WHAT IS BITCOIN AND WHAT WAS THE AIM BEHIND BITCOIN INVENTION? IS CRYPTOCURRENCY GOOD FOR A BUSINESS TO ACCEPT AS PAYMENT? WHY?
The bitcoin is a digital token invented by a man name "Satoshi Nakamoto" on January 2009 and also the first every crypto currency to be invented the smallest unit of a bitcoin is called "satoshi". The bitcoin can be bought,mined and also earned. Since satoshi invented the bitcoin, the digital token has continued to flourish amongst all other digital tokens in the crypto market it's the first ever crypto currency and the father of all other cryptocurrencies.
Just like any other digital token the bitcoin cannot be held physically but rather it can be saved or stored in our digital wallets and can be accessed through the use of the internet.
The Bitcoin's all time high is $48,200 on the 9th of February 2021 but as at now the price is at $32,000. In addition to know how great the bitcoin is alot if digital token have been created using the Bitcoin's blockchain.
The aim of bitcoin
Satoshi nakamoto's plan was to create a digital payment method that won't involve a third party like the financial institutions or the government, so he did that by inventing the bitcoin. The bitcoin is mainly decentralised which means that Bitcoin's transaction are end to end or Peer to peer without the Introduction of a third party.
The image above is a decentralised system
is Cryptocurrency good for a business to accept payment?
The cryptocurrency functions like a bank unlike banks before you can transfer money to another person you'll have to use the bank which makes the bank a third party because they know all about the transaction going on between you and the other person, even governments are also in conjunction with the banks so not only does the bank know about your transactions the government's do too also, but the Cryptocurrency is so different like I said earlier that it's a decentralised system I.e there is no third party involved in all the transactions. Transactions happening between you and the other person stays between you two.
The cryptocurrency is good for business cause If we do pay for goods and services using cryptocurrencies the charges deducted will be very low unike banks where their fees are high. And the fact that we aren't charged much in using digital tokens even helps us save a little
The crypto currency also saves business man/woman the stress of going to bank and carrying a whole lot of cash with them which is not safe, but payment with cryptocurrency only involves you having a mobile phone or a computer system that's has access to the internet and you can carry on with your transactions.
There are times where 2 or more individuals are in a business together and they performed certain transaction where by the money is huge, the accounts may be blocked and these individuals may be questioned on how they got that huge amount of money, this is only possible because their transactions are been monitored unlike the crypto world whereby no one is involved in your transactions except you and the person receiving the payments.
As the bitcoin is decentralised there are also other digital tokens that are centralised but still all are digital asset, thank you sir @stream4u for this lesson... It's feels so good to be back