Thank you Professor @stream4u for the lessons. It has given me a much deeper understanding of cryptocurrency, bitcoin and public chains.

THE QUESTIONS I CHOSE

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

Source

WHAT IS CRYPTOCURRENCY?

Cryptocurrency refers to a virtual token or coin devoid of any physical interactions used for the exchange of goods for services or services for goods. The very first cryptocurrency is called Bitcoin. It was first mentioned in 2009 by someone called Satoshi Nakamoto. No one in this world knows who exactly this person is. Several pieces of research have been made to unveil the real identity of this person but it all proved fruitless.

Cryptocurrencies mostly work in conjunction with what we call a decentralized blockchain. Decentralized means that, the power to have and control your own token is in your hands and blockchain is the medium or platform through which transactions can be made. For example, steemit has a cryptocurrency called steem and the decentralized blockchain is the steemit blockchain.

The rationale behind the creation of the first cryptocurrency was to avoid the interference of third persons or parties in monetary transactions. For example, in our local banks, the state or government has control of all the monies in the banks which includes yours and mine. In my country, sometimes before you make transactions, you need to join a long queue which usually leads to wastage of time and energy.

Another reason for the creation of cryptocurrency is that banks do charge huge sums of money especially if your transactions are international. Unlike the banks, the charges on cryptocurrencies are very low and understandable.

The following are some examples of crytocurrencies; Bitcoin, steem, dogecoin, etherium, litecoin, binance coin. There are over 1000 crytocurrencies now with numerous decentralised blockchains like steemit.

Screenshot from my Binance wallet

Cryptocurrencies provide a safer form of keeping money as you are not obligated to carry physical cash with you. In a situation where you lose your mobile device or damage your computer, you can always access your account from another devices. Cryptocurrencies exist only on computer or internet mobile devices. The good thing about cryptocurrency is that, no one has access to your account even if your phone or mobile device is stolen unless that person has your public key and private key.

The Public key is the same as your address where as the Private key is what you will use in decrypting all encrypted transactions (i.e. signing in transactions)

How You Would Like To See Cryptocurrency In The Future?

The world is evolving and it is doing so at a very faster rate. Technology is indeed a mystery and a gift to humankind. Crytocurrencies will soon take over the means of monetary transactions in the world; as such, I would like to see a lot of cryptocurrency education worldwide. It shouldn't just be restricted to just news broadcast in the big cities and countries. The message of cryptocurrency should reach everyone even in remote and undeveloped cities. In my country Ghana, there are a lot of remote villages that know little or nothing about cryptocurrency. I have taken it upon myself to do steem promotion in my village. I believe this is form of cryptocurrency education.

Moreover, in the future, I would like to see how the Private and Public keys if misplaced for some reason, can be retrieved. To my best of knowledge, when you lose your Private key, you have lost all your money and account. This issue can give traditional banks an advantage over cryptocurrency so in the future, I would like to see how this issue can be resolved.

Finally, In the future, I would like to see a lot of people using cryptocurrency for good and not bad. I understand that wherever good goes, evil also follows but I believe that this can change. I look forward to seeing people avoiding fraudulence and cheating others with cryptocurrency. This initiative by satoshi Nakamoto is very beautiful and so no one should give the world a reason to doubt cryptocurrency.

CONCLUSION

In conclusion, I foresee a world where the concept of crytocurrency is understood by everyone. And buying and selling at the supermarkets and malls being influenced massively by crytocurrencies.

I BELIEVE IN CRYTOCURRENCY

Thank you very much Professor @stream4u for this lecture.