Steemit Crypto Academy Contest / S2W1 - How Cryptocurrency has Shaped the Financial Realm. What is Its Future? by @princa

Greetings to all.
How's everything going on. Hope you're all doing well. I'm glad to meet you again, today I'll be talking about How Cryptocurrency has Shaped the Financial Realm. What is Its Future?

Overview of cryptocurrency.

Cryptocurrency is a digital currency that uses cryptographic encryption methods to guarantee the integrity of transactions and control over the creation of additional units.

Cryptocurrencies look for something in a decentralized environment of money that gives the consumer complete control over their assets, something that does not happen in a centralized environment, because in them the body has more control over our money than itself.

The decentralized system of cryptocurrencies was very difficult to build in the beginning and needs to be accepted in order to perform well. Then came the world's first cryptocurrency, the bitcoin. This currency gave rise to endless possibilities, because with it and with the acceptance of the people, the crypto universe began to grow.

Today, cryptocurrencies are widely accepted, despite all the obstacles they have encountered over time, as central organizations constantly strive to manage their capabilities, as well as overcome them. Trying, which has also increased due to the evil effects of unknown creatures, robberies and scams with crypto currencies.

But as such, cryptocurrencies are unique and decentralized assets that can be used to make payments between two interested parties. It is logical to think that the financial future of humanity is closely linked to financial decentralization and cryptocurrencies.

Source

Comparison between cryptocurrency and conventional currencies.

Conventional Currency	Cryptocurrency
They are centralized.	They are decentralized.
They are digital.	They are physical.
They are issued by governments.	They are issued by computers and algorithms.
They are stored in digital wallets.	They are stored in bank vaults.
This usually takes several days while the whole process is confirmed.	This is done immediately, only in a few minutes.
It has the legal backing of governments to do business.	It does not have the support of governments.
Consumer protection of assets.	The protection of assets is the responsibility of the bank.

Explain the distinctive innovations of cryptocurrency and its downsides.

The intervention of cryptocurrencies and blockchain technology has undoubtedly brought many benefits.
Cryptocurrencies have created a range of new and versatile content and information that could contribute to the broader development of future technologies.

Transactions are generally safer and more comfortable because the exchange doesn't require a lot of effort or tedious transfers, this is what the digital world does.

Everything has been digitized, to make life easier for the user visiting the cryptographic world, many services and businesses have started accepting cryptocurrencies as a means of payment.

Downsides Of Cryptocurrencies

Cryptocurrencies are highly volatile assets, so their prices are like a roller coaster that fluctuates constantly.

Scammers can trap someone due to the fact that it works with virtual assets, not physical ones.

Because it is used online, it is vulnerable to cyber attacks.

Upward and downward trends depend on the volume of transactions in the market. In short, investors need to be aware of these changes and this can lead to some emotional stress.

Since there are no rules or controls for its use as is the case with traditional currencies, fraudulent activities are more likely.

How do you think major problems with cryptocurrency can be handled?

Set a downward trend for the asset to fall and rise, so that this fall does not represent a fatal decline, as Luna did. In that case, anyone can talk about the daily allowance of the transaction.

Give more space to holders to maintain market value. This can help in valuing the asset and re-evaluating it.

It is the job of the developers to work harder on the security of the network, based on the assessments that have been made in case of threat.

Establish rules and regulations in the cryptographic world. This is one of the main disadvantages of avoiding the bureaucratic approach, as is the case with the traditional currency system. It is also a way to identify fake projects in the crypto industry.

Do you believe in the future of cryptocurrency?

I believe in the future of cryptocurrencies. It is true that they are taking off now and they need more time so that more people can believe in them and manage to strengthen them, in short they can achieve a tremendous rise on a global scale.

We have seen the growth and development of cryptocurrencies in recent years, more and more governments, institutions and companies are adopting the use of cryptocurrencies, their exposure and reach is increasing day by day.

Today many countries have adopted this digital system in their finances and many companies have chosen to use blockchain network in their technology. We also see the example of the recent initiative they set up in El Salvador , being the first country to establish bitcoin as a legal currency. Trading with crypto assets has become a great alternative, safe, fast and reliable, features that are satisfactorily changing the traditional currency system.

The increasing number of exchanges every day to create new digital assets and facilitate transactions is a sign that the future of the crypto world is growing. There are already many businesses that allow you to pay for goods and services with cryptocurrencies.