Steemit Crypto Academy Contest / S2W2 – Cryptocurrency Adoption By @elnieno

Today I'm going to make my Steemit Crypto Academy Contest that talking about Cryptocurrency Adoption. Actually I have little knowledge about this, but on this occasion I will try to discuss it to improve my writing skills.

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Discuss the adoption of cryptocurrency in the financial market and how businesses can be boosted through cryptocurrency transactions

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The financial market is an important factor for everyone where here is a place to transact all kinds of transactions from various fields such as fiat currencies, stocks, commodities and including cryptocurrencies. In this case, there are lots of buyers and sellers who are the object of this activity for various reasons and needs in the financial world such as buying, selling and paying. The financial market has a high level of activity where there are many transactions every day.

Cryptocurrency is one of the digital currencies that is widely used by investors and traders in carrying out transactions in the financial world. This is evidenced by the adoption of cryptocurrencies which continues to increase from year to year. Over time, cryptocurrency users continue to grow because of its development which is increasingly needed widely with various kinds of transaction needs. Technological developments in the digital world also support the application of cryptocurrencies that are highly reliable for investment and trading.

The functions and advantages of cryptocurrencies are the main factors and reasons that make cryptocurrencies have a high adoption rate. A decentralized system that does not involve third parties makes cryptocurrency transactions faster, easier and costs less. Blockchain technology that runs on cryptocurrency systems increases transaction security and privacy for each user. It also allows investors and traders to make payments domestically and across borders.

Ease of transacting in financial markets is the key that makes cryptocurrency adoption higher every day. Market capitalization and circulation of cryptocurrency supply continues to grow where investors and traders continue to carry out investment, trading and payment activities on various exchange platforms. The development of cryptocurrencies and their increasing adoption shows the potential of cryptocurrencies that are getting better in the future.

Cryptocurrency is also reliable in the business world. Business can be increased through cryptocurrency transactions as follows:

• Every investors and traders can make cryptocurrency transactions faster, easier, cheaper and safer because of the decentralized system and blockchain-based. This allows companies to have good services and systems which makes it easy for users to access.

• Every investors and traders can carry out high-liquidity cryptocurrency transactions every day domestically and across borders. This allows companies to simplify the payment system using only an exchange platform that can be done anytime and anywhere.

• Every investors and traders can make cryptocurrency transactions for long and short term investment purposes by giving full control over their assets. This allows companies to earn profits by providing access to invest and engage in activities in the financial markets for profit.

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What is your opinion on cryptocurrency being accepted globally for our day-to-day transactions

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In my opinion, cryptocurrency being accepted globally is one of the good things and new innovations that bring good changes to the financial market. This is of course based on the purpose of the presence of cryptocurrency which makes every asset owner have full control of his assets and can make transactions easily in the financial world. The increasing adoption and use of cryptocurrencies shows that almost everyone in this world chooses transactions that are faster, cheaper, easier, safe, effective and efficient.

The presence of cryptocurrencies that allow everyone to transact and make payments within the country and across borders shows that the development of the global financial market can be done easily and quickly. In contrast to fiat currency, cryptocurrency transactions can be done anywhere and anytime only by relying on the internet and digital applications. This certainly has a positive impact and benefits everyone in carrying out daily transaction activities in the financial world.

Until now, the use of cryptocurrency and fiat currency from each country is still the same as needed with different types of transactions that may be in the financial market. The advantages of cryptocurrency as a digital currency have its own purpose of use which shows that cryptocurrency can be accepted globally to meet all daily needs in the financial world. Cryptocurrencies have excellent potential in the future along with the development of advanced digital technology.

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Do you think the high volatile nature of the crypto market is a concern to business owners? Discuss

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In my opinion, the high volatility of cryptocurrency prices in the market deserves the attention and consideration of business owners. This volatile nature is the hallmark of cryptocurrencies where price moves up and down over time. Many factors can affect the volatility of cryptocurrency prices such as the balance of supply and demand, the volume of transactions, information and news in the media and others. In this case, business owners must carry out technical, fundamental and sentimental analysis to be able to run a business in the cryptocurrency world.

Running a business in the cryptocurrency world has a high risk. Therefore, for now there are still many business owners who may still be afraid to use cryptocurrency as a digital currency that is used to run the entire business system. Business owners have to risk their assets where the big profits are outweighed by the big losses also if the cryptocurrency price drops and doesn't go according to plan. The potential for huge losses is a major issue that every business owner is very concerned about.

The cryptocurrency market is unpredictable for a long period of time. While business owners have a goal to run a business in the long term. This is a contradictory problem that the business owner must consider the matter well and make wise decisions. The volatility of cryptocurrency prices may still be a problem for every business owner in the near future, but the development of the world of cryptocurrency and digital technology is not impossible to fix this problem in the future.

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What other factors are currently limiting the adoption of cryptocurrency and how can this be solved?

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• Central Authority
  Central authority is one of the factors limiting the adoption of cryptocurrencies. Many people who want to invest and trade cryptocurrencies get banned or do not get permission to use cryptocurrencies for various reasons. The solution is that a central authority can grant permits for the use of cryptocurrencies where they only monitor transactions and protect users digitally.

• Price Volatility
  Price volatility is one of the factors limiting the adoption of cryptocurrencies. Many people are still afraid of the high risk of investing and trading cryptocurrencies. Price volatility may make investors and traders suffer heavy losses if prices fall. The solution is that every investor and trader can perform technical and fundamental analysis of each asset to gain profits and avoid losses.

• Environmental Issues
  Environmental issues are one of the factors limiting the adoption of cryptocurrencies. Many peoplea are mining cryptocurrencies which have a negative impact on the environment. This activity requires a very large amount of electricity and other environmental pollution. The solution is that users must create and design a mining locations well and eliminate the negative effects it generates.

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Discuss the Pros and Cons of cryptocurrency adoption by business owners

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Pros

• Business owners can make domestic and cross-border transactions and payments using cryptocurrencies. Domestic and foreign business activities can be easily achieved digitally.

• Business owners can make transactions without any restrictions and high liquidity every day in the cryptocurrency market. Transactions in large quantities can be done anytime and anywhere via the internet.

• Business owners can make cryptocurrency transactions quickly and cheaply. The absence of the involvement of third parties makes business activities run smoothly without any obstacles from any party.

• Business owners can carry out transactions with high security. The blockchain technology used in the cryptocurrency system makes all transaction records that occur cannot be deleted and manipulated.

Cons

• Business owners can incur heavy losses if cryptocurrency price movements experience a downturn. Price volatility in the cryptocurrency market is an unavoidable problem.

• Business owners can lose all assets if they make a mistake when making a transaction. Address and key errors in the delivery process make the asset nonrefundable.

• Business owners can experience fraud or hacking in the cryptocurrency world. The decentralized system and the type of digital currency allow the occurrence of crimes that can harm any party.