Greetings friends of the Crypto Academy community, especially professor @levycore, it is a great pleasure to be part of this community and participate in it, in which and through the excellent teachers we can acquire a lot of knowledge about cryptocurrencies, I must confess that my Knowledge about this topic is still a little low but after having participated in the class and inquired a little about the topic, I made my first participation in the publication of my homework.

What is the fundamental difference between cryptocurrencies and conventional financial systems?

There is a wide difference between cryptocurrencies and the conventional financial system since the first is decentralized and the other centralized, currently there are millions of people worldwide who are immersed in the world of cryptocurrencies and conventional financial systems , but there is a difference between the two systems and to reach this conclusion it is important to remember what each of these systems is about or consists of.

Cryptocurrencies: it is a decentralized virtual currency or asset that is formed and managed digitally, this means that there is no currency or physical bills and that they do not depend on banks or governments, the payments and transactions that are made is through a system called Blockchain . While the conventional financial system depends on a set of institutions and governments that have physical offices worldwide in which savers can carry out their transactions, through this system it is possible to observe and feel the circulating currencies, in this In this sense, and through both systems, millions of people are in the free choice of deciding how to save, invest and move their assets according to the reliability and credibility generated.

¿Because you need a decentralized system?

A decentralized system is needed since it is much easier to carry out transactions and manage assets without the need for intermediaries, using a decentralized system we can have free exchange and total control of assets, it should be noted that this process allows managing funds from a better way reducing transaction costs and avoiding any kind of restrictions and paperwork.

¿What affects the value of cryptocurrencies?

There are many factors that can affect the value of cryptocurrencies, among them I can mention information circulating in social networks or media related to price, another factor that influences are buyers and sellers since there must be enough people who want to exchange their cryptocurrencies, if you want to make a purchase or sale but there is not the number of people necessary to buy the value will vary significantly.

¿Because not everyone can be a miner?

Not everyone can be a miner since the complex computational processing to analyze the cryptography used requires specialized skills and suitable devices, currently mining has become a way of receiving income, but not everything is so simple since this work requires a lot of effort and knowledge, each of the cryptocurrencies has its own algorithms and mining cost and there is a lot of competition so that it is not profitable for many to invest in complex and necessary equipment to mine cryptocurrencies, to be a miner requires capital and fairly broad knowledge and full-time availability is required.

¿Because cryptocurrency transactions can be called more transparent?

They can be called more transparent since being a virtual currency does not need any financial agent to carry out transactions, since being these decentralized no party acts as an intermediary, everything is done directly between the sender and recipient, this system generates trust since the transactions are registered and executed in a system called blockchain, through computers that are operated by miners that participate in the recording and supervision of the transactions.

¿Explain how the Cryptocurrency was developed in your Country?

Cryptocurrencies have emerged as an alternative to traditional banking, in my country, Venezuela, a cryptocurrency with a futuristic vision and sustained with tangible assets of the nation emerges for the first time, and as a measure to face the financial siege, it was born in the idea of ​​President Hugo Chavez to create a strong currency.
The petro is an award-winning Venezuelan token, based on blockchain technology and according to laws approved by the government of President Nicolas Maduro, this cryptocurrency is backed by various natural resources of the nation such as oil, gold, diamond and gas.

Conclution.

During the development of this task I was able to obtain a little knowledge about cryptocurrencies, this is a subject in which I do not have much mastery or experience, but through the class and tasks assigned by the teacher I feel very motivated to continue investigating about cryptocurrencies, make a simple and easy-to-understand explanation using my own words from what has been researched and analyzed. many cryptocurrencies circulate worldwide it is important that we know a little about them.

#levycore-s2week6 #cryptoacademy #venezuela #steemit