Steemit Crypto Academy Contest / S2W1 - How Cryptocurrency has Shaped the Financial Realm. What is Its Future? by @Shylock2002

Cryptocurrency is coming from two separate words that is crypto and currency which have been joined. I would like to give a brief on these two words.

CRYPTO:Whenever we say crypto it is simply a secret something. The name crypto was gotten from a Greek word that’s kryptos.This is a brief about crypto now let’s go-to currency.

CURRENCY:We all know and have an idea about currency because we have been using it in our everyday life. When we say currency it is anything normally accepted and used by people in payment of goods and services.

Now let's get to the main subject cryptocurrency.

CRYPTOCURRENCY:Whenever we say cryptocurrency it is simply a digital currency that has been made on the blockchain and it has been specially built in a way that all details on the blockchain cannot be removed. Usually, cryptocurrency is known to be decentralized which makes every activity that goes on in the blockchain clear to its users, without the involvement of third parties.

A lot of cryptocurrencies have been built, Such as Bitcoin, Litecoin, and Ripple. etc

Bitcoin is known to be the mother of all the cryptocurrencies, It is also the first-ever cryptocurrency built on the blockchain, Satoshi Nakamoto was the developer of the Bitcoin.

So currently I believe almost everyone might have heard or known about cryptocurrency because has now gained a lot of attention since people are making lots of profit on the cryptocurrency market. So after Satoshi Nakamoto developed Bitcoin in the year 2009, was when cryptocurrency started to gain attention even though Bitcoin happens to be the first cryptocurrency developed ( mother of all cryptocurrencies). So anytime we say cryptocurrency it simply means a digital cryptocurrency, that cannot be held physically.

So now CRYPTOCURRENCY can easily be referred to as a digital cryptocurrency, which is used for numerous purposes such as paying for goods and services, cryptocurrency does not rely on any monetary system, it is built on its own to assess and endorse it own transaction activities. Also when we say CRYPTOCURRENCY it is a peer-to-peer transaction system that permits users or holders around the world to be making transaction activities ( send and receive) on their own without any difficulties and transactions activities are usually transparent so it is very difficult for to cheat. As we all know cryptocurrencies are normally decentralized, so every activity is managed by the users without the involvement of third parties or mediations, unlike the bank so transactions are very fast on the cryptocurrency.

So here cryptocurrency has been built in a way that all the transaction activities which have been successfully carried out, have been documented on the blockchain, This is purposely to fulfill the blockchain as a digital ledger that has been created especially to document all the transaction activities any users Carries out on the blockchain since it operates as a digital ledger it is very difficult for users to delete transactions records from the blockchain. This helps users to know the records of their transactions.

We must take note that the cryptocurrency and the conventional currencies are not the same, they both have their uses, so in my next writing i will be listing some comparisons between the cryptocurrency and the conventional currencies.

• Usually, we have the cryptocurrency be a decentralized cryptocurrency where users can make payments for goods and services without the involvement of third parties with very less transaction charges, and it is very fast whiles the conventional currencies happen to be a centralized cryptocurrency normally what we call the central banks, which is own by the state or government and it involves the third parties or mediators before transactions can be done, it is very slow and it has a very high transactions charges compared to the cryptocurrency.

• So the cryptocurrency is normally more volatile on the market so it is always recommended for investment purposes to make good profits whiles the conventional currencies have a very less volatile and it is normally good for saving at home, banks, etc.

• So the cryptocurrency has been specially built in a way that all the transaction activities carried out are been stored on the blockchain, so it can’t be deleted or edited because it is working out as a digital ledger while with the conventional currencies normally all the transaction activities which have been carried out are stored in the computers so it can be deleted or edited anytime by the user.

• So the cryptocurrency is usually comprised of a digital form so it can’t be held in the hand whiles the conventional currencies are usually comprised of a digital currency and an offline currency so it can sometimes be held in the hand.

• From my own experience and opinion the innovations of cryptocurrency have been able to bring up so many changes in the world now, as users are free to run transactions activities ( send and receive) across countries anytime they want without any permission from third parties or mediators and it is very fast and reliable.

• The innovation of cryptocurrency has come to change the life of others because we have lots of investors and small traders who are making lots of profits from currencies, and since the innovation of cryptocurrency it has successfully helped the jobless to acquire jobs for themselves.

• So since the innovation of cryptocurrency we currently have numerous blockchain or exchange which is now serving or giving out some offers the monetary organizations or institutions normally give to their customers to feel more comfortable. So the innovation of cryptocurrency is doing a lot.

• The innovation of cryptocurrency has come to eliminate third parties or mediators when it comes to transactions activities, also has very fewer transaction charges, and is very fast, with the cryptocurrency is built to be a decentralized blockchain unlike the conventional currencies which are centralized and all transactions must be approved by the mediators so transaction charges are very costly.

• When it comes to cryptocurrency it is highly volatile, that’s it changes every second on the market, and users can easily lose funds or make a profit. We all can testify with me that the cryptocurrency market is currently in a bearish season and a lot of investors have lost a lot of funds in investing in the cryptocurrency like btc, eth, solana but most especially the LUNA because it has been dipped about 99% on the market.

• When it comes to cryptocurrency it is usually immutable that is you are unable to change, anytime a user tries to make a transaction to a wrong user it is very difficult to reverse back, so users must be very careful when it comes to transactions of cryptocurrency.

• When it comes to cryptocurrency it is always transparent or decentralized and it can easily attract scammers or hackers.

• When it comes to the cryptocurrency market it has been made in a way that the whale on the market, usually determines the market to either be in a bullish or bearish season.

• In my opinion, I believe the cryptocurrency exchange or market in which the users invested, should have some maximum target where the cryptocurrency can be able to drop, I believe with this the whale on the market won’t be so much worried about the funds because they won’t be losing all funds whenever there is a 100% drop in any cryptocurrency like the Luna.

• Because there are no third parties to be checking through all transactions the time which transactions are been carried out should be extended and must be given about three options for users to cross-check the details of their transactions to prevent them from making wrong transactions, unlike the conventional currencies where there are third parties to cross-check transactions activities.

• Any cryptocurrency investor or trade must know the exchange or blockchain they are investing in, by making their research about the blockchain to check if it is free from scams or hackers before they invest, some recommended blockchain or exchange investors can invest in include Huobi-pro, Poloniex, coinmarketcap, BINANCE and many more.

• The whales on the market must not always determine the market, the crypto market should be made in a way that every user can also determine the market, there must be a rule that the whales on the market cannot take off all their funds on the market instantly, because whenever they take off their funds the market automatically goes down and small investors start to lose funds.

From my understanding and research, I will say YES I boldly believe in the future of cryptocurrency.

• As it stands the government of some countries has now started to show some interest in cryptocurrency and has been legalized. And now some companies such as chain Starbucks, US telecom firm AT&T, technology giant Microsoft and many more have started accepting digital currencies as a payment method and it is very easier and faster.

• So as it stands the cryptocurrency has begun to attract lots of attention from people around the world because with the cryptocurrency there are no interruptions when it comes to transactions and it is very fast and easier.

• The cryptocurrency has been built in a way that is decentralized and has very high safety, transactions activities are transparent and it is best in making transactions beyond your country, and we all can testify we now have this project called NFT and the full meaning is Non-fungible tokens, this is also another form of digital asset that users can make lots of money for selling their NFT.

From my own experience I would recommend cryptocurrency to everyone to invest, somewhere last year I invested in this coin called VEROX, and trust me I made some profits from that coin. So investing in cryptocurrency is the best thing I would recommend for everyone, but you must take note that the cryptocurrency market is highly volatile, you can make huge profits or huge lose within the shortest time in the market, so I won’t recommend cryptocurrency for those who are soft-hearted and they must make their own enquires or research about exchange or cryptocurrency they are investing to avoid frauds.