Steemit Crypto Academy Season 4 Beginners' Course - Task 5 : Bitcoin, Cryptocurrencies, Public Chains
Hello all friends
come back with me @aryadwigantara
on this occasion I will try to complete the task given by professor @stream4u regarding Bitcoin, Cryptocurrencies, Public Chains.
So let's take a look at my following review together
Bitcoin, Cryptocurrencies, Public Chains
In the assignment that has been given by professor @stream4u it has 3 questions, and you can choose one of the 3 questions, here I choose question number 1 as follows
(1) What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Future?
From question no 1, we will try to write one by one to make it easier for friends to read and understand the contents of the question as follows
What Is Cryptocurrency
Cryptocurrency itself has the meaning of two words, where in the first word cryptography, which means under a secret code. While currency has the meaning of currency, so if it is connected to Cryptocurrency itself, it means that a currency is created from the secret code data set itself.
Cryptocurrency is a digital currency that resides on a computer network or network. So cryptocurrencies can carry out transaction activities through computer networks using the internet. Cryptocurrencies have a code where the secret code will be owned by each digital money, which is a step to protect the digital money.
Cryptocurrency is a digital currency and this makes it have a very modern system by adopting a decentralized system, where it does not need a third person to validate or confirm the transactions that are being carried out, where the validation process or confirming the transactions that occur is the task of the cryptocurrency network that using the Blockchain system.
This cryptocurrency will always record transactions that occur with the blockchain system where it requires the services of miners in securing the digital money, where the miners will record all types of transactions that occur into the Blockchain, calm down the miners will still get paid for their hard work It's hard for them to encrypt the data recording using their hardware, so that all transactions can be recorded into the blockchain network, and remember that all incoming or recorded data cannot be manipulated, because to manipulate data it will be very impossible, because every block they bind to each other, so have to break the whole block to do data manipulation, and conceivably that's impossible to do.
As I have explained that cryptocurrency is a digital currency where we can make transactions via the internet network, as we know that there are so many cryptocurrencies currently circulating, starting from the first cryptocurrency, namely Bitcoin, then continued with, Ethereum, Altcoins, Ada, BNB and many others
Disadvantages and Advantages of Cryptocurrencies
So next we will look at the advantages and disadvantages of cryptocurrencies, if we talk about it, then because cryptocurrencies are very closely related to blockchain, it can be said that they are intertwined, so here's the review
Advantages of Cryptocurrencies
- The advantages of cryptocurrencies are related to their very good security, because cryptocurrencies adhere to the blockchain system and you can be sure that the security level of your assets is very high.
- The next advantage is that cryptocurrencies adhere to a decentralized system, allowing them to validate or confirm ongoing transactions without the need for third party assistance.
- The next advantage is that the transaction process using cryptocurrencies does not require a long time, just a matter of minutes, the transaction has been successful.
Disadvantages of Cryptocurrencies
- The weakness of Cryptocurrencies is in the part where they maintain privacy regarding the user's personal biodata, that makes it a weakness because it can lead to illegal transactions on the network.
- The next drawback is that when you make a transaction with the wrong address, you cannot repeat the delivery to the next address, because in Cryptocurrency, the incoming data cannot be withdrawn.
- And this is a very dangerous drawback, namely where when you lose your private key to access the blockchain, it is absolutely impossible for you to enter without the key, because if the key you have is lost then all data and all assets that you have it's just a memory. Because there is no way to get your private key back.
How Do You Want to See Cryptocurrencies in the Future?
I think friends already know that Cryptocurrency is very popular and in demand by many people today. and in my opinion this cryptocurrency has a very bright future, although sometimes bad news appears about cryptocurrencies, but the bad news in my opinion is just a system to regulate market prices in cryptocurrency trading, because cryptocurrencies are currently very popular, even some big companies like PayPal, Fintech, and several other large companies seem to support cryptocurrencies as a means of payment in their systems. So in my opinion, if big companies are interested, it is certain that the future of this cryptocurrency will be very bright in the future.
We can see in the future that with cryptocurrencies where when we manage to buy at the lowest price and sell at the highest price we will be able to profit hundreds of percent, but unfortunately many governments currently still prohibit trading cryptocurrencies, but the more cryptocurrencies are banned the more they have every user, and I assure you that going forward the issue that the government will allow cryptocurrencies to circulate in Indonesia is a good starting point for asset holders in the cryptocurrency world.
So in my opinion, if the government has made news about the permission for cryptocurrencies to circulate in Indonesia, then this is news that Indonesia has been able to support cryptocurrencies in this country, and I can confirm that although not in the near future, maybe a few years from now. , we and the world can already make purchases using digital money or what we call cryptocurrencies, so at this time we can only follow developments regarding the current world of cryptocurrencies, believe me, cryptocurrencies have a good future because they have advantages that other agencies in the system do not have. very efficient, fast and very secure transactions.
Conclusion
The conclusion we can draw is, Cryptocurrency is a digital asset where it is a new breakthrough in overcoming problems that occur in the transaction system, Cryptocurrency is a new view because with this cryptocurrency digital money which has all the advantages ranging from a very good level of security, not requires a third person to validate and confirm every transaction that occurs, and has very good time efficiency, because in making transactions, either sending or receiving assets sent to us, it doesn't take a long time, so basically this cryptocurrency is a system in the future, where everything is managed using a computer that sends data through each block that is tied to one another.
That's all I can describe about the tasks given by @stream4u regarding Bitcoin, Cryptocurrencies, Public Chains, I hope this post can help other friends to understand about Bitcoin, Cryptocurrencies, Public Chains.
That is all and thank you
Regards
@aryadwigantara