Steemit Crypto Academy Season 4 Beginners' course - Task 5: Bitcoin, Cryptocurrencies, Public chains || By @tasmiya
Hello professor @stream4u, I hope you are living a peacefull life with the help of Allah Almighty. Thank you for giving us such a wonderful lecture.
I am here to submit my assignment task-5: Bitcoin, Cryptocurrencies, Public chains. I m answering Question NO. 1.
Homework Questions:
What is cryptocurrency?
How would you like to see cryptocurrencies in the future?
What is cryptocurrency?
The word crypto is derived from one incient word " krypto" which means hidden. In in world every country have it own currency. Every person in this world use currency to buy goods and services. In this era almost every thing is can buy with currency.
Every government issue currency in the form of paper and coins. But cryptocurrency is not in a physical form. It is actually in the form of digital currency which mean there is no physical form. Cryptocurrency token digitally can only be found on phones and computers. That is, cryptocurrency does not have a paper or coin but there are digital digits available on our devices.
The first cryptocurrency was made by a profound programmer called Satoshi Nakatomo in 2009.
Cryptocurrency work as peer to peer network. If you want to get cryptocurrency is to get account. The idea of creating a cryptocurrency was to create a fixed currency that is not affiliated with the government or the private sector but rather to create an independent currency that can be used in any part of the world.
Cryptocurrecy is based on blockchain data base which make it impossible to hacked. As you know we have learnt that if you want to hack cryptocurrecy the you have almost 51% coin in crypto market which is impossible.
The local banks where you go to send, save or transfer money to your family and friend, in the process of doing all these things the cashiers or teller acts as a third party that charges you more and also with the risk of been hacked.
But for the cryptocurrency you will send and receive money with low fee charges and your money is saved from hacker since it’s stored in a decentralized system that is to say it is stored on multiple systems and can only be accessed by you. You just need to get a device that has access to a strong internet connection.
If you want to access your digital curreny you just need your private and public keys. No third party will in volved in this work.
The public key allow you to your accout and for doing some changing. But Private key will help you to do some transaction in and out from your account. It is used to for withdraw and deposit funds.
In future if you lost your key of your crypto digital accout, So you are not able to access you account again in your life.
Below I will show you some examples of cryptocurrencies:
- Bitcoin (BTC)
- Etherium (ETR)
- Doge coin (DOGE)
- Tether (USDT)
Etc.
How will you like to see cryptocurrencies in the future?
In the past no one know what is crypto currecy and did not know how this work. But in this modren era almost everyone know about cryptocurrecy. Everyone know the benefits of cryptocurrecy. We know that cryptocurrency is an alternate to fiat currecny. Today alomost 40 million peoples using crypto currency. I hope in the future this population will double and more then this will use cryptocurrency for thier need.
Even the people in the cryptocurrency business are not many who use cryptos for everyday purchases like grocery shopping, online shopping, paying for services, etc. daily transactions.
In my country, almost all Pakistanis see Bitcoin and other cryptocurrencies as fraud, so I would like to see more people educated on how useful cryptocurrency is and how to save time.
In many countries where cryptocurrency is banned. I would like to see it legalized in other parts of the world and I would also like to see all bans lifted in those parts of the country. I would love to see people use crypto without fear of being caught.
The first country to have an official cryptocurrency is El Salvador and I have heard a lot of good news about how it helps them buy things in the market without going to the bank to withdraw money.I can see cryptocurrency in future in the form of Debit Card. High power consumption has been one of the constant points from cryptocurrency critics. Bitcoin has been widely criticized by the environment for its high energy requirements. As an ambassador for the UN's Sustainable Development Goals (SDGs), I would like to see major developments in the world of cryptocurrency that will reduce the amount of energy they consume in order to have a healthy environment.
I would like STEEM to be among the top 10 cryptocurrencies on the market average. STEEM is currently ranked # 188.
Conclusion
Crypto is the future currency. In the future everyone will use crupto as a currency and will used it for shopping and many thing.It is a future of finance. It provides people with a fence against inflation. It offers equal opportunities to people regardless of race, age or location.