Introduction

I’m about to start crypto academy’s season 3 of the beginner’s course.And I believe it will help me a lot in gaining knowledge about cryptocurrency ,and I’m grateful to participate in this task by professor @stream4u.

WHAT IS CRYPTOCURRENCY AND HOW YOU WOULD LIKE TO SEE IT IN FUTURE

WHAT IS CRYPTOCURRENCY
Cryptocurrencies are digital tokens which are used to make transactions on decentralized websites or platforms which deals with blockchains.The word cryptocurrency gotten from the encryption techniques which are used to secure the network.
It can also be described as a binary data designed to be a medium of exchange.

It’s is secured by cryptography,making it impossible to use the token more than once or counterfeit.Many cryptocurrencies are decentralized networks that deals with blockchain.one side people are afraid of it is that it is not accepted by law,meaning they don’t have permission from the central authority to work neither the central authority is closing it down.so it’s safe and at the same time not safe.

It has a ledger which which is for storing individual coin records,which exists in a form of computerized database,which its security is good which the help of cryptography.The cryptography helps control the creation of additional coins and to verify the transfer of coin ownership.

Some crypto schemes use validators to maintain the cryptocurrency.holders of cryptocurrency put up their tokens as collateral.In return in the proof of stake.

Cryptocurrencies does not exist in physical form like coin or paper money,and it’s not issued by central authority.It normally use decentralized control as opposed to a central bank digital currency(CBDC).

It has much importance to the holder,and some of them are:

•With crypto currencies you can send them to anyone at anytime without the interference of a trusted third party(bank,credit card company).The transfers are secured by the use of keys(private keys,public keys)and other forms of incentive systems,such as proof of stake and proof of work.

•The wallet of the holder is accessed and used to make transactions with his or her private key and public key.

•As the tokens are not stable,if your token rises your assets in the blockchain system will also rise.

•it’s safe than real money because,if you save money in your house some can steal it but when it’s saved in the blockchain system no one can access you money not to talk of stealing it.

Some of its disadvantages are:
•It’s vulnerable to money laundering and tax evasion.

•Mostly,crypto currency advocates are not known,which make people loose trust in them.

•As it is not stable,the assets of the holder reduces when the token he has also reduce.

HOW YOU WOULD LIKE TO SEE IT IN FUTURE

Cryptocurrency is taking over gradually and with time it will be know and used by everyone on the globe because of it’s wide range of benefits and it’s simplicity.I will like to see some changes in the future and how I would like see cryptocurrency in the future includes:

Stable Tokens
I will like for the cryptocurrencies to become stable,most at times the tokens rise and fall which make holders of such tokens loose much of their assets when it falls.So I will like for the tokens to be stable to help make the holders assets also stable.

Legality
I will like for cryptocurrencies to be legalized,accepted by central banks even if the central bank does not control it.It will be trusted 100% if that is done.The system should be adopted and regulated by the federal governments.

cybersecurity
Cryptocurrencies are subjected to cyber-security breaches and can fall into the hands of hackers,which we have already seen multiple cases of ICOs being hacked costing investors hundreds of millions of dollars,and this is the most popular one ($473 million).This have cost people a lot and something should be done about it,like getting computer experts to make the security of cryptocurrency very tight to avoid hackers from hacking into the system.

Promoting
They should introduce new ways of promoting the cryptocurrencies,like initiating free cryptocurrencies for new subscribers which will advertise the cryptocurrency and promote it as well.

Money
I would like for the cryptocurrencies to be the same as money,selling the cryptocurrencies to buyers and waiting to be paid by the buyers is time wasting,so I would like for the system to be changed so that you can change your cryptocurrency to any currency of your choice,for instance Bitcoin to Ghana cedis.

New cryptocurrencies
I would like to see new cryptocurrencies which will be valuable and have high rate more than Bitcoin.

Conclusion

As I researched to complete the task 3 of the crypto academy homework,I learnt about cryptocurrency and I suggested changes I wish to happen in the future.I hope all my suggestions will be taken into consideration.

Cc.
@stream4u