Crypto Academy Season 3 Beginners' course - Assignment post Task 3: Bitcoin, Cryptocurrencies, Public chains submitted to Prof. @stream4u by paulyoung

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· @paulyoung · (edited)
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Crypto Academy Season 3 Beginners' course - Assignment post Task 3: Bitcoin, Cryptocurrencies, Public chains submitted to Prof. @stream4u
<div class=“text-justify">

**Introduction:**
*I’m so glad to be able to take part in this beginners lecture. Wishing myself and other beginners grace to be able to reach the advance level soon, amen.*

![IMG-20210711-WA0001-03.jpeg](https://cdn.steemitimages.com/DQmWDCfpSQRFQY9XKMNazU85xfq9ekgTJxRTRYUpQMPvkiD/IMG-20210711-WA0001-03.jpeg)

**QUESTION 2**
**What Is Bitcoin and what was the Aim Behind Bitcoin Invention? Is Cryptocurrency Good For A Business To accept As Payment? Why?**
<br>
**What is Bitcoin and what was the aim behind behind Bitcoin invention?**
![IMG_20210715_114648_028.jpg](https://cdn.steemitimages.com/DQmYoy5BP2xrKh1QpsH4f2kkzbAwRqg1s9b2AFtEtPCZ6UQ/IMG_20210715_114648_028.jpg)
[Source](https://techbullion.com/sell-bitcoin-btc-in-2021-step-by-step-guide/)

**What is Bitcoin:** Created in the year 2009 by a programmer called Satoshi Nakamoto, Bitcoin cryptocurrency denoted as **BTC** is a decentralized cryptocurrency (digital token) that can be use as a means of exchange (purchase of goods or payment for a service rendered) without any intermediate server(I.e third party) e.g bank and record it transaction on a server called **blockchain**.
<br>
**Enumeration of terms;**
Recording it transaction on **blockchain** means that every transaction done remains transparent to others I.e anybody can view the transaction but does not have access to it. This operation is compared to a show glass in which everyone can view what is inside but only the owner can have access to it.
**•** Been a **decentralized currency**, this can be explained that nobody have virtual control on it, thus allowing everyone to take part in it operation. 
**•** Been a digital token means that bitcoin cryptocurrency can not be **touch** just like a fiat currency(physical cash).
Lastly, **BTC** remains a  currency that’s has the highest value as recorded in [www.coinmarketcap.com](https://coinmarketcap.com/currencies/bitcoin/)
![IMG_20210715_124557_191.jpg](https://cdn.steemitimages.com/DQmYuTpW1Wdro9YpKSHiti9AWa1UP9F2EMe6gy9fvLxoLhj/IMG_20210715_124557_191.jpg)
<br>
**AIM BEHIND BITCOIN INVENTION;**
![IMG_20210715_124745_284.jpg](https://cdn.steemitimages.com/DQmXjVCcme5Jq6docUU2sCL3XBxDq5A9jBjTXgLgcmwAZnL/IMG_20210715_124745_284.jpg)
[Source](https://blog.iheart.com/post/invention-podcast-explores-greatest-breakthroughs-history-and-how-they-shaped-us)
*Although there are several aims behind bitcoin invention, below are the basics;*
**•** Reduce service fees
**•** Privacy
**•** Ease stress
**•** 24/7 operation
**•** Eradicate account freezing
**•** High level of security
**•** Universal acceptance 
**•** Eradicate abuse
<br>
**• Reduce service fee:** Bitcoin was invented as an exchange medium that people can use without the intervention of intermediate control thus reducing the transaction fee and widen the flow of funds no matter the amount sent.
<br>
**• Privacy:** Unlike the fiat currency exchange in which the anonymity of the users are completely exposed to intermediate(third party), bitcoin was invented in order to restrict exposure, thus making finance holders anonymous.
<br>
**• Ease stress:** Most times there’s always stress in redrawal in intermediate units (I.e queue the bank) bitcoin was invented to ease the stress.
<br>
**• 24/7 operation:** Since most intermediates obey the government law of public holidays and no service during weekend, Bitcoin was invented so that any amount of transaction can be done anytime and any day I.e 24/7 operation.
<br>
**• Eradicate account freezing:** Since intermediate (banks) are control by an overall government own body called **Central Bank** which have the virtual power to freeze anybody’s account any time, bitcoin was invented to eradicate such policy.
<br>
**• High level of security:** There are always news of robbery at intermediate I.e Bank robbery and hacking of users account thus leading to bankruptcy, Bitcoin was invented to offer a great level of security to funds.
<br>
**• Universal acceptance:** Fiat currency (cash) is not generally acceptable I.e Kuwait denar can’t be used for purchasing of goods in England neither Ghana cedis can be use to purchase goods/pay for a service rendered in Nigeria upon the closeness of the two countries without converting it to the country fiat currency first, Bitcoin was invented to remain a universally accepted currency.
<br>
**• Eradicate abuse:** People are fond of abusing  fiat currency I.e improper handling of cash such as folding it either intentionally (for fun) or  unintentionally). Been a digital currency, bitcoin was invented to eradicate such act.
<br>
**QUESTION: IS CRYPTOCURRENCY GOOD FOR A BUSINESS TO ACCEPT AS PAYMENT?**
<br>
**Answser:** Yes, 
*Below are reasons to accept cryptocurrency as a means of payment;*
**•** Since it has low transaction fee charges, cryptocurrency is good to be used as a means for payment.
**•** Since there is no restrictions on transaction, cryptocurrency is good to be use as a means of payment because any amount can be transferred to another without any restrictions.
**•** Money invested on cryptocurrency tends to yield income than fiat currency, as such business that accept it tends to gain profits.
**•** Most customers tend to mix counterfeit in their fiat currency when they pay for a service, accepting cryptocurrency as means of payment will eradicate such risk entirely.
**•** Most times there is always a disagreement on recording of fiat currency during transaction.  Accepting cryptocurrency will ease such as every transaction is record in blockchain which is visible to everyone and can’t be altered.
<br>
**Conclusion:**
*Thanks for reading my task - 4 assignment post.*
*Much respect to Prof. @stream4u and other proferssors*
</div>
👍  , , , , ,
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@reminiscence01 ·
Hello @paulyoung , I’m glad you participated in the **3rd Task** of the Beginner’s class at the Steemit Crypto Academy. Your grades in this task are as follows:
<br>
Criteria| Ratings |
------------ | ------------- | 
Presentation / Use of Markdowns| 1/2 |
Compliance with topic | 1.5/2 |
Spelling and Grammar | 1.5/2 |
Quality of Analysis |1.5/2 |
Originality |1.5/2 |
*Total*|**7**|
<br>
**Recommendation / Feedback:**
- The student have completed the assignment for this lesson.
- The student also answered all the questions in his/her own words.
- Your overall presentation is good. But you need to improve your writing skills by working on your markdown styles.
- There were some grammatical errors that can be avoided using [Grammarly]( https://www.grammarly.com/). So I suggest you use it in your preceding tasks. 

You have provided a quality content. I encourage you to proofread your work before submission. Thank you for submitting your homework. **task 3**. We hope to see the rest of your submissions.
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@paulyoung ·
Thank you Prof. @reminiscence01
I take note of my mistakes
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