HELLO STEEMIT members , i hope you all are fine and doing well, so this is my homework given by the honorable professor @stream4u First of all thankyou so much professor.

So Season 3 of CrytoAcademy has been started and i am very excited to make my first beginner post of this week.

Crypto academy professors are doing their utmost to help steemit users learn about a variety of topics by sharing their expertise and information in order to help them make better use of this enviroment and helping us to not only learn but also enhance our skills here.

I am selecting this question 02

Question : What Is Bitcoin and what was the Aim Behind Bitcoin Invention? Is Cryptocurrency Good For A Business To accept As Payment? Why?

BITCOIN:

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So Term Bitcoin is now very famous and even those people who dont even have any knowledge about Crytocurrency atleats knows about Bitcoin, Basically Bitcoin is a virtual coin which is created of you can say otained by miig and can ve sold andexchanged on multiple cryto exchanges including Binance, trust Wallet etc.
Another Important thing about bitcoin is that is is decentralized which means it is not managed by any type of central authority like any bank or govt it is totally free and Bitcoin has been a tremendously successful Cryptocurrency.

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Also with that In BTC the transactions are verifed and safe and are subsequently logged on the blockchain network atoshi Nakamoto invented Bitcoin in 2008. Itcoin was the world's first virtual currency. Its value fluctuates.

AIM BEHIND BITCOIN INVENTION:

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The aim behind Bitcoin is simple , the founder or maker of BTC wanted to remove banks as he dont like interacting of organizations in persons assets and savings so he replaced them with a peer-to-peer payment system that didn't require confirmation from a third party and eleminated this banking and financial transaction system and also no govenment or no bank has no cocern and knowlege about tranaction and also with that trasaction fees in banking and other sectors were very high so transaction fees was also a reason that foundr of Bitcoin brought up with this idea.

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IS CRYPTOCURRENCY GOOD FOR BUSINESS PAYMENTS

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There are altough muliple opinons about this thatb Is crytocurency is good for bussiness payment and has many aspects which are disuccessed below.

REASON WHY CRYPTOCURRENCY GOOD FOR BUSINESS PAYMENTS:

QUICK TRANSACTIONS:

The main reason crytocurrency csn be concidered as good for business payment is that transactions are very fast and quck in it while in banks or other system it becomes a hurdle and time consuming process if one person want to transfer some large amount.

LOW TRANSACTION FEES:

Anothe reason which also came in mind of bitoin's founder and an adbantage which makes crytocurrency good for busiesss payment is its transaction fees are very low and this is very helpful for large tranactions.

SAFE AND SECURE TRANACTIONS:

Transactions in cryto are very safe and secure and also with thatlockchains employ anonymity that aren't linked to any specific user, further enhancing security.

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REASON WHY CRYPTOCURRENCY IS NOT GOOD FOR BUSINESS PAYMENTS:

HACKING OF WALLETS:

As we have disccussed the points why cryto is good for business payments now lets discuss why it not that good for business, one main reason is that cyto wallets can be hacked so that one can loose al his savings and money so this is the reason we canconcidered it not good for business.

LOSING KEYS AND PASSOWORDS:

Another reason we cannot cocider it good for bussiness is that it depends on keys and passwords and wallets like steem wallet has its private key wallet key etc and if one loose them so he or she can loose all its coins and asstes ou lose your private key by accident, you will be unable to access your wallet and may lose millions of dollars. Thats why we cannot concider it good for business tranactions.

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So in this way what i have concluded is that it has both advantages and disadvantages and same like other currencies it can be concidered as good and bad both for the business tranactions at the same time and nothing is perfect even simple finanial currency can also not be concidered as best or good for business payments.

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CONCLUSION:

Professor @stream4u Thankyou so much for this wonderful and informative lecture. In this lecture we discuessed about Bitcoin and its advantages and should we use cryto as business payment method or not and Basically Bitcoin is a virtual coin which is created of you can say otained by miig and can ve sold andexchanged on multiple cryto exchanges including Binance, trust Wallet etc.

Thats all , This is my homework professor @stream4u i hope you like it and once again professor thankyou so much for this informative lecture, This post is totally plag free.

Please share your valubale feedback.

@stream4u
@steemcurator01
@steemcurator02