Steemit Crypto Academy Season 4 Beginners Course - Task 5: Bitcoin, Cryptocurrency, Public Chains
What Is Cryptocurrency And How Will You Like To See Cryptocurrency In The Future
I am thrilled indeed to write about cryptocurrency, ofcourse it is always a delight to write about crypto related stuff that is why am so grateful to crypto academy our wonderful community with it's loving professors who aim to educate us about crypto and it's blockchain technology also grateful to @steemitblog for this platform which it made possible, without further ado i will simply dive into the homework task
What Is Cryptocurrency
What in our world today we understand currency to be a means of exchange or the means of payment. And what we often known as currency is in form of paper money which is readily available in all countries of the world today. In ancient times our ancestors made good use of trade by barter as a means of exchange a process whereby if i have yam and i want rice i would exchange my yam with the person that have the rice that is how goods and services is been exchanged but throughout the evolution of the world we are now in a means of exchange that involves paper money as our currency and now in our modern world of technology we now have or know of another means of an exchange known as cryptocurrency. That give rise to the question what is meant by cryptocurrency
Cryptocurrency is known as the digital currency or unlike our centralised form of currency is actually a decentralized form of currency and serves the same purpose as our local currency in that it can be used for payment. It is not in the form of physical money, no it digital we can't touch it like we can paper money rather it is in a type of encoded digital form whose record is stored in different computers all over the world.
We may define cryptocurrency as a set of special code which is saved in our computers of phones that is of value according to what we set it to ve and to be able to make payment we easily send or receive as well with our phone or pc as the case maybe. We easily make could make faster transactions with cryptocurrency and this actually done with low fees as well. We make transactions without requirement for any processes like the local bank do, transaction are easily made and we do this transaction without dependent on any banks. Unlike fiat money which has a fixed valued cryptocurrency allows each user to set the value of their cryptocurrency.
The first ever cryptocurrency to be created was in 2009 and that was Bitcoin by Satoshi Nakamoto who's mind idea in creating this form of currency is aimed at enabling user to send it receive (transaction) in a matter of seconds with out dependency on anyone or institution. This was created to allow users transact independently transact money to anyone at any time with out passing through any process or depending on anyone with zero stress. This was to define our monetary system as we know it today.
Today we have thousands of cryptocurrency asset with the first cryptocurrency ever to be created bitcoin leading them all which is often the leading market indicator. and all others are often been referred to altcoins.
Notable Features Of Cryptocurrency
It is decentralized; this is in the sense it is not controlled by any authority whatsoever be it financial institutions or government
Well it also eliminates the charges present in the traditional financial systems such as the bank and actually offers a considerable lower fees for transaction
Cryptocurrency also offers more security and ensures our privacy in that all most all our personal information is controlled by us and is not subject to being publicly known
It is readily available to anyone. This is so in that anyone can virtually participate in Cryptocurrency transaction without much stress from any part of the world as long as you have a device an internet connection
Another thing about Crypto is that it protect the identity of it's users, one can easily carry out transactions which will be validated without revealing his identity
Today Crypto asset is ranked by coinmarketcap according to their market capitalization, it provides us with info about the current ranking of crypto asset based on market capitalization and volumes at which this coins is being traded at. This data helps us to also get to know about things we may not know about Cryptocurrency. We get to know about the names of coins, it's usecase and even current market value as well as on which exchange a Crypto asset could be traded on.
Below is a pix depicting the top fifteen Cryptocurrency as we know it as of when i explored coinmarketcap.
Data from coinmarketcap.com
Benefits Of Cryptocurrency
Low transaction cost
Cryptocurrency is a form of security to the unbanked in that anyone from any part of the globe could have access to transact easily and freely without rigors of the banking system.
It offers fast and permanent transaction
It also offers privacy which many users crave to be able to run transaction easily whithout being accountable to anyone or offering any explanation to what or why you make large transfer.
Another pros of Cryptocurrency is that we are in control of sole control of our money, it can't be freeze by anyone for whatsoever reason.
It is user friendly
Some Disadvantages Of Cryptocurrency
The crypto market is highly violatile in nature and some times this swings is to the down side by side margin which often lead to inexperienced Crypto traders getting liquidated
It requires high security since it is digital to avoid hack especially since we make use of third party exchanges and wallets working with Crypto
The privacy offered by Cryptocurrency could be used to great effect by criminals who uses it as a cover to run illegal and illicit dealings without stress.
How I Would Like To See Cryptocurrency In The Future
Well personally based on the trajectory the world is going and based on the excessive money printing by government which devalues paper money no doubt, i see Cryptocurrency easily becoming the leading currency of transaction for the world and i bitcoin easily usurping gold as the world's reserve currency.
Today with the rate of money printing we are seeing in many Notable parts of the world with the infinite supply of fiat money which we no doubt going to devalue the currency greatly i could easily see people entering into Cryptocurrency as a hedge for their money in the coming years with paper money must have lost its value which i believe it will eventually.
Today we see countries like El Salvador already the first to make the bold step in accepting bitcoin as a currency of exchange in their country. This indeed is a wonderful innovation as to where i believe Cryptocurrency is going, because i strongly think with time all or most countries of the world would accept bitcoin (Cryptocurrency) as a means of exchange, El Salvador is the first of many to move in this direction which is a good thing in the Crypto verse.
Also we see institutions buying in on bitcoin, accumulating with gread because they understand the value it is and will hold against fiat money in the future. With see the company of one of the world's richest man Tesla earlier this year adding bitcoin in their balance sheet and mad a purchase of $1.5 billion. We see people like Micheal Saylor acquiring bitcoin in great number and so many institutions as well. I mean the smart money is already starting to understand where Cryptocurrency is heading to in the long run so i believe that the future is bright for Cryptocurrency and anyone who hangs around with a positive outlong and have this long term plan will not be disappointed. It's true it will be a bumpy ride with so many regulations coming in from many countries but i see Cryptocurrency easily becoming the world's currency and winning the wars the traditional financial cartel and some government is waging against it when they will realise there is no stopping Cryptocurrency they will have no choice but to adopt it with hope of curtailing it which i believe they will still fail at. I feel Cryptocurrency have come to liberate the poor masses and the unbanked in the society, ofcourse time will tell.
Conclusion
Cryptocurrency is indeed a very interesting topic to talk about, often unite and cause for division for some as well or refuse to hitch a ride but instead wants to halt it. But OfCourse there influence or power could only last for so long because there is no stopping Cryptocurrency, it is going to the Moon 🌕, haters should watch out.
I just feel greatly honored and opportune to be on the right side of things as we will see the Crypto space completely take over the traditional financial systems completely in the coming dacades or so. With my fingers crossed i and other like minded ones greatly await this moment in time.