Crypto Academy Contest / S2W2- Cryptocurrency Adoption by @dave-hanny

Hello guys,
I am @dave-hanny, I am excited to be part of this impacting and amazing contest. Thanks to the unique community which is the Academy community which is to make steemians busy in thinking and research for the future. Here comes another inspiring topic of the week which is Cryptocurrency adoption in the Financial Market.Keep calm as you read from my opinion on the above topic.

I believe that, the essence of this topic from the community is to have our opinion on cryptocurrency adoption by business owners and to know if it result positively or nagatively.

Cryptocurrency:- is simply a currency which operates digitally and it is a decentralised system in which transactions are carried out. Crypto is also a financial system. Cryptocurrencies are in form of coins which are:- bitcoins, ethorium,steem etc. These currencies can be converted to paper form by following the due processes which happens between only two persons which is called pair to pair and no third party involved. That is what makes the system unique.

Cryptocurrencies to my experience has been the best form of money savings for business men and women reason been that, before having access to your money, the system is been programmed in such a manner that no unknown persons or individuals come claiming your money and all the necessary keys are been used to know if he or she is the real owner. Therefore savings through crypto currencies system is the best and full of confidence in order to be in safer hands from scammers and illegal transacting individuals.

Cryptocurrency adoption is simply the ability of individuals to first accept and also build trust for the currency and to also fathom how it operates. Cryptocurrencies are legal and accepted in some part of the world unless for government agencies regulations which has indirectly caused a slowdown in the crypto market.

Some business owners have not adopted cryptocurrencies but others does. Cryptocurrency would surely reach a standard whereby every business owner would see the need to adopt to cryptocorrencies. Despite cryptocurrency has it's inabilities too but has given every individual, families, government sectors reasons for an adoption.

I knew of cryotocurrencies since 2009 and that was when the first coin bitcoin was introduced or created and others there also created subsequently. Somany people might have had doubts about Bitcoin when it was created and known but because most could not adopt to the currency are now regreting. Now, cryptocurrencies are adopted in most part of our world today with the understanding that, crypto currency is teal and has come to stay especially when it comes to transaction, there is transparency therefore, has drawn individuals massively to its self. Cryptocurrencies are been accepted in some places for buying or purchase of goods. If I be a business owner, I would love to transact using crypto currencies.

1.Transparency is the key in every transaction. Transacting using cryptocurrencies will creates confidence between the buyer and the seller in whatever business at all. I mentioned earlier that, what actually makes people confidently adopt
Cryptocurrency is mostly the transparency in the transaction which involves not more than two persons that is, only the buyer and the seller.
Businesses can be boosted through cryptocurrencies because customers loves truth and transparency.

2.Cryptocurrencies boosts businesses in the sense that, makes transactions easier and direct. Most people would prefer transacting direct without delay and it is sure to get to the receiver. Which will make the decentralised body (Cryptocurrency) more preferable to the centralised an example is, transacting through centralised body follows through bank and some funny things can be forged by the bankers which atimes lead to a great loss of money whereas, its been forged while transacting through crypto currency is totally an opposite.

3.Acceptance of cryotocurrencies worldwide can boost businesses.If crytocurrency can be generally accepted, there will be no limitations when it comes to buying and selling. An example is Nigeria my country and Ghana. If I want to buy goods from a Ghanaian, there must be a conversion of the currencies which will generate another charges to be paid but if it is such that, 1 steem is same as 1 steem in Ghana, it would be better and easier for the buyers and sellers of goods and services.

4.Using cryptocurrencies in businesses, permits distant services of buying and selling because it allows transactions across which will ease in the aspect of transportation that may lead to risk or loss of lives. Sincerely, if I be the customer or the buyer, I would prefer that.

• General legal acceptance of cryptocurrency globally for our day to day activities would be my great joy. As mentioned earlier under how businesses can be boosted using cryotocurrencies that is, if cryptocurrencies will be legally accepted globally, it would ease business owners from unnecessary charges that is and also ease the buying and selling of goods across every border.

• I think what makes cryptocurency unique is it's volatility nature where it price rises and falls.Users will always be at gain when it raises up and be normal whenn it goes down because it will surely come back to either its initial price with time or fly up which will make users make profit by savings alone.

The rise and fall of the price of cryptocurrency, is what makes it crypto currency therefore, we should accommodate such in our hearts as cryptocurrency traders. Especially when it rises, makes people smile all over.An example is bitcoin which has risen to such an amount today and I am aware that, the price of crypto currency (Bitcoin) the last 10years is not same as the present.

But for the business owners, the volatility nature is a thing to be disturbed and concerned about because it can lead to either gain or loss in the market therefore no prediction as a business owner. The volatility has creates so many doubts in the minds of business owners atimes, leads to a drastic loss in the business because of the volatile nature of crytocurrency market.

I will advice that, business owners should use conventional currencies for businesses and then invest using cryptocurrency for the future and in that way, it will bring success to the buiness entirely in due time.

The truth is that, when people begins to develop doubts about how secured their money will be, there will be a serious limitation to adopt to the currency. An incident that occurred in 2014.The disappearance or stealing of bitcoin that caused a serious downfall of the market.This will definitely begin to creates doubts in people's minds and you can never tell of how and when these will happen again.

Therefore, we must be careful and find ways to protect our funds especially for the cryptocurrencies, we should make drastic use of cyptocurrency wallet to keep our money secured and using wallet has given more confidence in crypto currency transaction which involves only but two persons.

Our government agencies hinders the adoption of crypto currency by some individuals generally. Countries like Nigeria banned the use of crypto currency and has not generally accepted cryptocurrency. Our governments here in Nigeria and other countries feels they are protecting the citizens funds from the use of another currencies especially cryptocurrencies and by doing such, they are hindering better and good chances of investments from citizens.

• Making transaction using cryptocurrency can be possible by transacting with customers outside the country which would not involve any stress and it's very easier.That is, it has nothing to do with third party.

• Cryptocurrency are not generally accepted by the government and therefore, there may be or no payment of taxes to the government by business owners using crypto currency.

• There is no much cost or charges for transaction using cryptocurrency but for the centralised conventional currencies involves charges especially in the bank.

• Reserve transaction does not occur in crypto currency that is, if the transaction was mistaken by the sender to the receiver there can never be a refund and for that reason it has become a huge loss.

• Due to the volatile nature of cryotocurrency, investors or business owners are at high risk of loosing and can cause a serious downfall of most businesses.

• Transacting using crypto currency are not generally accepted everywhere therefore not every individual accepts crypto currency for any payment of services rendered.

If crypto currency will be globally accepted, our world to some extent will be better and made easier for individuals. If government will adopt crypto currency, people would definitely know this hidden truth and the joy in using cryptocurrency. Thank you all for reading to this point, I invite @temitope, @yakspeace, @josantos and @simonnwigwe to participate in the contest.