Hello guys,
It's indeed a pleasure to be a part of this wonderful initiative, its been a while now since I wrote last on this amazing platform due to my schedule of activities. Today I want to attend the lecture delivered by @stream4u. He taught on the introductory courses task number 3. After attending his lecture, I am here to perform the homework task given by the professor. The solution to his assignment is given in the blog below.

# Questions: (1) WHAT IS CRYPTOCURRENCY AND HOW YOU WOULD LIKE TO SEE CRYPTOCURRENCY IN THE FEATURE? OR (2) WHAT IS BITCOIN AND WHAT WAS THE AIM BEHIND BITCOIN INVENTION? IS CRYPTOCURRENCY GOOD FOR A BUSINESS TO ACCEPT AS PAYMENT? WHY? OR (3) WHAT IS PUBLIC CHAIN AND WHAT WILL BE THE ADVANTAGES AND DISADVANTAGES OF PUBLIC CHAIN? ![images.jpeg](https://cdn.steemitimages.com/DQmYbaMo3DMMGzSTydctXrnizAN7MpQt65NmM3bMC1WrMvB/images.jpeg) [Source](https://images.app.goo.gl/peqVcHRaPpMn6TUe7) ### What is Bitcoin

Bitcoin is a digital currency that is used for both buying and selling of goods and services must like the normal fiat we use in our daily lives to carry out transaction. It is necessary to state here that bitcoin is not a physical type of currency like the fiat we handle or we go to the bank to withdraw. As the world is getting more developed and crimes are getting even much the digital currency is a way our assets can be safe guarded. Since it is a digital currency, it can not be traced to anyone holding this bitcoin in most exchange or wallets this is because it does not require KYC. The first ever crypto currency to be in existence is the bitcoin. Hence bitcoin most often than known is referred to as the father of all crypto currency.

Let's look briefly on the history of bitcoin and how it was created. The bitcoin came into existence in the year 2009 and it was developed by Satoshi Nakamoto. The only thing that is not too clear about the bitcoin as a crypto is that the developer is still yet to be known very well. Many persons have come out to make claims that they where the person who made the bitcoin I am talking about (Satoshi Nakamoto). But known has been proven to be the real developer of this very first ever crypto currency. After the invention of the coin, other new coins started coming as well and that gave rise to the many coins we have today.

### What was the aim behind bitcoin invention?

The aim behind bitcoin invention in my little understand is to eradicate every form of intermediaries or any central authoritarian control. Also they aimed at bringing a system where transaction will be done without the interference of the financial institution in charge. Importantly Bitcoin was created with the intention of serving as peer to peer system where a but and sell meets and carry out their transaction with a third party interference.

### Is Cryptocurrency Good For A Business To Accept As Payment? Why?

Considering the fact that we are gradually moving into a more globalized world, it is no doubt that every other thing is supposed to follow this globalisation and the include the bitcoin. So with that been I said, I believe for business to develop properly with the speed of glibalization then that business should be able to accept bitcoin along side other crypto currency as a payment method. This will help in expanding and promoting business in no small way. Though despite the good side of crypto currency there are also bad side of it that we will also look at below.

*Advantages of using Cryptocurrency for Business payment* - **No third Party:-** The problem of having a third party approving transaction has been completely trashed in the crypto currency world as your transaction does not need to pass authentication by any bank worker before it can be transferred. - **247 working system:-** Issues of network problem is hardly experience in place like this, note that in our contemporary ATM it's usually written 247 but most of the services are not available within these periods started but in the case of transacting with bitcoin you can make this transactions at any point in time. - **No issues of system failure:-** Most times you will perform a transaction and it will take a whole lots of time to get to the receiver due to system failure or malfunction. Now in cases where someone may need this transaction fast enough to serve a life, our contemporary banks may not be helpful. - **Low transaction Fees:-** Cost of transaction here has reduced drastically as there are no much fees charges here. In our banks today any transaction has a charge attached to it. But while dealing with crypto currency you can perform more than 100 transaction at once with just a charge for just one transaction incurred. - **Transparency and security:-** This type of transaction are very secured and transparent enough. It can not be easily hacked and no one will claim he didn't receive the asset sent to him is it can be seen by almost everyone who has access to the blockchain. *Limitations of using Cryptocurrency for Business payment* - **Price instability:-** The price of asset such as bitcoin is never stable and hence using it for payment may almost be impossible. The prices rises and fails and so if you have accepted to pay your workers 1 BTC every month, when the price is $3500, and the price eventually increases or reduces it becomes a problem to make the payment. - **illegal use of currency:-** It may be used illegally if accepted for payment purposes. People who get them selves involve in drug dealing as well as child trafficking can get their transaction done without any trace of what the have done - **Frudlent act won't be traced:-** Just as I have mentioned above crimes won't be traced to the people who carried out the act. It will also promote theft as it is our country today. # CONCLUSION

In conclusion, bitcoin has really come to stay. Since it's invention in the year 2009 it has continue made impact in the life of all those holding the coin. I want to believe that sooner or later the Bitcoin will be accepted and adopted for business like the normal fiat as it is been done in most part of the world already. I want to appreciate the professor @stream4u for such an insightful lecture. I have really learnt a whole lot through the lecture and the assignment task given. I look forward to learn more from you shortly.

Regards to professor; @stream4u