Steemit Crypto Academy Season2 Week1- How Crypto Currency has Shaped the Financial Realm, What is it’s Future? by @estyroberts

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Greetings everyone and welcome to season 2 of the engagement challenge.

In this week challenge we are asked to talk about How Cryptocurrency has shaped the financial realm, what is it’s future? by answering a few questions. This is my entry below.

Cryptocurrency Overview

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The word cryptocurrency has been used since the inception of the grand master Bitcoin, which was introduced in the year 2009 and marked the birth of other cryptocurrencies.
Currency refers to a medium of exchange of goods and services, it is a generally accepted medium and each country has a unique name for their currency. For example Naira (-NGN, Nigerian currency). The currency could either be coin or fiat.

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. The value of the cryptocurrency is normally matched against that of the fiat currency.

The cryptocurrency was invented to remove central authority which has a lot of limitations and bias.

Comparison between crypto currencies and conventional currencies

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1. Crypto currencies is accepted by mostly all countries and it's value isn't determined by a particular country economy unlike fiat or conventional currencies

2. Crypto currencies can hardly be duplicated or counterfeit because it's a coded programme in which computers understand and can tell the difference unlike conventional currencies

3. Conventional currencies are legally backed by the government of it's country and has a hedging potential over crypto currencies

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Question

Explain the distinctive innovations of cryptocurrency and its downsides.

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1. Faster payment: crypto currencies makes it easy and faster to make payment, with crypto currencies payment can be made to any country any where in the world and takes only few seconds or minutes to arrive destination.

2. Secured payment: with crypto currencies there's no fear of moving large sums of money for fear of robbery as large sums of money can now be transferred from one place to another not limited by distance.

3. Distributed exchange trade in financial market: An exchange distribution is the sale of a large block of stock or another security reported as a large, single transaction. It may look likea position between one buyer and seller, even when it represents multiple buyers purchasing shares from one seller. crypto currencies can be use as stated above to conduct trades online.

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Question

How do you think major problems with cryptocurrency can be handled? Let this be a response to the downsides highlighted earlier.

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Downsides

Untraceable Payment - Crypto currencies can make payments faster and secure and accepted world wide but payment made can not be thoroughly traced or reversed therefore those who are scammed or duped through crypto have almost no hope of getting there money back or arresting the perpetrators.

Cryptocurrencies is hard to be duplicated but due to the ever growing technology coding experts has found a way to send flash currencies in which duplicate the structure of crypto currencies and appear to add up to victim balance or used to dupe people and takes days or week for the computer or internet to detect it and nulify it back to it's original state.

How major problems in cryptocurrency can be handled

1. Made trackable: if transactions can be tracked down to their location this would greatly reduce the amount of crypto fraud or illegal activities involving crypto currencies.

2. Crypto wallet or broker's of crypto currencies should increase their security and firewall prevent these duplicating malware of crypto currencies ( although it doesn't last that long, but it can be used to fool victims and extort them).

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Question

Do you believe in the future of cryptocurrency? State your reasons. Any Recommendations?

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Yes I do, I believe the whole world would all soon adopt crypto currencies and it would be a one world currency. Because, the introduction of the cryptocurrency was done with the aim of eliminating the central authority and giving the opportunity to everyone to own and invest in and this act some how reduced the bias and limitations of central authority.
Although cryptocurrencies is not without its downside, I recommend they integrate a way to track transactions incase of a mistake or scam.

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Conclusion

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Cryptocurrencies is a decentralized virtual currency that is accepted in almost all countries and it’s presence eliminates centeral authority with it’s bias, I believe it is here to stay. This brings me to the end of my review on cryptocurrencies.

Thanks for reading!!