Crypto Academy Season 3 Beginners' course - Task 3: Bitcoin, Cryptocurrencies, Public chains.
INTRODUCTION
Greetings to Steemians, today I welcome you to my homework post that was given by professor @stream4u on the topic : Bitcoin, Cryptocurrencies and Public chains. In this homework task, I have discussed what cryptocurrency is all about in a very layman understanding,
(1) What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Feature?
What Is Cryptocurrency?
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Looking at the word, cryptocurrency is no longer something that is new to people but instead it's a very popular word that even a new born baby must have heard of because is also a currency that is regarded online. Now let's take a look at what is cryptocurrency.
Cryptocurrency is simply known as a digital currency that is use online for payment of goods and services which is secured by cryptography, that makes it almost impossible to become counterfeit. Cryptocurrency are created on a decentralized blockchain network that is carry out on different computers network. One good thing about cryptocurrency is that cryptocurrencies are not issue by government or central authority, that can make cryptocurrenies under their control or manipulate them at any time. Today several companies have created their own currencies, that is known as tokens,which can be traded mainly for goods or service that is provides by the company.
Types of Cryptocurrency
Bitcoin was the first cryptocurrency ever that was created by Satoshi Nakamoto in 2009. Bitcoin still remains the most valuable and popular cryptocurrency. Currently, there are thousands of different cryptocurrencies with their functions and requirements. Some of these cryptocurrencies are forks or clones of Bitcoin, whereas as some are new currencies that were built from start. Apart from bitcoin,some of these types of cryptocurrencies are; Ethereum, EOS, Bitcoin Cash, Litecoin, Cardano, Steem and many others.
Merits and Demerits of Cryptocurrency
| Merits | Demerits |
|---|---|
| With cryptocurrency funds can easily be transfer between people without third party being involved | cryptocurrency is sometimes use for illegal transactions,and also promote tax evasion an money laundering |
| Cryptocurrency allow people to be in control/charge of their money. | If a person that own cryptocurrency got demise it cannot be claimed by his/her relation except their have access to his/her wallet. |
| Cryptocurrency is good because it eliminate high transactions fees | cryptocurrency It can become volatility at any point in time. |
How You Would Like To See Cryptocurrency In The Feature?
I would like to see cryptocurrency in the future as cryptocurrency that is generally accepted as a means of payment for goods and services all over the world just as the USD dollars is well recognize and accepted in every countries. And I would like to see cryptocurrency been regulated in my country Nigeria. For example once cryptocurrency is been regulated the issues of banding cryptocurrency will end and the value of cryptocurrency will rise. And finally, I will like to see cryptocurrency taking over fiat currency in the future, I want cryptocurrency to be the a only legal tendency that can be use for online service like recharging of ours phones, DSTV, buying of goods and paying for services that is done online.
Hello @drmax1,
Thank you for taking interest in the 3rd Task of the Beginners’ class. Your grades are as follows:
Feedback and Suggestions
You should work on your arrangement and paragraphs.
There were some spelling and grammar errors.
I would have loved to see more of your own thoughts on the topic rather than info from other sources.
Thanks again as we anticipate your participation in the next class.