Steemit Crypto Academy Season 4 Beginners Course-Homework Post For Task 5 : Bitcoin, Cryptocurrencies and Public Chains
Good day everyone,
I am very delighted to be part of this wonderful lecture and on the topic on Public Chain. I will like to thank our noble professor @stream4u for that wonderful lecture. I really enjoyed and learnt a lot so am kindly here to present to you my work.
What is cryptocurrency and how you would like to see cryptocurrency in the future?
A cryptocurrency is a digital currency or a decentralized form of currency that can be used for other payments or for investments. It’s been digital means it can’t be seen physically but rather stored on computers and when we talk about it been decentralized means it is not managed or controlled by any bank. In January 2009, this great man known as Satoshi brought out all this cryptocurrency we are talking about today and in the same year they invented the first cryptocurrency.
The very reason why he created this cryptocurrency was that he wanted people around the globe to have more power to manage their funds rather than saving it in the banks which is managed by authorities as times goes on. When this man was bringing up this his dream was cryptocurrency to be used around the world and known by many people. And today as we speak I can say more than 50% of the world knows what cryptocurrency is. This has really made sending and receiving of money very easier than going to the bank.
Because this cryptocurrency is made digitally, there is no need for you to go and seat by a manger to register you. It’s simple just get your internet either on your phone or on your computer, visit their sites, follow the simple and then then your done within some minutes. So if you are a person who don’t have this account and also want to manage your money personal, I will advise you to create an account as soon as possible.
And because this cryptocurrency works with blockchain I can emphatically say that no one can get in touch with your account if only you keep your account logins at a safe and private place.
Charges taken during transactions are very low because with sending of cryptocurrency there is no need to add any middle man to get any percentage. It’s just you the sender and the receiver very simple.
Also saving of capital in your cryptocurrency account is far better than you keeping money on your self because any moment anytime thieves can attack you and when your money is with you it will be stolen. But when is on your account it will be secured.
The time engage in sending or receive funds is very fast especially if the person is far from you as in another country. So soon as the person confirm the transaction and if only there is network you are also receiving your funds not as compared to banks where it will take you hours before receiving gets in his or her funds.
Before you can get in touch with your account, there is no need to go for a book to write and sign. That is why when you are done creating your accounts your logins will be provided that is you will be given some keys to keep at a private place.It is simply known as the same private and public keys.
When we talk of public key, it is a key that makes you login into your main account and for the private key it helps you login into your wallet.
Below are some examples of cryptocurrencies:
- Bitcoin
- Ethereum
- Tether
- Cardano
- Binance coin and so on.
Got this screenshot from coin market cap
How will you like to see cryptocurrencies in the near future?
I can say in the years back when cryptocurrency was brought into the system, majority of people who knew it by then was like it is scam and didn’t invest in it but as we speak now more than 50% of people around the world has invested in it and make a lot of profit at end.
A lot of people are not idle and jobless anymore just because of cryptocurrency. People’s have created sites where you can generate cryptocurrencies and also gain money from it which has open ways for people to get their daily bread.
For me personally, I know cryptocurrency has helped a lot a will even help more in the near future so I invested my funds into it because I have some amount of Bitcoin and Ethereum in my wallet. And I know am going to make a lot of profit one so my advice to my colleagues is that they should also try and invest some of their funds into this.
Even as times goes on I know this cryptocurrency we talking about is going to take over our currencies we spend in our various countries.
In my country for instance, it’s just a few who know more about cryptocurrency, I didn’t know anything about cryptocurrency but as we speak now steemit has made me gain some knowledge about that. So because they don’t know they still see it to be scam but I will try possible best to educate friends to also educate the others.
Also there are some few countries such as United States that wants its citizens to stop making transactions with cryptocurrency because their leaders know in the future it will take over their own currency.
There can also be a low standard of leaving if we all accept to move on with cryptocurrency. It had really created job opportunities and I know the poverty level in this world can change if we take cryptocurrency serious.
The only problem this cryptocurrency blockchain has is that you can’t easily recover your master password and when you misplace yours it means your cryptocurrency in that account will go waste. My my advise is that try to hide all your keys at a safe place.
In brief, I will say as times goes on more jobless people’s will get something to do and earn a living with cryptocurrency and a lot of people will also invest in it and when that happens the world itself will now be a smart one.
Thank you very much professor @stream4u for that wonderful lecture and May the good be with us and bless us all.