This is another reason I think we should use the crypto currency. Mostly somewhere in Ghana, business men and women prefer physical cash to the electronic cash, one risk his or her life by carrying a huge amount of money to go and buy his needs.

He or she might be observed by armed robbers due to the amount of money on that person,. the person is then robbed with the physical cash he has, but with crypto currency , this is reduced because this cash can just be in your mobile while transported.

3. Avoiding the management of the bank on your expenses:
usually, bank accounts are normally managed with bankers and have restrictions too. some amount of money cannot be in some accounts such as a student account.

According to my experience, a brother of mine was sent an amount off money which as a business token from his business partner, he wasn't able to withdraw the money since the money was transferred into his student account. this issue almost brought misunderstanding between him and his colleague. But I think with crypto, such limitation are not available and with crypto you are authorized to manage your account and there us no limitations.

CONCLUSION

Crypto currency is a necessity to the world and needs sometime to grow, and according to my observation, I think its spread will be of in great use to the world. . It’s just about the matter of time.

Bitcoin has been facing some opposition currently because it has been adopted globally and i hope to introduce and spread the goodness of crypto currency as far as countries are now accepting it. For example, a country known as EL SALVADOR has accepted it as a legal tender recently.

Bitcoin will continue to go wide and keep improving . However, the current BTC price in Ghana cedi is, 1BTC = Ghs 208760.09 and in U.S dollars, 1BTC= $35483.80.

Btc to Ghanaian cedi.

Btc to United State dollar.

Bitcoin to the world.
Hail Bitcoin.

Special thanks to prof @stream4u for such a wonderful lecture.

THANK YOU!!!