Crypto Academy Season 3 Beginners' course - Task 3 : Bitcoin, Cryptocurrencies, Public chains by @vectorshore

Hi everyone, hope y'all doing well over there. I have read and understood this lecture on Bitcoin, Cryptocurrencies, Public Chains, and Private chains. Trading in cryptocurrencies transactions is great, especially when compared with local bank transactions.

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Since the time I started using it in 2019, I realized there is more to come with cryptocurrencies, bitcoin in particular. The transactions processes involved are very simple and easy to carry out, the charges as well are very small and any transaction is carried out and completed within a few hours.

For this lecture assignment, I will be answering question number two (2)

What Is Bitcoin and what was the Aim Behind Bitcoin Invention? Is Cryptocurrency Good For A Business To accept As Payment? Why?

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Bitcoin is the first cryptocurrency invented by a man is known as Satoshi Nakamoto. Although the identity of this man is still a mystery, what he has brought the world further to another kind of level. A kind of level which nobody even knew the world would get to.

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His invention has brought about independence. By this, I mean, people no longer depend on local banks for transactions. As it was before, and still is now, banks take high charges in transactions made by their customers, and with that, some customers even tend to close their accounts with the bank, and opt-in for another bank. One thing about having a customer is that you'll also have to retain the customer else you lose him/her.

When these banks charge their customers high fees in their various transactions, it gets them upset and they would want to leave the bank. With this invention of bitcoin, the transaction has become very easy. It takes only a few hours for transactions to be verified and processed with lower fees.

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The aim behind the bitcoin invention is to make users independent of their own transactions. When using local banks, they serve as middlemen or mediators, which means customers depend on their various banks to perform the transaction.

For example, when Customer A wants to send money to Customer B using local banks, he has to go through a medium, which is the bank, and for the bank to process that transaction for Customer A, they charge him a fee at times way beyond his expectation. But what bitcoin has done now is that these customers no longer need banks to do these transactions for them. All they need to do is make direct transfers or transactions to the other customer at a very very low fee.

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Cryptocurrency is good as payment as it is very easy and quicker than that of banks. Transfer charges are very low, it is direct (No middleman or mediator) and it is very fast and easy to understand how it operates. Business owners and customers don't even need physical cash or money for transactions, just the wallet address and that's all.

I have fully read and I have understood how cryptocurrencies work, and how it is decentralized.
Thank you for reading my assignment.

Cc:
@eberechi10
@successgr
@starrchris
@anyiglobal
@ngoenyi
@dwarrilow2002