Bitcoin, Cryptocurrencies, Public chains - 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?
What is Cryptocurrency?
The very first Cryptocurrency type was Bitcoin and it was introduces by Satoshi Nakamoto in 2009. The main purpose of it was to do transactions within anyone in seconds without depend on anyone or any institutes paying high fees.
Since then now there are more than thousand kinds of Cryptocurrency types. But Bitcoin is still the leading among Cryptocurrencies.
And here are some main Cryptocurrencies that available :-
• Bitcoin
• Ethereum
• Litecoin
• Monero
• Ripple
• bitshares
• NEM
• Bitcoin Cash
• Stellar
• Ethereum Classic
• Zcash
• Dash
• Dogecoin
• Lisk
• siacoin
• Factom
• 0x
• OmiseGO
• Viacoin
• burst
• Ardor
• Augur
• blackcoin
• vericoin
• peercoin
• nexium
Cryptocurrencies have become more famous due to lot of advantages of them.
Advantages of using Cryptocurrencies ;
- Everyone can easily access -
- High Security - Cryptocurrencies are handle in decentralized blockchain, so everyone user has sole power to access to his/her account and details. So no one can freeze your funds for any reason.And also 3rd party cannot observe the transactions and cannot hack them.
- Fast transaction
- Can do very large amount of transactions without any explanations to any authority
- Low transaction fees
Here is the fees structure in Poloniex. You may get some ideas about how low is the fees are.....
| Volume (BTC) | Maker's fees | Taker's fee |
|---|---|---|
| <600 | 0.15% | .025% |
| 600-1,200 | 0.14% | 0.24% |
| 1,200-24,000 | 0.12% | 0.22% |
| 2,400-6,000 | 0.10% | 0.20% |
| 6,000-12,000 | 0.08% | 0.16% |
| 12,000-18,000 | 0.05% | 0.14% |
| 18,000-24,000 | 0.00% | 0.12% |
| 24,000-60,000 | 0.00% | 0.10% |
| 60,000-120,000 | 0.00% | 0.08% |
| >120,000 | 0.00% | 0.05% |
Advantages of using Cryptocurrencies ;
- No regulations - since the Blockchain system has No law or regulations, it can easily used in illegal activities.
- High maintain expenses
How You Would Like To See Cryptocurrency in The Future?
Recently El Salvador became the very first country which accepted Bitcoin as a currency exchange. This is a huge turning point in Cryptocurrency history and I hope other countries may also take steps to accept Cryptocurrencies in their countries.
Not only people, but also some famous companies also started using Cryptocurrencies in their business.
Tesla announced Monday it has bought $1.5 billion worth of bitcoin.
Tesla also said it will start accepting payments in bitcoin in exchange for its products “subject to applicable laws and initially on a limited basis.” That would make Tesla the first major automaker to do so. The $1.5 billion worth of bitcoin will give Tesla liquidity in the cryptocurrency once it starts accepting it for payments.
So I hope more companies may start to accept Cryptocurrencies in future.
And still there are lot of countries that consider Cryptocurrency as illegal, even using them also illegal due to lot of traditions and misleads. So in future I hope those misleads may corrected and adopt with them.
And Since the Cryptocurrency blockchain system has public key, private key to increase the security in the system. Neither Public key nor private key is memorable. I has to be save in somewhere in the computer or phone.I see that it's hard to recover the account if you loose public key. Hope there may be way to solve this problem in future.
And still I haven't seen any proper platform to learn about how to handle Cryptocurrencies for Newcomers easily and correctly. There are lot of articles which based on user's experiences and some are really misleading newcomers and it make leads to manipulate the Cryptocurrency market. There should be a proper place for newcomers to learn and improve their experiences.
I hope you all learn more about "Bitcoin, Cryptocurrencies, Public chains" from this post.
Thank you