Bitcoin, Cryptocurrencies, Public chains-Steemit Crypto Academy Season 4 - Homework Post for Task 5
Good night everyone, steemians, blogers, readers, and crypto lovers. I will start a positive activity tonight because life must always be productive and tonight I will write a post about cryptocurrency on my blog to participate in the Steemit Crypto Academy Homework Post for Task 5. This class I will be taking follow professor @stream4u class. In this class, we will learn and share knowledge about “Bitcoin, Cryptocurrencies, Public chains.
(1) What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Future?
Question 1:
What Is Cryptocurrency?
Cryptocurrency is a currency that is issued digitally or virtual with guaranteed use of cryptography to make crypto almost impossible to counterfeit or duplicate.Cryptocurrency can also be a decentralized network using blockchain technology (a distributed, decentralized and public ledger). Crypto is not published by authorities. Centralized, thus making cryptos unable to be manipulated by governments or related authorities. Crypto also refers to various encryption algorithms and cryptographic techniques that protect them, such as elliptic curve encryption, public private key pairs, and hashing functions.
The well-known crypto currency to date is bitcoin and there are many other crypto currencies such as dogecoin, Cardano, etherieum. Cryptocurrencies use decentralized control in which each crypto currency works in a distributed ledger that functions as a database for public financial transactions.
Crypto currency function
Cryptocurrencies have their own functions related to current activities. Here are some of the functions of cryptocurrencies
1. Make an Investment
This crypto currency is the same as the economy that exists in society, where the price will rise if the interest in crypto increases, the more people who invest in crypto currency, the price of cryptocurrency will soar. Investing in crypto currency is a risky type of investment tall.
2.Payment Tools
Now there are many shops and companies that accept payments using crypto currency, and in some countries crypto currency has been applied as a means of payment. The only currency that can be used is only bitcoin.
3.Mining
Crypto mining is now very popular, and has become a familiar thing for cryptocurrency users. Crypto mining users must solve complex cryptography puzzles to be able to confirm transactions and be recorded in a blockchain.
The Advantages and Disadvantages of Cryptocurrencies
1. advantages of cryptocurrencies
Here are the advantages of cryptocurrencies:
Universal
Everyone can use crypto currency without any terms or conditionsPrivate rights
Cryptocurrencies have full responsibility to the userFast
Transactions using crypto currency are very fast by using the application alone.
2.disadvantages
- Haven't got permission
Cryptocurrencies are currently not widely accepted in some countries and are still considered illegal.
Question 2:
Cryptocurrencies of the future
This cryptocurrency has great potential for long-term investment due to the increasing interest in cryptocurrencies and rising prices. In some countries, cryptocurrencies have legalized as a means of payment, so that in the future, cryptocurrencies will become the universal means of payment. Along with the increasing number of cryptocurrency users.
Crypto currency is universal, so it can be used by everyone without any specific conditions or conditions, so that in the future crypto currency can become an asset that can be used by all people. Offices. With a smartphone, you can add a decent amount of income.
Conclusion
Crypto currency is a digital currency that can be used as a means of payment that is easy and fast. Crypto currency can also be a means of long-term and short-term investment, investing in crypto is a type of high-risk investment so good management is needed. Types of cryptocurrencies such as bitcoin, dogecoin, and ripple.
