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• What is cryptocurrency?
• How would you like to see crypto currency in the future?

INTRODUCTION

It is no longer a new information that the world is going digital and modes of transaction diverting gradually from the contemporary ways of payment to a decentralized mode of payment using cryptocurrencies.

It is worthy of note that most institutions now accept cryprocyrrency as mide of paymant whule some countries are working towards incorporating cryptocurrencies into their financial institutions. Due to the above reasons, it is expedient one understand what cryptocurrency is all about.

What is cryprocurrency?

Crptocurrency as seen is a combination of two words which are crypto which was derived from a Greek word Kryptos meaning obscure or hidden while currency is anything acceptable as a means of payment for goods and services rendered.

Cryptocurrency is a computer currency or a digital currency used for making transactions, and just like fiat currency, cryptocurrency can be used for payment of goods and services.

Cryptocurrency is decentralized and not under control of any central body rather it is secured systematically using cryptography.

Cryptocurrency management is under the control of peer-to-peer network of computers on the blockchain which is the digital system of ledger distribution.
The first cryptocurrency in the history of blockchain is bitcoin.

Satoshi Nakamoto in 2009 created bitcoin with the main aim of aiding users transactions under the twinkle of an eye in the absence of dependence on anyone. Saving stress, time and energy.

Of recent we have more that five thousand cryptocurrencies, and more are yet to be created.
Bitcoin as the first cryptocurrency is referred to as the leading coin while all others following are known as altcoins.

Transactions made in crypto are been given a unique identification code known as Hash on the blockchain.

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Characteristics of cryptocurrencies.

There a re some unique featurrs that differentiates cryptocurrencies from other currencies. They includes:

• High level of security: cryptography which is the blockchain network of cryptocurrency provides a first-grade security using cryptographic codes, making it likely impossible for cryptocurrencies to be tampered with.

• Autonomy: cryptocurrency, even as it is decentralized give room for an individual to control his personal information.

• Decentralization: cryptocurrency works under a decentralized system, thereby it is not under control of any single individual or any financial institution, neither is it answerable to any government.

• Usability: transactions with cryptocurrencies are very simple, stress free and can be done anywhere at any given time.

• Portability: one very nice feature of cryptocurrency is its portability, you can have cryptocurrency worth millions of dollars in your e-wallet installed in your phone, computer even in your flash drive without the notice of anyone.

• Liquidity: cryptocurrency is a commodity having the market system and it is influenced by market force like demand and supply, when there is a lot of supply price goes down and vice versa.

• Cryptocurrency unlike normal currencies minimises cost

Types of Cryptocurrency

As i stated before, there are more than five thousand cryptocurrencies in circulation, each created for its unique purpose.
Listed below are types of cryptocurrency.

• Bitcoin

• Altcoins

• Stable coins

• Shit coins

• Meme coins

Coinmarketcap ranked cryptocurrencies based on their usecase, demand and market capitalization.
Coinmarketcap does a great job to provide the general public with important information about cryptocurrencies.
Information provided guides traders and buyers on the best choice of cryptocurrency.

Below is a screenshot showing the top leading cryptocurrencies originating from coinmarketcap.

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Advantages of cryptocurrency

• Cryptocurrencies are decentralized in nature.
• User friendly and easily accessible.
• There are no restriction on anyone to the use of cryptocurrency.
• cryptocurrencies can easily be moved from one place to another.
• It have minimal transaction fee.

Disadvantages of Cryptocurrency.

• Liquidity/ volatility of market: the high level of volatility gives room for great loss.

• Because cryptocurrency has no restrictions, it is prone to cyber hacking and other illegal activities.

• Because of the privacy crypto offers it is easy for criminals to commit fraud and cover it up.

How Would You Like To See Cryptocurrency In The Future?

As a result of world digitalization, cryptocurrency was invented, and as the days go by, there are increment in cryptocurrency use case. There are more than 30 million people already using cryptocurrency in the world.

Many industries now accept cryptocurrencies in exchange of goods and services rendered.
I'm picturing a future where cryptocurrency will be accepted world wide for any goods purchased or any service rendered, because it reduces the stress of banks and other modes of payment.

In some countries like Canada, United states, Brazil, Netherland, United kingdom, etc cryptocurrency automated teller machine have been adopted.

I picture a future with no contemporary bank and complete adoption of cryptocurrency debit card.

In some countries like Nigeria and its likes use of cryptocurrency have been banned because of reason best known to them, I would want a future where the ban will be lifted and proper scrutiny placed to detect illegal activities.

Overtime steem use case keeps increasing same as its marketcap, I will really appreciate a future with steem among the leading currencies in the globe.

Conclusion

Cryptocurrency overtime have gain ground in the money market and sooner than later the use of fiat currency will be a history with cryptocurency taking over the money market.
I really appreciate your audience.