Steemit Crypto Academy Contest / S2W1 - How Cryptocurrency has Shaped the Financial Realm. What is Its Future? by @habdallah

*DESIGNED WITH CANVA *

Hello fellow steemians. I hope you are all having a good time with your loved ones. It is a great pleasure to participate in this contest.
Below is how i present to you all my assignment.

As of today,the word or term cryptocurrency is known everywhere in the world today. Also every country have heard and knows how crypto works. What then is a crypto currency? Which could be asked by someone.

Crypto currency is a virtual or digital asset which is created and used by some particular group of people or a private entity that works on a decentralized system.
The word decentralized in the definition means that,they are not regulated by the government and due to that it is termed as an alternative currency. These digital assets or tokens can be owned by every individual. The first cryptocurrency was introduced to the public in the year 2009.

https://www.google.co.kr/search?q=Cryptocurrency&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjDqa--xp34AhXrt4QIHQtUCzYQ_AUICSgE&biw=360&bih=512#&biw=360&bih=512&biw=360&bih=512

It was introduced through what is known as the white paper. Satoshi Nakamoto was the man behind it. He was the man who introduced the first cryptocurrency known as Bitcoin. Even though he hasn't made him self known to the public up till date still buffles people's mind. So many has the idea or the concept that he isn't an individual and that it might be an organization that is behind it.
It gained recognition immediately it was introduced. People saw that had value and every transactions made with it is untraceable.
What really got the intrest of people more about it is that it value increases and drops as time goes on. So it isn't just about using it for transaction but it is also a means for investment. So it really got more value as time goes on. That is to say people quickly began to use it for monetrary purpose. That is after it's introduction to the public.
Even though it is widely known and used by many countries in the world, it is still not accepted officially by many countries. Some see it to be like some sort of scam or fraudulent activity. Why because people have being using for the payment of illegal transactions. You know very well that it is untraceable, so the government in some countries see it as a factor that could be used in the progression of illegal activities. So if someone use it for the paymen he or she can't be traced and find. So they don't see it to be a good means for transactions.

COMPARISON BETWEEN CRYPTOCURRENCY AND CONVENTIONAL CURRENCY

Before we do the comparison of both cryptocurrency and conventional currency, let first of all get to know what the conventional currency is and how it works. So basically or originally, the conventional currency is what is known for the use of monetary transactions in every country and it is accepted by every country globally.
Conventional currency is a form of a physical asset that is accepted in a country and being used for all type of monetrary transactions and works on centralized system. It centralisation is the country's government body. Which is to say, it is being controlled or managed by a recognized government entity and the central bank. But the crypto currency isn't managed by any central body.

The adoption of cryptocurrency as an alternative medium of exchange for goods and services continues to grow day by day. It is gaining a massive recognition by people, companies and investors as it is widely used today. It is very easy and convenient to use. Unlike the conventional currency which is a bit difficult for an individual to use it. A transaction of huge amount of money using the crypto currency can be made with some few couple of minutes unlike the conventional currency which might take you days to do so.

EXPLAIN THE DISTINCTIVE INNOVATIONS OF CRYPTOCURRENCY AND ITS DOWNSIDES.

DISTINCTIVE INNOVATIONS O CRYPTOCURRENCY

Well the distinctiveness of Cryptocurrency can be termed as it importance or usefulness. As i earlier stated in my previous explanations i did mention some of it distinctiveness if you'd recall. But here are some key ones below;

We all know that cryptocurrency is decentralized. Which is to say it is not govern and managed by a central unit or body. So one doesn't need to seek or ask for permission from a third party before they could make transactions unlike the conventional way. This therefore makes it more attractive to users.
Cryptocurrencies offer lower associated fees and less cost efficiency. Transaction feea are low as compared to using the banking system.
Cryptocurrency works on a blockchain network with makes it had for an individual or a group of people to tamper with.

One of the major importance of Cryptocurrency is how fast and secure it is to make transactions. Transactions of Cryptocurrencies between two users takes only few couple of minutes. Also it is very secure and safe.

Cryptocurrency is also a medium for investment. That is to say,users can buy and trade crypto tokens in the market when ever they feel like. Unlike conventional currency, the value of one's crypto assets increases and decreases with the trend of the crypto market.
This makes cryptocurrency an intresting avenue for investment.

DOWNSIDES OF CRYPTOCURRENCY

Cryptocurrency also has it down sides just like the conventional currency. Even though it was invented to meets those ends.

Your crypto assets may be susceptible to online theft. Also, with no intermediaries, or third party it is difficult to recover or retrieve one's assets when they forget their password and turn out to loose all assets.

One of the major or key problem with cryptocurrency is the instability of it price which can be termed as it volatility. The volatility can change at any given time. That is basically how the crypto market is set to be. Which makes it uneasy to invest into by others.

Because it is not being regulated by any third party, many countries don't feel like approving it as a means for transaction purposes. Because they feel like it's a scam.

HOW DO YOU THINK MAJOR PROBLEMS WITH CRYPTOCURRENCY CAN BE HANDLED? LET THIS BE A RESPONSE TO THE DOWNSIDES HIGHLIGHTED EARLIER.

With a response to the highlighted downsides,
I will first of all say there sould be the introduction of a third party to help make lost assest retrieved and keep them safe.

There has to be a limited range of price that is known to everyone and that price shoud be maintained for a specific cryptocurrency.

I think with the introduction of a third party, people will acknowledge it to be safe and will invest in it.

DO YOU BELIEVE IN THE FUTURE OF CRYPTOCURRENCY, STATE YOUR REASONS WITH ANY RECOMMENDATION

The future of Cryptocurrency i personally will say is here and it yet to experience more improvement or value. Because if you take a look at the time it was invented and now you could see that there is a lot of improvement and the inventions of other cryptocurrencies aside from the first one which was invented by satoshi. I believe that this happened because the cryptocurrency was much easier to use than the conventional currency.

MY RECOMMENDATION
One of the recommendation i will like to hit on is, cryptocurrency should be legalised everywhere in the world. With this it could make monetrary transactions more easier for individuals.

Also a third-party should be formed to govern it. With that i think cryptocurrency will gain much more attention done it is doing now.

CONCLUSION; cryptocurrency is a digital asset which makes transactions of money fast and secured and i think it should be accepted globally for that.