Cryptocurrencies || By @abduljawad002 - Steemit Crypto Academy Season 4 Beginners' course - Task 5: Bitcoin, Cryptocurrencies, Public chains.

Hello fellow steemians, Hope everyone is doing good. This is another exiting lecture i would really enjoy writing especially after reading the lecture notes and a bit of research into the topic.

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What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Future?

What Is Cryptocurrency?

Where do we even start from? Cryptocurrency is a really broad topic to discuss. Let's start from the very birth of Cryptocurrency. Cryptocurrency was developed from the creation of the first genesis block which was able to store data and inspired the creation of other blocks to hold the data of this digital currency making it possible for Cryptocurrency to be where it is now in this century.

Cryptocurrency is the digital cash for this current generation, it has made transactions much easier and convenient for users and i believe it has a lot more potential.
There are many different types of Cryptocurrencies some are displayed in the picture below of which i will gladly discuss.

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Types of cryptocurrencies.

1. Bitcoin(BTC) Is a decentralized cryptocurrency which uses peer to peer technology to operate. Bitcoin was created in 2009 and skyrocketed later in it's years when people the value in it and that's basically the ideal of cryptocurrency investment at the lowest points and benefit when it grows.

2. Ethereum(ETH) This cryptocurrency was developed in July, 2015 by the authors named Vitalik buterin and Gavin wood and this cryptocurrency in particular has caught the eyes of many people as it's grow depicts and i strongly think it has a great future.

There are alot of cryptocurrencies which i will be more than delighted to get into but basically cryptocurrencies are an intresting am promising world to be in. Cryptocurrencies have helped a lot of people even me include and i can never be okay with more knowledge of cryptocurrency. Some of the benefits of cryptocurrency.

Benifits of Cryptocurrencies

1. As cryptocurrency was developed to counter the issues of traditional banking systems, it has made transactions much more simple and mobile and has also handed autonomy to miney holders to manage as they see fit with investment opportunities.

2. Cryptocurrencies have also removed the wait in transactions like the traditional banking system and have made transactions more transparent to user to build trust in users. Banking fees are excluded in cryptocurrencies leaving only low transactions fees in transcting worldwide either internationally or locally.

3. Cryptocurrencies makes cyber fraud difficult nearly impossible in transactions hence ensuring safekeeping of user funds. It also make transactions to international countries fast with no wait and most importantly seek to provide profit or return in investing in it.

As everything good has a bad side cryptocurrencies also have a downside which i will highlight slightly.

Disadvantages of Cryptocurrency

1. One of the most disturbing problem of cryptocurrency is it's potential for a high loss. As it's provides a potential profit or return from investing in it, it also in turn has the same risk of running a loss on your investment.

2. Cryptocurrency also provide the grounds for black market trading and other illegalities in the black market giving rise to real life problem. With the inability to track the transactions being made with cryptocurrency it gives holder's the ability to purchase things online without the risk of exposure.

3. And one and the most scary part is the likely possibility of cryptocurrency imploding at a point in time with no regulation governing how transactions and investments are run. And also the issue with scalability as the number of users keep increasing and with tbe number of digital coins available.

How You Would Like To See Cryptocurrency In The Future?

I would really love a world where cryptocurrency is the only denomination available and with the development and technology being developed currently i think we are getting a bit close to such a world.
I think even belive there will come a time where "cryptocurrency become a language" because it is going to be known by everyone and imagine a future where everyone's money has the potential to provide profit in their own hand with full autonomy on their money as to do as they please and no need to wait to make a transaction or pay higher fees just because you are transferring to someone in another country.

I think cryptocurrency has a very promising future in my eyes i just wish everyone could envision the same future with me. I would love for cryptocurrency be embedded in every transactable media world wide which will even reduce the amount of cash people carry and government prints into the system and more.

In conclusion, i would like to extend my regards to prof. @stream4u for this lecture. I really enjoyed it and i had the chance to remind myself why i love cryptocurrency that much and how i am willing to know more no matter what i know.
Thank you.