Steemit Crypto Academy Contest / S2W2 – Cryptocurrency Adoption by @malikusman1.

The cryptocurrency was introduced into the world in about 2009 and no one knew what it was. People were not aware then and they did not know what a cryptocurrency is. Different people commented on it. Some people said it is a scam and some people said it had no personal existence.

But as time went on, people began to trust this cryptocurrency and people started buying it. With the passage of time, the adoption of Cryptocurrency became more and more popular and more and more people started adopting it. Due to its high price fluctuations, some countries have refused to adopt it.

People have made a lot of money because of the cryptocurrency. But with the passage of time people have adopted and adopted it a lot. If we talk about its total market cap in 2021, it was close to three trillion dollars which is a huge amount.

We can also gauge the adoption of cryptocurrency from the fact that the world's largest companies like Microsoft, Facebook, Tesla, paypal and many other companies have adopt it and thats a very big achievement of cryptocurrency.

It is also adopt a lot by gaming firms. In 2021, the crypto gaming business like Axis infinity generated a very good revenue. Bitcoin's price has soared by approximately 540k percent from 2012 and 2021. That's a fantastic return.

It has now been adopted by many major countries and many countries have declared it a legal tender within their own country, the biggest example being El Salvador. And if we talk about adopters around the world, it's more than 300 million. So, these are the things from which we can guess the adoption of cryptocurrency in the financial market.

Business can be boosted with the help of cryptocurriences in many ways. The adoption of cryptocurrencies by businesses companies has many boosting advantages that are given below.

• TRANSACTIONS RECORD

As we know, man forgets old things and it is very difficult to remember old things. Sometimes we pay more to the company but it tells us less. But cryptocurrency has also come up with a solution of this problem. If we conduct our business through cryptocurrency then we can see our oldest transaction on blockchain. So in this way we can save us from the scam of the companies. which is a very good thing.

• FASTEST SPEED

Because transferring money to someone through banks might take a long time, businesses can benefit from bitcoin because of its fast speed. The decentralised nature, which is made possible by the lack of a third party make its fastest. As a result, thanks to the high transaction speed of Crypto, company can be boosted.

• SECURED TRANSACTIONS

Cryptocurrency transactions are highly secure and confidential. Because if we transact through cryptocurrency, our personal details will be kept private and wallet addresses will be displayed on blockchain record. So here we can gauge how secure the transactions of cryptocurrencies are and how they help in promoting business.

• BORDERLESS TRANSACTIONS

As we all know that we can send crypto from one country into another country in very easy way. If we want to buy something from another country, we can easily send money to the company. So that's a big boost for the business.

WHAT IS YOUR OPINION ON CRYPTOCURRENCY BEING ACCEPTED GLOBALLY FOR OUR DAY-TO-DAY TRANSACTIONS

If cryptocurrency is accepted for everyday transactions all over the world, people can reap huge benefits from it. Because with the help of cryptocurrency we can transact with each other at very low cost but if we do the same transaction through banks then it costs us a lot of money.

One of the advantages of this is that if we transfer from each other, it will be known only to both of us and no third party will know about this transaction that is a good thing. With the help of cryptocurrency we can also transact with each other in less time. whereas it would take a lot of time if we transact through banks.

If we want to send money from Pakistan on Saturday or Sunday to a loved one who lives in another country, it would be impossible for us because banks has a holiday in Pakistan on Saturday and Sunday.

And if we do these transactions with the help of cryptocurrency then we can do it very easily because cryptocurrency does not have any day off which is a very good thing. At, last it is very helpful for us if crypto being accepted globally for our day-to-day transactions.

DO YOU THINK THE HIGH VOLATILE NATURE OF THE CRYPTO MARKET IS A CONCERN TO BUSINESS OWNERS? DISCUSS.

High volatility is one of the most serious issues with cryptocurrency market, and it is one of the biggest concern for business owners. Many business owners avoid to accept crypto money due to its high volatile nature. Because the values of cryptocurrency change from high to low or low to high in a short period of time, So no one want to take such a big risk.

For example, the owner of a Honda company sells his car for 1BTC, whose worth was about 35,000 Us dollors at that time. And suppose the crypto market crashes the next day and the price of BTC drops to about 30 thousand dollars, it would be a huge loss to the owner of the company and no one would take such a big risk.

This is why the high volatile nature of crypto market is a concern for business owners. So, they avoid to accept the cryptocurrency due to its high volatile nature.

WHAT OTHER FACTORS ARE CURRENTLY LIMITING THE ADOPTION OF CRYPTO AND HOW CAN THIS BE SOLVED

There are many factors that are limiting the adoption of cryptocurrency. Now we will talk some of these factors that limiting the crypto adoption.

• BANKS

The first factor of limiting the adoption of cryptocurrency are banks. If the bank is compared with the crypto then the annual return of the bank is much less than crypto. Because the crypto can gives us much higher returns. And obviously people will invest money in things that will get them higher returns. That is why banks has a danger from crypto and this is the reason the banks give money to media channels to avoid the people from crypto.

• GOVERNMENTS

The second factor that hinders the growth of cryptocurrencies is governments because the government can run cryptocurrencies regularly if it wants to, but they think that people will use cryptocurrencies for illegal purposes. Governments do not legalize cryptocurrency because of its highly volatile nature.

• UNPREDICTABILITY

One aspect limiting cryptocurrency adoption is its unpredictability. Because of its unpredictability, many investors are hesitant to invest in cryptocurrencies. Some people thought that cryptocurrency is a scam and they may be right because we can seen a lot of crypto scams in its history. So, these are the some factors that are limiting the adoption of crypto money.

In the world of cryptocurrency, anyone who wants to buy a cryptocurrency for whatever amount of money is allowed to do so, but in my opinion this should not be the case. Because he can buy a lot with money.

We have seen that some large investors buy a large number of cryptocurrencies and then sell them all at once, which leed us to a volatile market.

If the owners of cryptocurrency allow their customers to buy a limited amount of their cryptocurrency then it is possible to avoid from high volatility. So, according to my thought his is the solution of all the problems.

DISCUSS THE PROS AND CONS OF CRYPTOCURRENCY ADOPTION BY BUSINESS OWNERS

There are many advantages and disadvantages of cryptocurrency adoption for the business owners.

PROS

• We can send cryptocurrency from one country to another without the involvement of any third party. Therefore, it will be beneficial for business owners.

• If we send money from one bank to another, it will charge a much higher transaction fee than a cryptocurrency. Therefore, it would be beneficial for the business owners to transact with the help of crypto.

• Since all data is secure on the blockchain, it would be helpful for businesses to transact cryptocurrency.

• Cryptocurrency does not take much time in its transaction, we can send it anywhere in a very short time. So, if we use it in business, we save a lot of time in cryptocurrency transactions.

CONS

• Because cryptocurrency is not legal in many countries. So this is one of the biggest disadvantage for business owners.

• Excessive volatility is another disadvantage of cryptocurrency for business owners. Because no one can take the risk.

• Another disadvantage is that if we send it to the wrong wallet address, it becomes difficult for us to retrieve it.

• As all transaction data is transparent on blockchain so this would be another disadvantage for the business owners.

So, these are the pros and cons of the cryptocurrency for the business owners.