Steemit Crypto Academy S2W1 - How Cryptocurrency has shaped the Financial Realm. What is Its Future? By @rad-austine

Introduction:

Hello gentlemen and ladies greetings to you all, how are you people doing, i hope you all are doing wonderfully well, i am so glad to be here today, to participate in this fascinating contest which is titled.

How cryptocurrency has shaped the financial realm, what is it's future? It's a a very interesting topic, that is well explained base on my understanding, cheers as you read on.
The above image was edited by me using flyer marker.

Users are expected to briefly give an overview of cryptocurrency.

Before i proceed on let me briefly explain the meaning of what a currency is all about.

What is currency?

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Currency simply means a form of money, that is been used as medium of exchange for the payment of goods and services, within a geographical environment, it's could be in the paper form (banknote) or metal form coin.

It's also a form of value that is been accepted by the general population of a given geographical location, that is the reason different countries in the world have their own currency for example
Nigeria have Naira, United States of America use Dollars, United kingdom have pounds Sterling, euros etc they are all different forms of fiat currencies use by various nations in the world.

Do you know that we have different types of currencies ? which are:
Fiat currency, is the money that is been issued by our traditional banking system, that is generally accepted in a country, example us dollar, naira euros pound Sterling etc.

Digital currencies are cryptocurrency token that is been used online it's visual, it's can not be physically feel, it's used in the internet, it's decentralized and it's not issue by government monetary authority. examples are Bitcoin, Etherum, Steem etc.

Cryptocurrency

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Cryptocurrency ( crypto) are digital currency that is visual it's is use online meaning it's users can not hold it's or have a physical feel of it, and it's uses cryptography to secure it's transaction.

Cryptocurrency uses (per2per )system it's does not require a third party before a transaction can be made, an it's not issue by our traditional banking system, one can carry out a transaction very easily at any given geographical location.

Cryptocurrency are decentralized blockchain system no individual or group of people controlling it, an it's participants are anonymous.

Types of cryptocurrency
There are various types of cryptocurrency such as Bitcoin Etherum Steem Litecoin etc.

Bitcoin is the first cryptocurrency token that has been in existence before other were introduce, it's was founded in 2009 by Satoshi Nakamoto
there are other numerous crypto token.

Do you know that cryptocurrency is hold in a wallet? just like steemit wallet were we as steemians can store our steem.

Also we need and exchange platform to successfully make a cryptocurrency transaction, trading or investing on cryptocurrency my favorite
cryptocurrency exchange is Binance, that is where i trade my cryptocurrency also carry out my peer-to-peer transaction.

How cryptocurrency work
Cryptocurrency functions on a public ledger known as blockchain which record it's transaction. unit of cryptocurrency are form through mining, which is using a computer to solve complicated mathematical problem, in the process coins are created. so it's functions in a very unique ways.

Draw a comparison between cryptocurrency and conventional currencies.

The Similarities between cryptocurrency and conventional currency are as follows below:

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Medium of exchange

Both cryptocurrency and conventional currency can be used to buy goods an pay for services, there is a shopping centre in my city that is located along old Enugu road here in Abakaliki, they accept cryptocurrency as means of payment, i could remembered, last month i used my Steem to purchase some commodities in the shop.

Divisibility

Both cryptocurrency and conventional currency can be divided in to small unit for instance 1naira can be divided in to 1 Kobo we can also divide cryptocurrency in to smaller fraction 1BTC can be divided in to 0.000001BTC, or 1steem which can be divided in to smaller fraction like 0.1steem

Varieties

There are various types of conventional currency that is been used in the world by different countries such as naira, pound Sterling, us dollars euros etc.
That is how cryptocurrency are of various multiple types such as Bitcoin, Etherum Steem Litecoin etc.

Store of value

Both cryptocurrency and conventional currency can be stored using different method cryptocurrency are store in a wallet while conventional currency are store in bank account also both can be presented as gifts to friends, siblings etc, i could remembered last two months, i gave my steemit friend 20steem as birthday gift.

Commodities independent

Both cryptocurrency and conventional currency are not build on any commodities such as gold or silver, conventional currency are either made of note paper or coins, we have cryptocurrency token or coins.

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Difference between conventional currency and cryptocurrency currency

Conventional currency	cryptocurrency currency
• Conventional currency have physical existence which means it's can be hold, touch and carry about by people	Cryptocurrency currency are digital currency which are mainly visual, there can not be touch or hold, they only existence online.
• Conventional currency are control by the central authority which are the government, so government rules and regulations can easily affect it.	Cryptocurrency are decentralized, all it's participants are in charge, so no body control it's, so it is not under government control
• Conventional currency require a third party, before transaction can be made middle men are involved just like our traditional bankingsystem	cryptocurrency no third party are involved transaction are mainly done peer-to-peer
• Conventional currency are less volatile because it prices do not change frequently	Cryptocurrency are more volatile it's price change frequently
• Conventional currency has high registration fee and hugh transaction fee as well	Cryptocurrency has less transaction fees

Explain the distinctive innovations of cryptocurrency and its downsides.

Cryptocurrency functions in a public ledger, know as blockchain, which record it's transaction the process has created a lot of amazing innovation in the realm of crypto which are, as follows: fast transaction, low transaction fee, anonymous, accessibility etc.

Fast transaction

cryptocurrency transaction are perform, very fast with little or no cost of cash involved, there is no middle men to slow down the whole process, the transaction speed is very high, once there is a good network System the transaction can be perform within a minute.

Low cost of transaction

Cryptocurrency transaction fees is very low, i could remembered the last transaction i did on steemit platform, after powering up half of my Steem, because of my club status, i then transfer the remaining ones to by Exchange wallet, no cost was involved, the moment i transferred my Steem from my Roqqu exchange to my bank account a lot of charges were, involved, i lost 5steem for just little transaction i made.

Accessibility

Cryptocurrency is easily accessible, by everybody any time any day, at night or day even when the rain is falling there is no restrictions, involved everyone is free to join the platform, all you need is just your smart phone or laptop with no registration fee, i could remembered when i join the steemit platform, i did not pay any money for registration or even seek permission from any body before joining, so cryptocurrency is totally free for it's participants to join. Also user can easily access their fund in their wallet numerous times.

Security

Cryptocurrency is very secure it's difficult to steal from the system, also it's hard to delete my information from the platform or even edit any information on the platform, except someone have access to your private key to login to your wallet, they can not see your fund.

Permission less and transparency

Cryptocurrency is a permissionless, platform that is decentralized because it is decentralized users do not need to take permission before joining or make their transaction.

Transparency
Cryptocurrency is very transparent, it is a public blockchain there is no need for trust.

Anonymous

Cryptocurrency participants are anonymous they are unknown without true identification, such as name, occupation, origin of the user.

Down side
The down side of cryptocurrency are as follows:

Volatility

Volatility is one of the major challenges investors are facing in the cryptocurrency world, coin that rise very high in the morning, before evening the token might fall, it will just reduce it's price drastically.

Unregulated platform system

Cryptocurrency do not have an organization controlling the system, no controlling body, to give authority, every participants have equal rights so it makes the system unorganized and unregulated, participants can misbehave or even act in a criminal an dubious way without been caught.

Anonymity is a big challenge in the cryptocurrency users can try to steal because they do not present their true identity, also there is no need for trust, how can it be possible to trust someone you know nothing about the person, it's just an online friend, any little mistake, the person can steal an run away, without been caught.

How do you think major problems with cryptocurrency can be handled? Let this be a response to the downsides highlighted earlier.

Volatility is one of the key problem that investors are seriously facing, i think if all the various types of cryptocurrencies should have a constant price, and there should be a technology that will keep it price constant, also there should be a technological system that will always alert an investors about any changes in price of cryptocurrency, it's will help investors not to be losing money when investing in cryptocurrency.

There should be a group of people regulating cryptocurrency platform, all decentralized blockchain system should be regulated by the government, so that the system can be more organized, it's participants can easily lay a complain or report difficult challenges.

Anonymous
Before users can join any decentralized blockchain system there should register with their true identity, all participants should register using their national identification number, do image capturing.

It's will prevent users from having multiple accounts, so as to prevent fraud. When participants use their true identity they will be scared to chat or steal because they can be caught easily.

Do you believe in the future of cryptocurrency? State your reasons. Any Recommendations?

Yes i believe so much in the future of cryptocurrency. because i have been in crypto business for over a year now.

Am an investor and traders in the world of cryptocurrency, i have been in the crypto business for over a year now, an it has been very favorable to me, i could remembered last year when i was still in school, the little money i had i used it to invest in cryptocurrency, an luckily, i made three times the initial money i invested, i then used it to pay my school fees and other bills.

I see cryptocurrency as a great means of earning -passive income without much stress, all i need to do is just to invest my fund at the end make a huge profit.

I so much like electronic money, because it an easy way by which someone can easily grow rich, digital currency is a unique investment to earn more money.

Yes i always recommend cryptocurrency trading and investment to my friends, although some see it's as scam, but to me it's not, an it has been very favorable to me.

I always advise people to invest in cryptocurrency when the price is very low, so that when the coin is rising they can easily make their gain.

Also cryptocurrency is all about patience, it's take time for the price of coin to rise so i always recommend and advise my friends to be patience with cryptocurrency investment.

Also i advise people not to be greedy when investing in cryptocurrency, it's has helped me a lot, when ever i make little profit i sell my coins, an invest the money back, it's has helped me to gain more additional coin and money.

But when one is greedy they will want to wait hoping to make more profit at the end lost everything because cryptocurrency are very volatile.

Also i always advise people that when they are trading crypto especially doing spot trading, don't set the selling or buying limit very high set your order at the range it can easily execute, little profit is better than nothing.

Conclusion:

I have come to the end of this amazing contest, i want to specially thank steemit Crypto-academy community for organizing this contest, an i hope you all have learned from it.

Best regards goes to

@kouba01

I specially invite @olabillions and @simonnwigwe to come an participate in this contest

Thank you all for viewing my post