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Great minds,<br>
I welcome you guys once again to yet another fixed class course for beginners, for the past few weeks now the steemitblog in her wisdom introduced a set of fixed lecture for both new or old users of this amazing platform. This is to give all steemians a solid foundation in the crypto world. Having attempted Task 1 & 2, today I will be doing justice to task number 3. This lecture was delivered by our very own incumbent professor in the person of @stream4u. He discuss on the topic titled "<b>Bitcoin, Cryptocurrencies and Public Chain</b>". The lecture came along side with the questions below, and I will be attempting question number 2. Let's get started.
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[Source](https://images.app.goo.gl/AAFA6XFbKNS1XcQt9)
(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?
### What is Bitcoin
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When ever the world Bitcoin is pronounced the first thing that comes to my mind is the word crypto currency. Well all know the the first ever crypto currency in human existence is bitcoin. Bitcoin is a digital asset or currency that is used in place of physical currency like fiat to trade and carry out transactions. Now, unlike the normal money you and I go to the bank or ATM to withdraw and hold it in our hands or put it inside our physical wallet and use it for exchange, bitcoin can not be handled that way. It is an electronic currency that is stored in an electronic wallet as well. Bitcoin is seen as the father to all other cryptocurrecy because it is the first digital currency to be produce and all other currency gets it root from the invention of bitcoin.
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Note that Bitcoin was created in the year 2009 by one Satoshi Nakamoto who's identity till this moment is still a mystery. He used a secured hash algorithm encryption along side with proof of work to carry out this task. Note that after the creation of Bitcoin, other form of coins started coming into the market as well and all this coins put together are called altcoins. That is an alternative to bitcoin.
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### What was the aim behind bitcoin invention?
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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.
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### Is Cryptocurrency Good For A Business To Accept As Payment? Why?
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Well this question will be answered different based on what the user feels. In my case, I think crypto currency is good for a business to accept as payment but I also felt that there are some limitation of accepting crypto as a payment for business. In this section I will be listing my reasons why I felt it should be accepted and also I will be listing few limitation it has as well.
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*Advantages of using Cryptocurrency for Business payment*
- **No third Party:-** The issue of your money going through a third party before coming into your hands has been total eradicated with the use of crypto currency as a payment. We all know that transaction in crypto takes less than 3 minutes to execute but if you are to use other fiat payment method, the network may hold back your money for the whole day.
- **247 working system:-** The transaction in crypto currency can be done at any point in time. It doesn't actually works with time so if adopted as a payment method workers can be paid at any time without any issue.
- **No issues of system failure:-** In banks sometimes you will notice delay in transaction because of network issues. In the case of cryptocurrencies, since it uses a blockchain form of technology, it is not possible that the entire node of network will go down at once hence the issue concerning system failure is not heard.
- **Low transaction Fees:-** Since we use blockchain for transactions, we can send money to everyone at the same time with very little or no charge at all. Take for instance the multisender used in sending tokens, you are only charged for one transaction since it is sent at the same time. We can not say same in the case of normal fiat transaction.
- **Transparency and security:-** The transactions in blockchain are very transparent and can not be edited as well. So any form of fraudulent act is completely eradicated.
*Limitations of using Cryptocurrency for Business payment*
- **Price instability:-** Since the price of the coins is never stable, it will become an issue to be used for payment purpose. For instance if a worker is supposed to be paid 1k steem at the end of each month when the price of of steem is #500, then the price drops from #500 to #150 as it is currently you will discover that the money won't serve the purpose it was initially budgeted for.
- **illegal use of currency:-** if allowed to be used for payment, it will promote many criminal activities like child trafficking and selling of every form of hard drugs which will in turn become a problem to humanity.
- **Frudlent act won't be traced:-** If use as a payment means anyone who happens to have you key can withdraw all your saving. In the case of banks, before a very big transaction is done, you will have to be contacted to be sure you ordered the transaction.
# <center>CONCLUSION</center>
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In summary, you will agree with me that for it to be use as a payment means has it's advantages and also it's disadvantages. One thing still stand out and that is cryptocurrency is taking over normal fiat. With that been said, I want to encourage as many who have not started investing in the crypto world to start so now. In no distance time we all will will forget normal or physical cash and then focus on digital currency. I want to say a very big thank you to the professor for such a wonderful lecture lance again I have learnt so many things from you.
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Regards to professor;
@stream4u
