Introduction

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Hello everyone, I welcome you all once again to this week's steemit crypto Academy courses. I am here to write and submit my homework task posts assigned by professor @stream4u. It's been a privilege to join his class once again for another week. I have read and understood the lecture about Bitcoin and Cryptocurrencies and I would like to submit my response to the assignment below. ------ ![bbb.jpg](https://cdn.steemitimages.com/DQmdGqaRzjdZNRGTrBAwmv5UZmWt1ZuCzBQ45hPiBikiSRY/bbb.jpg) ***** #### Question ----- > What is Bitcoin and what was the aim behind Bitcoin invention? Is cryptocurrency good for a business to accept as payment? Why? ----- ![image.png](https://cdn.steemitimages.com/DQmZAmZMZnFRNPNss7L647ticbi2zSq5BaeUwTQLioiJT4S/image.png) [source](https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.nationalworld.com%2Flifestyle%2Fmoney%2Fwhy-is-crypto-down-today-cryptocurrency-market-crash-prices-of-bitcoin-cardano-ethereum-solano-and-xrp-3239302&psig=AOvVaw1cUlf_so9YY7JOqXr-aa1m&ust=1632263398967000&source=images&cd=vfe&ved=0CAsQjRxqFwoTCKiGzvnNjvMCFQAAAAAdAAAAABAD) ----- ##### Bitcoin Currency Bitcoin currency was first found in an article in the year 2009 which was launched as an open-source code in the crypto world. At the initial protocol, about 21 million individuals were only allowed to produce Bitcoin. Bitcoin is a virtual currency that was found to have been developed by Satoshi Nakamoto an anonymous software developer. This individual is currently unknown as from the time Bitcoin was developed till date. Bitcoin is a decentralized blockchain and it operates with the internet. Bitcoin has no physical interaction and also it is not controlled by any third party or bank. Bitcoin can be obtained through mining and also trading on exchanges. Bitcoin is known to be the first digital currency found to be launched in the year 2009. Bitcoin is currently worth $44,788.47 ----- ![image.png](https://cdn.steemitimages.com/DQmcsiYKvjKjTGLu3mckhP8GJd16AV3EnPuoLPF71dXFsu4/image.png) ---- Bitcoin has the largest trading volume in the crypto market. Due to the decentralized nature of the network, it provides high security to its blockchain. The decentralized nature of Bitcoin also provides transparency in its transactions and also grants protection against third parties. Bitcoin has been famous since it was launched in 2009. ##### How and why did Bitcoin Originate? ------ ![image.png](https://cdn.steemitimages.com/DQmS9u7mu3aZa4TkhVXo3dRo1T1s17ea4SgStieaGrTXS2t/image.png) [source](https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.speechcorrector.org%2F2021%2F05%2Fhistory-of-bitcoin-to-dollar-exchange%2F&psig=AOvVaw0LIVe9yP8VPDxPtRkXdABP&ust=1632263571273000&source=images&cd=vfe&ved=0CAsQjRxqFwoTCNiB5tHOjvMCFQAAAAAdAAAAABAT) ----- The globe was immersed in a serious economic crisis which led the stock market to collapse in 2008. during this period, an unknown software developer (Satoshi Nakamoto) created a very reliable digital currency that is decentralized and easily accessible. This currency is transparent, fast, easy, and also has low transaction fees. Bitcoin was first named the 1st Generation Blockchain and was also used as a public network in the year 2009. The first Bitcoin transaction was seen between two individuals via email, i.e. Satoshi Nakatomo and the programmer Hal Finney. Bitcoin started to gain much value especially when people started to buy and hold bitcoin currency. As time goes on, other currencies started to emerge which they termed as the alternative coins or the altcoins. Some of these altcoins gained value with time and others too lost value with time. ----- ##### Bitcoin as a Payment Method ----- ![image.png](https://cdn.steemitimages.com/DQmSwocgH9DUd8mxurmE4x6AmZRxpTyWw8YSa6nTsxMMPeD/image.png) [source](https://thinkmaverick.com/wp-content/uploads/2019/02/33.png) ----- Bitcoin as a digital currency is used for making digital payments that have a value similar to that of fiat currencies. Any Bitcoin acceptable businesses are highly booming due to its value. Bitcoin was first used as a payment method in the year 2010 where 10,000 BTC was used as payment for 2 Pizzas in a Pizzaria which they celebrate currently as the "Bitcoin Pizza Day". In subsequent years later, other restaurants and cafes started to accept Bitcoin as a payment method. Currently, in the world, many countries have started to accept Bitcoin officially as their currency. Recently El Salvador officially announced their acceptance of Bitcoin as their currency and other countries are also having the same aim of accepting BTC as their currency. ![image.png](https://cdn.steemitimages.com/DQmbEMaLvLDL5se4KBAM46tcNhRYP6JcGfYmMkqHPTi1kBE/image.png) [source](https://www.citypng.com/public/uploads/preview/-51615829344cw6tq9fhjp.png) Bitcoin since its creation in 2009 has been improving and developing as the years move by and also its value increases as well. A bitcoin transaction is done between two Bitcoin wallet address holders where Blockchain Technology is used to encrypt the connection between the two parties, i.e. sender and receiver. Bitcoin is immutable and as such one must be vigilant when performing any transaction for any wrong transaction made cannot be deleted or refund. ----- #### Conclusion ----- To conclude, I would like to summarize what we have done so far in this article. First of all, we looked at the concept of Bitcoin, its history, and also its origin. We further went on and discussed the current price of BTC when writing this article, and also looked at how Bitcoin originated and why. Lastly, we looked at the concept of Bitcoin used as a payment method. We discussed the first thing that was purchased with BTC and its cost. We lastly looked at some of the benefits of Bitcoin in the crypto world. I would like to say thank you to professor @stream4u for such a wonderful lecture taught this week and I look forward to participating in your subsequent homework tasks.

Thank You. Special Regards to: @nane15 , @sapwood