Crypto Academy Season 4 Beginner's Course Task 5 : Bitcoin, Cryptocurrency & Public Chain

What Is Cryptocurrency And How Would You Like To See It In The Future

Steemit has really given us the opportunity to glaze and explore everything relating to cryptocurrency. This steemit crypto academy has exposed a lot of us i included to a lot of stuff about blockchain technology that we were initially ignorant of but we have come to understand the basic stuff of the market when it comes to cryptocurrency and blockchain technology thanks to steemit. I really cherish this opportunity.

What Is Cryptocurrency

Cryptocurrency is a form of currency that is intended to be used as a means of exchange. It is a digital currency built on blockchain technology. Blockchain technology it's the technology which enables the smooth operation of cryptocurrency. Blockchain technology on which cryptocurrency is built on is a decentralized network that handles and stores the various transactions in the system. The blockchain networks saves the data of the number coin transfered.

Blockchain technology being a decentralized network actually makes it so that the data's and information are not being stored on a central server or location but evenly spread among the computing power all over the globe making it very difficult for hackers to breach and unlike our fiat money operated by the financial establishment like banks which makes it so that we will have to go through some process and the middle before accessing our funds or carrying out transactions, cryptocurrency being digital and decentralized makes it so we won't be requiring any middle man before carrying out a transaction.

Cryptocurrency is not being controlled by a body or the governmental system like fiat money so this also means that the value is not being stabilize by the government but rather the value of cryptoassets is dependent on the emotion of the investors if they are greedy or fearful. Cryptocurrency is a free and open market for all from any part of the world and simply controlled by the simple law of demand and supply. Being built on top of blockchain technology offers it users more security than the traditional financial system.

Well the birth of cryptocurrency was in 2019 when Satoshi Nakamoto developed the first ever crypto asset which we all know as bitcoin which has indeed being the stepping stone in the making of all other crypto asset. Cryptocurrency came and solved the major problems of fiat and is indeed the currency that offers us much more in terms of value, security, speed transaction with lower fees and with it's emergence has indeed truly opened our eyes to the flaws of our fiat money and the huge benefit of blockchain technology as many crypto asset are still being developed even at present.

Cryptocurrency fulfils everything a currency was design to do, a means of exchange.

Market Capitalization Of Cryptocurrency

Well we have over thousands of cryptos trading in the market, infact according to coinmarketcap the number of cryptoassets amounts to #13,512 with over #425 exchanges on where this asset are publicly traded with a market capitalization of $2.7 trillion and a volume of $152 trillion as of when i assessed the site.

Well taking a look at this figures OfCourse we could easily see that cryptocurrency is gaining wide adoption the world over and is one of the active market today with it's volumes of $152.3 trillion. Indeed this data is showing us therefore that the crypto market is a huge one and we continue to increase from here on out because 4 years ago we don't have this much trading volumes and market cap of $2.7 trillion and in 4 to 5 years to come i believe we will greatly exceed this as well.

Merits Of Cryptocurrency

1).With the removal of the middle man present in the traditional banking system cryptocurrency offers us a much lower fee of Transacting

2).Crypocurrency unlike fiat money controlled by a central server is not and being built on blockchain technology makes it decentralized which offers more security to it's users

3).Today the banking system places some restrictions which may make it difficult for some individuals to own an account but with blockchain technology anyone can easily access it and take part in the financial market from any part of the world without any restrictions or much requirement thereby making provisions for the unbanked population of the globe.

4). With cryptocurrency running in a decentralized blockchain users are in charge of their set of keys offering a decentralized system where our accounts can only be accessed by us, my keys my asset unlike in our traditional financial system where the government or the institutions themselves can easily access our account at will

5). It creates a secured transaction and protects the information of the users partaking in such transaction

Dismerits Of Cryptocurrency

Ofcourse cryptocurrency's good features are without numbers and actually solves many issues our traditional financial system flawed at but it also has it's disadvantages which may be;

1). The anonymous nature of cryptocurrency transaction makes it well suited for illegal transactions like money laundering and tax evasion

2). Another cons of cryptocurrency is that it is an unstable market and prices are merely affected by the emotion of the traders, yes cryptocurrency may offer high returns in investment at the same time there is a huge risk of incurring much loss nothing is guranteed.

3). Another dismerits of cryptocurrency being run on blockchain technology is that if we are to lose our set of private keys there is no way to retrieve our funds it is typically lost for all time

4). If we are to mistakenly send our assets to the wrong address there is no way to revert the transaction and our assets would be lost

My Future View Of Cryptocurrency

Cryptocurrency is indeed gaining wide adoption the world over, from shops to institutions and some countries are accepting cryptocurrency as a means of exchange and a payment method. If we look at our traditional financial system and it's many flaws one could easily see why cryptocurrency could gain even more world wide adoption as our world is heading toward an era of more advanced technology.

If we look at our system today we would easily see that the future is in blockchain technology and it's decentralized nature, no body wants to be in a system where your every move is monitored and controlled by someone, decentralization offers man what it's most want which is freedom yes financial freedom. We all want to be in total control of our assets and being free from the privacy invasion of the centralised financial system today.

Decentralized network of cryptocurrency has given us what we all want and solves the problems prevalent in our traditional financial system by offering us everything our flawed system could ever offer us and much more than it ever could, a faster transactions, a lower fee in carrying out transactions, a secured transaction, full control over our assets, being assessible to anyone from the world over without restrictions, elimination of the Intermidiaries and much more. With the huge benefits that cryptocurrency offers i believe it is only a matter of time before everyone key in on it and see how it solves our problems in regards to finance.

Even the richest man in the world Elon Musk understand that the only way to curb corruption and bring about transparency is through decentralization as he openly admitted to being willing to give 2% of his total wealth around $6 billion to end world hunger if only there would be an open end decentralized nature on how this money would be distributed to enable full transparency which we are desperately lacking in our systems today.

The wealthiest, smartest and the highly intellectual ones of the world's population understand that blockchain technology with it's decentralized it's the solution to much problems we have today especially in the area of finance as it creates transparency and curbs corruption because it will be open exposed for all to see and no government can hide it's data or information as everything will be exposed on the blockchain ledger. People like Mark curban, Elon musk (aka the doge father), Micheal Saylor just to name a few understands that cryptocurrency is the future of finance.

I have being in this cryptospace for a little over a year but in my little time here even a simple minded fool could see that cryptocurrency is the future, personally i would love to see cryptocurrency in time take over completely the traditional financial system and becomes not just one of the means of exchange but the only means of exchange by completely eradicating fiat currency and it's flawed system with a decentralized blockchain technology where anyone could take part in the financial market with relative ease and privacy without anyone intruding into our account for nefarious purpose.

I really believe and would want cryptocurrency to be our legal means of exchange in the future. I see world giant countries with time adopting cryptocurrency which we bring about a global financial revolution and gives us all what we crave for, Decentralization.

Conclusion

Humans continue to envolve no doubt and there isn't really any reason to remain in a flawed system when we have discovered a better one in all aspects, so i do feel that cryptocurrency taking over is gonna time some time granted but is completely inveitable. Anybody who feels otherwise is either ignorant or just covering up the truth because everyone could see that decentrazation is the future.