Steemit Crypto Academy Season 4 - Homework Post for Task 3 by @farooq2923

"A cryptocurrency is a digital currency that consists of certain computer codes and passwords that we can use today to buy and sell things."

These are the passwords and keys that you can use to complete your trade by sharing with each other.This is how I am doing my online business and accept steem and Sbds as payment method.link to my business presentation

Because it is digital and it needs a network when it has to complete its transaction.The way we construct a website, it has different coding and data additions according to that website, so when a crytocurrency is set up the technology that is used is called blockchain technology and it is completely decentralized.Here are some cryptocurrency exchanges that you can buy and sell your local currency to cryptocurrency.
Coinbase
Binance
Kraken
In order to delve deeper into cryptocurrency we have divided its explanation into sections so that we can understand that what is actually crypto currency.

Money	currency
But there is a difference in money, its value can never be in zero because it has stored value.For example if you have a gold coin that you can exchange in any local currency and it have a stored value of its own, governments all over the world cannot finished it.	The currency in your pocket you thought was money for example if you have a fifty note if the government announces that the fifty note will no longer be valid, the value of the note you have will be lost.
No one can make gold on their own.	But any government can print as much currency as it wants.
Their resources are limited and they have to be mined.	It can also be manipulated and printed and has more resources.

Centralization	Decentralization
The local currencies that we are using today are controlled by the government or the central body. The government can print as much money as it wants and whenever it wants and close it as much as it wants and then what happens to it is inflation.	But when it comes to decentralization, there is no government in this case Bitcoin for example, is not governed by any government rules and cannot be made as much as anyone wants. It has a limited supply, just like gold and it has a store value of its own,the prediction is to replace Bitcoin with Gold in the coming days

So what's the difference here? We're talking about a great difference here;
Here we take the example of how China dropped its fiat currency, which also made a huge loss to the US dollar,this was only happened because fiat currencies are interconnect with each other and if one currency loss their value its interconnect currency also devalue.This phenomena is occurs directly proportional.

So it's clear that whenever a big country like the USA, Venezuela, manipulate their currency, It affected the whole world. Necessity is the mother of invention
So in the days to come, cryptocurrencies came into being to deal with such threats.

Fiat currency;

Some people say that "fiat" mean "fake" but let me tell you that the dollars we use or the euros we use these all are fiat currencies.Until a few years ago, any country could print as much currency as it had gold or resources but nowadays this law is gone and any country can print as much currency as it wants then our attention will turn to Zimbabwe, which has sunk its own country's economy by printing notes.

Digital vs physical currencies;

Until a few years ago, people didn't trust digital currencies. People just thought they had the money in their bank accounts.Their only trust is physical currency.Here I share with you an incident that took place in our neighboring country India.

One man had been saving money for his treatment for many years he kept the money in a wooden cupboard but one day unfortunately a rat entered his closet and poured out all the money he had saved.In this way all the accumulated capital of this poor man was squandered.

One thing is clear, even if your currency is physical it is not safe.The pros and cons are in both currencies, both physical and digital.

Blockchain;

There are also a lot of people who say that we do not believe in cryptocurrency but blockchain technology is very good and we trust it.one important thing is there ledger which means maintain your account the bank would keep a record of every transaction you make that is done through ledger.If the ledger is distracted there is a lot of confusion and it is not clear where the fraud took place and history shows that it has happened many times.
But blockchain technology says you can't delete any entry here.
source

A lot of people here are connected to each other through their own computer systems which is both minors and investors and in this technology, every transaction that you have is verified on the spot and if there is an error in any place, the transaction stops there,your ledger is more secure on this point.Nobody here manipulate your ledger or figures.Every transaction is being recorded.And work is still done to further improve this technology.

Cryptocurrencies's market is a emerging market.Many new people are coming to it and trying to learn it, but the market is very volatile.One of the reasons for its volatility is that its revenue is lower than other stock exchanges and whenever a big investor comes, he turns it around at will
source

Let me tell you one thing, whenever a new technology comes along it takes time to win the trust of the people the biggest example of which is the internet.when the Internet was new people used to say that it is not known what has come, it will do a lot of harm but today we see that everyone is interested in it and it is an important need of everyone.With that in mind, I can say that the future is of cryptocurrencies.

Cryptography:
The word "cryptography" is derived from greek words kryp'tos means hidden or secret and "graphein* means to write or study. cryptography is the practice and study of techniques for securing communication and data in the presence of adversaries.
source

In other words cryptography is a method in which we convert plain text into cipher text and fruther cipher text to plain text.
Plaintext is a simple message which everyone would understand,while ciphertext is a hidden message which not everyone understand basically cryptography used to achieved confidetiality.

how cryptography makes Cryptocurrencies secure;

Cryptography save Cryptocurrencies in three ways:

• Control creation of extra units
• By securing transactions
• Verification of assets during transactions

As we know that Cryptocurrencies makes peer-to-peer transactions and this all happened on the formula of cryptography.
Passwords in digital currency based on cryptography not easy readable or accessable to everyone & security is main point in digital currencies.

Explore steem Genesis block;

Firstly go to websitehttps://steemworld.org/

This page appear ,here you need to click on block explorer

Select block no 1

Information regarding current block
Timestamp: 2016-03-24 , 21:05:00
Block id: 000000010983ce528d566f63f6225639ee10086
witness: intiminer
after noting this click on sign un option:

Here this type page appear put your steemit user name and private posting key and click on ok

So here you can see that clearly we are login successfully on steemworld.

conclusion;

After doing this task, I have come to the conclusion that the upcoming time is for digital currencies and the mining of bitcoin will be completed in three to four years and then its revenue will be equal to the revenue of gold and for those who have not yet become involved there is still time for them to enter If not, then there is news for them at the end.

written by : @farooq2923

Cc;
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