Crypto Academy Season 3Beginners’ Course-Homework Post for Task 3:Bitcoin,Cryptocurrencies, public chains

INTRODUCTION
It’s a great pleasure to be among the lucky ones to participate in this contest and great appreciation go to @stream4u for coming up with such a brilliant topic for us to study and understand more about cryptocurrency

(1) What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Feature?

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• Cryptocurrency
  Is a digital currency secured by cryptography that’s to say it’s secure and fast it doesn’t require a third party because it’s messages are intended from sender directly to the receiver.

• Cryptocurrency is a decentralized platform which does not require any third party to execute and process transactions . Transactions are done from the sender directly to the receiver.

The main aim of cryptocurrency is to eliminate third parties and allow users to have control over the system.

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what is cryptography
Is the study of secure methods or techniques that allow only one sender and intended recipient of the message to view its content.

The following below are aims why most people prefer to use cryptocurrency instead of using banks.

In banks, when you want to send money to your relatives or family members, the bank acts as a third party that executes all transaction process and also checks for the identity of the person and meanwhile there are also bank charges which are highly charged from both the sender and receiver. It takes a long process to complete the transactions that’s to say when the receiver receives the money message , he or she has to move to the bank to withdraw the money which may take along process to get the money due to various transactions applied in the withdraw process however in crypto currency blockchain technology it’s different you can send or receive cryptocurrency any where at any time and it and charges are low compared to the banks hence it’s intended from the sender directly to the receiver . _cryptocurrency does not require any third party_

Differences between the bank system and cryptocurrency system

Bank	Cryptocurrency
* There is a central server	There is no central server in a crypto currency transaction system like a third party or bank.
*They are controlled by central authority or people	They are not controlled by central authority .
* banks have indirect end to end network therefore third parties are involved	It has direct end to end network therefore no mediator like a third party is involved.

There are various examples of cryptocurrency and these include

• Tron(TRX)
• Tether
• XRP(ripple)
• Bitcoin
• Dogecoin
• Binance coin
• Ether

Cryptocurrency has various features or characteristics and these are as mentioned below

1. Decentralized
   Crypto currency is decentralized for example it delegates powers from central authority to regional and local authority thereby making transactions more quick , fast and safe on the blockchain platform1

2. immutable
   Cryptocurrency is not easy to manipulate because data is stored on the network therefore it will be very hard for other investors to manipulate.

3. Trust less
   Crypto currency is trust less therefore participants do not need a third party for the system to function as it is supposed to that’s to say third parties may include banks which take long processes during transactions and it has high charges . Some investors only trust themselves so crypto currency has made it easier for them since it doesn’t need a third party in processing its transactions.

4. Cryptography
   Is the study of secure communication techniques or methods that allow only one sender and intended receiver of the message to get access to the information .In
   **encrypted cides are codes that can not easily be accessed**

5. Block mining
   Is a decentralized ledger that records transactions through out a network
   Crypto currency is minded in form of blocks which records most recent transactions that have not yet entered any other block.

6. Blockchain technology
   blockchain technology is a type of data base that stores information.

Blockchain is a system of recording information in a way that makes it impossible to change.

Most cryptocurrencies use blockchain technology that makes trading of cryptocurrencies safe and transactions are very quick and fast since blockchain is one of the leading crypto currencies .

NOTE
Once you lose the public keys or private keys there is no way to recover them and you will lose everything in the wallet .
The solution to this is that one must save the public keys and private key offline from where he or she can easily access when offline for example you can keep the keys in your files.

How would you like to see cryptocurrency in the future?

• Cryptocurrency has become a trend which is being invested in by many investors

Joseph A grind fest, professor of Stanford law school, recently sat down to discuss how cryptocurrency is currently being used, what mistakes have been made, and what the the future holds for the technology

I would like to see cryptocurrency in the future in the following ways

• verified exchange trade fund
  When you invest in crypto currency, this makes it easier for you to invest in bitcoin , and bitcoin is the leading currency and its price has a great impact on crypto market therefore I would like to see this in the future

• wide spread acceptance among user’s
  The number of user’s involving themselves in crypto currency has increased in the past recent years and this shows that crypto currency is performing good on it’s various platforms therefore in the future I would like to see the number of customers increasing day by day

• Since Cryptocurrency is free from third parties I would like to see it in the future still free of central authorities also known as third parties eg banks, though we know the future of the currency in the financial system, the transactions being used by various users have slowed down cryptocurrency but I still believe in crypto currency technology because there are many mistakes in the various systems that cryptocurrency has improved and this makes crypto currencies more advanced compared to other systems

• Since cryptocurrency is a digital currency used to buy goods and services using online ledger, there will be enough profits to be made because it’s secure and has a good network hence many people will involve themselves in using the currency because in the world people are now after using currencies that are safe and fast because they hate wasting time

However, there are also hinders of cryptocurrency making it difficult for people to join crypto currencies

• inheritance
  As you know in bitcoin, for one to access it you have to have your posting and public keys which help you in opening up your account page, wallet and also help you in case you want to buy steem or sell steem ,but in case your husband is one of the investors in crypto currency and passes on then there is no way you can access his bitcoin wallet if he didn’t tell you his public and posting keys

• Market risk
  As you know in various crypto currencies the value of the currency keeps on fluctuating due to the increasing number of investors participating in the various currencies of cryptocurrency

• security risk
  In crypto currencies there is security risk hackers have got good brains that they can easily rob your money from your wallet with out you even giving them your posting and public keys but they tend to forge around with your keys and at last they succeed in hacking your page or account

Conclusion
In my conclusion, cryptocurrency being a virtual currency that does not exist physically , I would encourage everyone to involve or invest in crypto currency blockchain technology because it can be transacted anywhere at any time and it’s safe and secured , it doesn’t need a third party while performing it’s transactions .

Thank you professor @stream4u for the wonderful class study about cryptocurrency