[Bitcoin, Cryptocurrencies, Public chains.] - Steemit Crypto Academy Season 4 - Homework Post for Task 5.
WHAT IS CRYPTOCURRENCY AND HOW YOU WOULD LIKE TO SEE CRYPTOCURRENCY IN THE FUTURE?
Greetings steemians, am glad being part of the lecture by professor @stream4u. Below is my homeowork post for task 5.
WHAT IS CRYPTOCURRENCY?
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Today , cryptocurrency has been global and known by most people but understands by few.
Crytocurrency are digital assets that are outline or use to trade online. Cryptocurrency can be used to make payment online, especially with online platforms that accepts cryptos as their payment method. In cryptocurrency, it does not have or rely on any third parties like bank. It is decentralized and we can also buy cryptocurrencies with fiat and it's very easy and fast t9 confirm transaction that are being made. Some purchase on cryptos and stock it, this is know as long term investment.
In cryptocurrency, the rate or value of cryptos are always volatile i.e is not stable, it experiences uptrend and downtrend. When one buy cryptocurrency and stock it, once it rises, you get profit on it and can also sell it off. There are lots of cryptocurrencies all over the world, you can check there values using coinmarketcap This is a site that displays the rate of all cryptocurrencies in the world.
Screenshot from coinmarketcap
When we talk about how transactions are being made in cryptocurrency, yea, is very fast to confirm, why? Like that of bank, sometimes when you send money to someone you have middlemen that will help you on that, and sometime hard to confirm, meanwhile, in terms of cryptocurrency, you do ut yourself, very fast and easy to confirm transaction using block explorer. As for bank, sometimes, you have to go to the bank to confirm whether the transaction was successful.
Moreover, while trading on cryptos is very simple to do when buying and selling crypto, no much process in it, than that of bank, for example, in bank, there is a certain amount you will like to transfer and you need to go to the bank and run the transaction, but in blockchain, you transfer any huge amount crypto you wish to transfer and is very fast.
A little advantages of cryptocurrencies is that, Unlike crypto, there are many possible problem with traditional banks transactions, which could be, having technical issues, or can be hacked, it could have a dialy amount limit. When you send cryptocurrency to someone, the money goes directly to them, removing the middleman and at the same time, the transaction is broadcast in the entire network and recorded in a permanent way, which means, is almost impossible to fool the system. Cost of making payments are lower. Transactions are faster, especially across the countries. You can buy and sell goods and participate in the global economy even if you don't have bank account.
What is the risk?
Transactions in most cryptocurrencies are anonymous. some cryptocurrencies are untraceable, this can make it easier for the bad guys to make payments without being noticed or caught. You have to secure your password because, once you loose it, you have loose all your money.
HOW YOU WOULD LIKE TO SEE CRYPTOCURRENCY IN THE FUTURE?
Cryptocurrencies assets in future, in my opinion, i want it to becomes the means of payment all over the world and that's going to be pretty cool, as we know, we can only buy or sell good online using cryptocurrency. Like, there are many things that we can't use cryptocurrencies to do or purchase and i wish it could use to purchase those things. For example-
Things we buy offline, like maybe food we eat, we all know that we can use cryptocurrency to buy it, because not everyone know about it, so i wish in future, we can use cryptocurrency to purchase food stuffs. Another thing is that, in many countries, cryptocurrencies are not allowed, so i will love it to be acceptable all over the world. Also, the rise of cryptocurrency value is also another thing i will that is very important i.e i will like the value of cryptocurrencies to grow/increase more higher than now.
IN CONCLUSION
Making use of cryptocurrency will very easy and fast for transactions. I really thank professor @stream4u for a well detailsd lecture, i really appreciate.