Crypto Academy Season 4 Beginners' course - Task 5: Bitcoin, Cryptocurrencies, Public chains: By @rhyda
Hello Dear professor @stream4u, Thank you for giving us such a wonderful lecture.
I am here to submit my assignment task-3: Bitcoin, Cryptocurrencies, Public chains.
I will be writing base on question 2.
What is cryptocurrency?
How would you like to see cryptocurrencies in the future?
Source
What is cryptocurrency?
Cryptocurrency is a digitalized token that can only be found on phones and computers. That is to say, cryptocurrency has no notepaper or a coin but rather digital digits found on our devices.
The first cryptocurrency was created in the year 2009 by a profound programmer called Satoshi Nakatomo.
The idea of creating a cryptocurrency was to create a decentralized currency that has nothing to do with the government or the private sectors but rather to create a currency that stands on its own and can be used in any part of the world.
Cryptocurrency is also a peer-to-peer network and all you need to do is to get an account.
Cryptocurrency works with the blockchain data-based, which makes it nearly impossible to be hacked.
Unlike the local banks where you go to send, save or transfer money to love ones, in the process of doing all these things the cashiers or teller acts as a third party that charges you more and also with the risk of been hacked.
But for the cryptocurrency you get to send and receive money with low fee charges and your money is saved from been hacked since it’s stored in a decentralized system that is to say it is stored on multiple systems and can only be accessed by you. All you need is to get a device that has access to a strong internet connection.
In other to access your digitalized money you will need a private key and a public key.
The public key helps you to access your account when in need whiles the private key has to do with the part of the transaction. It is used in withdrawing and transferring funds in and out of the accounts.
You only get logged out from your accounts when you lose your private or public key and can never be accessed.
Let’s look at some of the examples of cryptocurrencies:
screenshots by me from binance
- Bitcoin (BTC)
- Etherium (ETR)
- Doge coin (DOGE)
- Tether (USDT)
Etc
How will you like to see cryptocurrencies in the future?
There was a time where no one knew what cryptocurrency is but as the world is now advanced into the technological world and ever since cryptocurrency was introduced it had been the most spoken topic among the youth nowadays. I say this because I heard about cryptocurrency in the year 2017 and never really had any idea of how things work in the crypto world until I was introduced into the steem world by a friend and that was when I developed more interest in cryptocurrency.
Unlike other countries where cryptocurrency has been ban. I will like to see it been legalized in other parts of the world and I will also like to see all the bans been lifted for those parts of the country. I will like to see people using crypto without the fear of been caught.
The first country to have legalized cryptocurrency is El Salvador and I’ve heard a lot of positive news about how it helps them buy stuff from the market without going to the bank to withdraw moneyIn my country, Ghana people see Bitcoin and other cryptocurrencies as fraud, so I will like to see more people been educated about how helpful cryptocurrency really is and also a way to saving time.
I for one had an experience of not being able to access my accounts again due to the loss of my public key. I will like to see more improvement and also a way for users to be able to retrieve the keys in case they get missing.
Conclusion.
Cryptocurrency is the world and I believe with a little addition and subtraction has to be done to it. It can shape the future of the world where we can have a stable and currency that is accepted everywhere.