Steemit Crypto Academy Contest Season 2 Week 1 - How Cryptocurrency has Shaped the Financial Realm. What is Its Future? By @dave-hanny.
Welcome to season 2 week 1 contest, I am greatly happy to have you all as friends and I am so impressed to partake in the engagent challenge of this community with the topic, how crypto currency has shaped the financial realm and what is its future? Keep calm and read from my own view about cryptocurrency.
Below is my brief overview of cryptocurrency
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Cryptocurrencies
The comparison between cryptocurrency and conventional currencies.
The conventional currencies and crypto currency, are both used for same reasons or purpose. Therefore, there are similarities and differences between the two.
The Similarities
- Cryptocurrencies are been saved in its users account which makes the user get easy access at anytime same as the conventional currencies been saved in the bank and cash out through the use of ATM(Automated Teller Mechine) at any time therefore, makes them similar.They all operates in same savings means called account which are all digital.
- The both are all monetry therefore, money is value generally to it's owners and that is why is been kept save. It's users uses the currency which ever form it is, whether conventional or cryptocurrency for exchanges as a payment for the services done or as well as exchange for goods and services. It could be in the market for buying and selling, school fees payment, bills etc.
Differences
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There are clear differences between the two currencies some of which are:
1.Cryptocurrency has been known to be a currency which is digital and decentralised which is not belonging to a central body e.g central bank but it has to do with network of the block chain.
While
Conventional currency is known to be a centralised body and it's been controlled or managed by the central bank or government of a particular country e.g central bank of Nigeria, my country.
2.Cryptocurrencies uses block chain networking technology. This blockchains also keeps records of all transactions, controls the entire system and gives its users more reasons for quality trust to the cryptocurrency world.
While
Conventional currencies uses bank technology means and atimes mostly with the collaboration of bodies with great income which can lead to easy misunderstanding between the parties. Conventional currencies to some point, has no sense of transparency because it gives it's users doubts atimes when users account are been scammed or deducted for some inesccessary charges.
3.Cryptocurrency transaction is done between only the user and the peer( the transaction partner) for security reasons which makes crypto world more transparent when it comes to security and privacy.
While
Conventional currency obviously involves more than two persons when it comes to transaction.This brings minor doubts for perfection.
4.Crypto currencies are very secured by it's users.Every users have private keys which makes the account very secured with thechelp of the blockchain technology.
While
Conventional currencies could have their securities too but scammers gets access to scam the users which at this point, gives different thought to the users.
Explain the distinctive innovations of cryptocurrency and its downsides.
Cryptocurrency Innovations
Cryptocurrency has more than one innovations that has been pondered upon to make cryptocurrency a better one and some of which are:
Drawdowns of Cryptocurrency
- One of the drawdowns is the Blockchain should find a way of making a mistaken or unintended transaction to it's users which could be due to data been used wrongly and it could be just a minor oversight.
- Another drawdowns of cryptocurrency is obviously, the instability of the market price of the cryptocurrency.This has been a bothering topic to its users.The centralised agencies atimes causes the rise and fall of the market price because the stressing of such bodies handles the ecosystems which could be a reason of the instability in price.Some of the reason is that, some cryptocurrencies projects was not defended to their taste.
How do you think major problems with cryptocurrency can be handled? Let this be a response to the downsides highlighted earlier.
My way of handling Cryptocurrency Drawdowns
This is my suggestion on changes that can be actualised to handle drawdowns whth cryptocurrencies.
- For the price of of currency. Some persons are into minnning coins of cryptocurrency therefore, it would be of help if the minning equipment could be appreciated by reducing the amount for gettingg such equipments for mining.
- There should be provision for reversable transaction by giving room for correcting unintended transactions in a way of messaging the block that the transaction is been declined that is, giving another room and chance to recheck because some transaction are due to oversight which may lead to ommission.
Do you believe in the future of cryptocurrency? State your reasons. Any Recommendations?
Yes ofcus! I know very well that crypto has a great future which gradually it's users will be everywhere round the world therefore, i somuch believe in the future of cryptocurrency.
Cryptocurrencies does not look like it's gonna end someday but with the different innovations coming on board, i strongly belief in the future of cryptocurrency.
Conclusion
I appreciate this great platform for such an opportunity to air out my view on how cryptocurrencies has shaped financial realm.
Thank you all for reading to this point.
Yes my friend you are right this is one of the biggest issue of the crypto market. Because of its volatile nature, no one in this world can predict the future of the corrupt market. If the owner of the coin sets a limit and gives each one an equal amount of coins, we can avoid coin fluctuations. Thanks for sharing a great post.
Yes dear, thank you somuch for reading through my post. Indeed its everyone's heart wishes that, the crypto market becomes stable but we will ofcus keep steeming dear, best wishes.
Assalamoalaikum,
Dear I don't think it is a drawback of Crypto because everyone want a Quick Transaction. But due to quick Transaction there may be some errors but these error are rare.
You're doing good keep it up and I hope you will understand it.
Waw, thank you for the correction it is noted. I tink what i wrote was the opposite of the drawback of cryptocurrency. You mentioned lastly that, i will get to understand it thank you somuch.
I believe with time, cryptocurrency will be adopted Worldwide, the setback which occurs as regulations in some countries will be reviewed as tome goes one
Thank you much for your wonderful comment, it is our prayer that cryptocurrency will be adopted worldwide.
I pray and hope someday it will be widely adopted
The instability in cryptocurrencies is what makes it cryptocurrencies, can you imagine a pastor without his Bible? Not at all, thats how u can't imagine cryptocurrencies without volatility. It's in the design I guess.
Okay, thank you for your great comment. Lets guess its been design that way. Keep steeming friend
You have made a topnotch description of what Cryptocurrency is all about
Here you said
You've made a great statement here but I partially agree with it because cryptocurrency is yet to be widely adopted by the general public because government is yet be part of the team that will regulate it. This scares a lot of people to invest their earnings in cryptocurrency.
You have done a great job ..
And I wish you luck in the contest
Thannk you much dear for your warm comment.Yeah, but the point is, as good as cryotocurrency is, if all persons would have the idea, they would prefer cryptocurrency than conventional currency, thanks