[Cryptocurrency] - Steemit Crypto Academy Season 4 - Homework Post for Task 5.
Question -1 What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Future?
A cryptocurrency is typically an effective currency which is stabled by term of cryptography, and which makes it nearly impossible or not possible to fake out.
Most of the cryptocurrencies are being decentralized based open networks on blockchain technology i.e. a distributed registerar which enforced by a disparate network of computers.
A defining characteristics of cryptocurrencies is that this is generally not announced by any central mastery, rendering them apparently immune to government intrusion or manipulation.
it is a type of payment that can be transfer online for services and goods Many companies have their own issued their own currencies, often is known as tokens, and these can be traded categorically for the good or service that the company gives us.
Think of them as you would be forume tokens or casino chips. You’ll need to transfer their real currency for the cryptocurrency to reach the good or service.
it work using a technology known as blockchain. Blockchain is a decentralized robotics spread across the many computers that records and manager transactions.
A cryptocurrency is a form of digital liability based on a network that is distributed across a large number of computers.
It decentralized structure permits them to exist outside the control of governments and central authorities.
The word “cryptocurrency” is obtain from the encode techniques which are used to secure the network.
Blockchains which are company based methods for ensuring the transactional data, are an important or basic component of many cryptocurrenciess.
Many of these experts do believe that related technologies and blockchains will be able to disrupt some of the industries, including finance and law.
How You Would Like To See Cryptocurrency In The Future?
Some economic examiner predict a big change in crypto is impending as institutional money enters in the market.
there is some chances that crypto will be available on the Nasdaq, which will further add credibility to blockchain and its uses as an alternative or other options to conventional currencies.
Some people predict that all that crypto needs is a verified exchange traded fund (ETF). An ETF will possibly make it easier for all users who wanted to invest in Cryptocurrencies, but there is still something required to be the demand to be want to invest in Cryptocurrencies, which may not automatically will be generated with a fund.
In the announced Laboure said that Bitcoin and Ethereum are being accepted in many shops currently but are still not common forms of payment due to the long transaction time and high transaction fee.
Bitcoin takes 10 minutes to authenticate a transaction with a transaction fee of $20 currently, making it have a less popular choice.
On being asked how the Bitcoin is different from dollar or any other fiat currency, Laboure said Bitcoin or other cryptocurrencies are not allowed by the government, because of which people are not legally required to accept it as a means of payment.
According to him Bitcoin has the probable to become Bitcoin 21st century gold. Bitcoin has inflation properties. It is nit used widely as meas of payment and more highly explosive.
Conclusion
Thanks professor @stream4u as I have learned about various topics from your lecture and I am able to attend your task.
It was a very important tasks about Cryptocurrencies and I am glad that I participated in your lecture.