Crypto Academy Season 3 Beginners' Course- Homework Post For Task 3: (Cryptocurrency, Bitcoin, Public Chains) by @euclid49

hello Families,

Good afternoon to all members in the Steemit Crypto Academy. I'm @euclid49 who joined Steemit in this April and I'm going to write my second assignment in the beginners course oriented by Professor @stream4u.

THE MAIN QUESTION
What is Cryptocurrency and How You Would Like To See Cryptocurrency In The Future?

WHAT IS CRYPTOCURRENCY?

Cryptocurrency is been understood by an average person as digital currency which do not have a physical appearance in terms of holding it in a transaction. Transaction performed under cryptocurrency do not demand a third party system such as the banks as the medium of exchange. So most of the cryptocurrency are found on a decentralized platform.

source

With the above image provided by #snappa.com, we can all see that the introduction of Cryptocurrency has limited the transaction involving the Banking system. So in all, Cryptocurrency is a digital currency that can be transfer via the internet using either the mobile phone or the computer to access it without any third party system via the bank.

According to CoinMarketCap.com, there are more than 10,000 different cryptocurrencies traded publicly and the cryptocurrencies continues to be proliferate and raising money through intial Coin offerings(ICO). Such examples of cryptocurrencies includes

• BITCOIN
• ETHEREUM
• TETHER
• BINANCE
• CARDANO
  and the rest

As at 30th june 2021, the global Crypto Market Cap is $1,405,836,457,075.

How You Would Like To See Cryptocurrency In The Future?

I was introduced to Steemit blogging before i heard of a cryptocurrency. So I did a lot of research and inquiry to understand it well. In the middle of May 2021, I got to know that STEEM was a cryptocurrency and it gave me a concrete relational understanding. So here are some of the plans I will like the cryptocurrency to be a future to come.

• Cryptocuurency should change how money is moved around the world of marketing. now since people did more transaction using the digital currency is helping trading online and transferring monies with any third party. I'm hoping that the new technology could potentially change the way money is moving around the world.

• Cryptocurrencies should be accepted in the AFRICA Continent
  As at june 2021 some countries such as USA, South africa, Costa Rica,Argentina, chile, Jamaica, Brazil, UAE, Crprus, Nicarague and other countries uses cryptocurrency(BITCOIN) as a legal tender in their transaction. But in Africa, it will be very difficult for the people to use digital currency as a medium of exchange for goods and service.. Now that I'm a great ambassador for crypto I'm hoping that in the near future people will get knowledge on it and it will be accepted by many Africa countries including Ghana.

• Raisen of all the cryptocurrencies at the end of 2021
  Acredible source called Coinbase went public on April 14, 2021,to much fanfare and hype. It was seen as crypto's acceptance into the mainstream and that same day, Bitcoin reached an all-time high of $64,000. But now Bitcoin has been cut in half of $34,777 as at june 30,2021. Now on the CoinMarketCap, all the cryptocurrencies are falling deeply in the month of May and June. So I'm hoping that the volumes of the Market Cap will increase to it's climax.

• We should able to recover your account when a password is lost

The major challenge and problem of Cryptocurrency is once your password is lost, there is no other way to retrieve it back.Many transaction are been lost in a course of transaction either private or public keys lost. so this has hinder many people to do transaction on the cryptocurrency Blockchain. I'm hoping in the near future, if a transaction is fail, the processing should be able to be reverse to retrieve keys back to avoid the transaction to be lost forever.