BITCOIN, CRYPTOCURRENCIES, PUBLIC CHAINS - STEEM CRYPTO ACADEMY SEASON 5 - HOMEWORK POST FOR TASK 5 By @bright6126

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Let's start the definition by defining the words coined together to form Cryptocurrency
So, for a start, "CRYPTO" is derived from an ancient Greek word called “kryptos" meaning "hidden". Then the currency can be define as an asset that can be used for transactions (buying and selling of goods and services) generally accepted by group of people legally for a medium of exchange.

In a central organization or economy, currencies are issued by the government and is always in the form physical paper or physical coins.

Cryptocurrency can further be defined as defined as a virtual, digital asset that is protected by the means of cryptography which provides maximum security and protection, infact making it almost impossible for anyone to penetrate illegally or compromise the system. Crypto currency uses the principle of Decentralized network based on blockchain technology that allows for a direct peer-to-peer cryptocurrency transactional activities to take place online in a very secure way and void the availability for a third party or and intermediary.

An intrinsic feature about Crypto currency is that it uses a Decentralized system that is not controlled, authorised or own by any central systems so it's not prone to manipulation, corruption or any disadvantages arising from a centralized system.

We can't overemphasized more about Crypto currencies without talking about the some key terms. Below I would elaborate one some key terms on the world of Crypto currency.

• BLOCKCHAIN

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Blockchain can be referred to as a distributed database that can be used to store digital assets electronically in form of groups of data called blocks. It makes use of Decentralization and cryptography thereby providing maximum security and protection making it immutable, unalterable and unhackable.

• CRYPTOGRAPHY

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Cryptography can be defined as a science of hiding data or messages by using mathematical algorithms and functions to encrypt or cypher texts and data that can't be understood without being decrypted or decoded with a key.
It makes use of a key to encode a plaintext before sending it to the receiver who must also posses a key that would be used to decode, decrypt or decipher the text or message.
Without cryptography, Crypto currencies won't be made possible because Cryptography forms the baseline for Cryptocurrency.

• DECENTRALIZED EXCHANGES (DEX)

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Decentralized exchanges (DEX) in crypto currency can be defined as a type of transactions in a blockchain which that allows a direct peer-to-peer Crypto currency exchanges and transactions in a very secured way without the need of a third party or intermediary.

Decentralization enables individuals, traders to deal explicitly with each others without having to bother about any authority, or central organization, and thus making them autonomous and independent thereby making the use of Cryptocurrency the fastest, cheapest,
efficient and safest means of exchange.

With the above, we have been able to define, describe what crypto currency is but before we conclude, it's imperative we get to know some examples of this Crypto currencies for better understanding.

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Some examples of CRYPTOCURRENCIES includes:

• Bitcoin
• Steem
• Litecoin
• Ethereum
• Dogecoin
• Ripple
• Tron
• Bitcoin cash
• Hive

FEATURES OF CRYPTO CURRENCY

• SECURITY
  Crypto currency is encrypted with high protective algorithms to secure it from being compromised by intruders or hacker, it provides more security than the banking system.

• TRANSFERABILITY:
  With the use of wallet and wallet addresses, cryptocurrencies functions like the first currencies and thus can be transferred between two or more individuals.

• TRANSPARENCY:
  The transactions in the blockchain are authenticated and validated by the individuals which makes it very transparent without abstractions and still secured.

• SCALABILITY:
  Scalability as a feature of cryptocurrency can be referred to as the amount of transactions that can be processed per second.
  Although the time varies from different blockchains.

• SUPPLY:
  In the commonly fiat currency, the government or authorities in charge can print as many as required. However, in the Crypto world, a fixed amount of coins are supplied and can't be altered. A very clear example is Bitcoin which has only 21 million coins that can ever exist.

• DECENTRALISATION:
  Decentralization as explained earlier gives users and individuals to carry out transactions on the blockchains without any central authority.
  This is the whole vital aim of crypto currency.

Having elaborately explained Cryptocurrency in the above we would move to the last question of the day

HOW WOULD YOU LIKE TO SEE CRYPTOCURRENCIES IN THE FUTURE?

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Although there exists myriads of ways that the future of money can evolve, the use of physical cash is gradually going into extinction just like the barter system.
I see Cryptocurrencies paving and leading the way among other digital payment system in the world in the future.

Cryptocurrency is already making impacts in the present for example a country called El Salvador have started using Bitcoin as a legal tender alongside with their dollars. So we can see they gradually more countries will follow suit and emulate El Salvador to use Bitcoin or any other coin as a legal tender.

I see Cryptocurrency as an exchange medium that would help ease financial transactions in the future.
It would also mitigate and reduce the high transaction fee imposed by the banks and also fasten the rate at which transactions are processed.

But before we finalize let's add a little more spice to the research work
We have some downsides using crypto currencies in the future which are further discussed below.

Even though crypto currency is a way in which digital payments can be democraticalized they can also bring about income and wealth inequality.

Because those in charge of more crypto currencies may tend to take advantage of new investment opportunities and maximizing all the benefits alone leaving the poor at more disadvantage.

Furthermore, lower economies may see their central banks and currencies being gone into extinction or becoming less relevant losing her valor and potency.

CONCLUSION
This task is really very fascinating and thus we are able to learn or improve our knowledge on the crypto world.
Cryptocurrency was explained in a new dimension and also listing some principal terms in crypto currency such as Blockchain, Decentralization and cryptography.

We were able to see some examples of Cryptocurrencies such as

• Bitcoin
• Litecoin
• Steem
• Tron
• Ethereum etc

We also saw some of the features of Cryptocurrency such as security, scalability, transferrablility, supply, Decentralization.

Furthermore, we were able to discuss the how we see the future of Cryptocurrency and the downsides of Cryptocurrencies in the future.

Special thanks to all the readers and most importantly my loving Professor @shemul21 for the unending reviews and corrections.
I'm forever grateful.

BELOW IS A COMPILATION OF MY TASKS

TASK	LINK
#1: TRON ECOSYSTEM	LINK
#2: STEEM & TRON	LINK
#3: THE GENESIS BLOCK	LINK
#4:DECENTRALIZATION, BLOCK EXPLORER AND BLOCKCHAIN	LINK

BELOW IS THE LINK TO ALL MY ACHIEVEMENT POSTS

• Achievement1

• Achievement2

• Achievement3

• Achievement4

My warmest regards