Steemit Crypto Academy Contest / S2W2 – Cryptocurrency Adoption by @habdallah

Hello fellow steemians. I hope you are all having a good time with your families. Well let's go straight to the contest. This weeks contest topic is an intresting one indeed. This is going to help us learn more about how cryptocurrency is really influencing the financial markets.

There is this one key factor that we all have to accept and work with. This key factor is that cryptocurrency has come to stay and many big financial entities have started to patronize it. We all know that it started to be patronized by individuals. The number of individuals patronizing cryptocurrency is overwhelming and with that it gained a good or great attention. After a few period of time, most financial entities took a deep study into it and got to know that it is of a good use and value. Even though it not globally accepted buy all financial entities but majority of them too are patronizing cryptocurrency. Even though cryptocurrency just got introduced in the financial markets but it is quite taking a good pace or a good in the industry.
What really caught the attention of some of the financial entities about cryptocurrency is the how it works. One major factor which is the no involvement of a third party before a transaction can be executed. That is comparing it to the traditional means of transactions. So due to that,most entities are now switching to cryptocurrency. All thanks to inventor of the first cryptocurrency. That's Satoshi Nakamoto. The first cryptocurrency which Bitcoin is the most used cryptocurrency for trading. It value today as compared to when it was invented is absolutely unimaginable. Even though it is widely known worldwide. Some countries still see it as a scam(that is cryptocurrency). Upon the recognition and patronization it has today. All cryptocurrency users, both individuals and big bussiness organizations sees it to be transparent and easy. Just some few individuals are having trust issues with it. What really buffles me that is it that they lack enough knowledge about it or what?
Because as at today cryptocurrency are now being accepted as a means of payment globally for goods and services.
It is quite unbelievable how the market cap of Cryptocurrency has jumped. That is comparing it to as to when it was being launched. This clearly tells you that people are interested in it and tha it is something we can trust and work with. As at now,cryptocurrency has a total market value of $1Trillion. Which would havebeen had to believe that it will one day get to such a value some years to come from when it was introduced to the world. It gained such value because people and big bussiness sectors who knew there was something intresting about began to accept it as a means for paying goods and services. Also many people got into it because they see it to be a good place for investment. Those who firstly got to know what cryptocurrency was and quickly started patronizing it have really benefited from it and are still doing. Cryptocurrency is something that has actually come to stay. So the earlier one gets involved in it the earlier they benefit from it .

HOW BUSSINESS CAN BE BOOSTED THROUGH CRYPTOCURRENCY

I strong believe that bussiness entities or organizations that has adopted cryptocurrency are booming and has fewer or lesser issues when it comes to the payment of money. These are some of few points to support my claim or statement.

• PEER TO PEER(P2P) TRANSACTION; the peer to peer here means that any transactions or payments with cryptocurrency that's not require a third-party to proceed or initiate the transactions. But rather it simply or ony requires the sender and the receiver in order to initiate a successful cryptocurrency transaction. Which makes payment of funds faster and easier.
  So how this can help boost your bussiness is that you the bussiness owner will have to educate your client on how he or she can make transactions with directly without the involvement of a third party (bank) or any financial body.

• The second point is privacy; if clients are being educated well by their partners that, through cryptocurrency, all financial transactions can't be known by other person aside from the senderand the receiver. They should be told that there is full privacy when performing any monetrary transactions with cryptocurrency and that they can send whatever amount of money with cryptocurrency without it being traced.

• Easy and fasters way for payment: no matter the amount of money to be payed or transfered with cryptocurrency can be done within some few minutes. So bussiness owners need to educate their clients about it. In order to make bussiness move on quick and swiftly.
  As we all know most business requires payment first before goods can be delivered. With cryptocurrency your goods or service can be met with fast when you choose to pay with cryptocurrency.

• Unlike physical money or traditional way for paying for goods and services which at times can not be available for one to perform transaction. That is in the case of a shortage of funds in the bank or also the fear of carrying a huge amount of money to execute a transaction. Cryptocurrency isn't like that. It is always available for it users to use for the patronization of any form of monetary activity.
  This can be termed as high liquidity.

MY OPINION ON HOW CRYPTOCURRENCY SHOULD BE ACCEPTED AS A DAY IN DAY OUT MEANS OF TRANSACTIONS

Personally, i had wish that cryptocurrency as at now should have been recognized as a valid means for transaction purposes. When you take a look at the time it was invented up till date, i would i have asked that what is left there to study, test or wait for again in order to start using for transaction purposes. There is absolutely nothing left in my opinion. So world leaders should see to it that cryptocurrency is accepted within some few time to come.
Also leaders should also know that it isn't coming to take control over the traditional way of payment system. But rather another easy option to choose to perform monetary transactions.
Even though there are some major currencies recognized globally that are used for monetrary transactions. But will have to be changed into a different currency when it gets into a different country. In order to perform any monetrary transactions. But with a cryptocurrency the value is the same in whatever country you find your self in. This point should be one of the main reason why i will wish for cryptocurrency to be accepted globally for transactions.

Money or digital asset can be sent to any individual in serious need in case they find themselves wanting. I am raising this point because i have seen or experience so many situations where by people are in die need of money but will have to wait for some couple of days in order to receive the money. But with a cryptocurrency, when sent to another user can be sold instantly and the money could be used for whatever means it is meant for.

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

The high volatility nature of the crypto market is what also scares most countries and business entities in order to get involved with it. One thing that causes this is the high demand and supply of it.
Big bussiness sectors wouldn't want to loose more money that could break their bussiness down. So they tend to be more cautious about it. Unlike an individual who wouldn't be that disturbed when hit by the crypto market.

**FACTORS LIMITING THE ADOPTION OF CRYPTOCURRENCY **

There are a lot of factors that are causing or affecting the adoption of Cryptocurrency globally.
*The mining of Cryptocurrency is one of the major factors that hinders the adoption of Cryptocurrency in some countries. The mining of Cryptocurrency requires a lot of heavy machinery to do that. These machines are required to solve complex puzzles on the blockchains. Due to how heavy and complicated these machines are, it requires a lot of energy to power them. So these resorts to other options which endangers the environment for energy to power their machines.

• The volatility nature of Cryptocurrency; this is one of the serious factor that is causing cryptocurrency not to be accepted or adopted by all. The fluctuation of Cryptocurrency,that is the rise and fall of it value within a period of time. This nature of the cryptocurrency doesn't make it suitable for other investors or get it to be accepted by all.

the crypto market is down currently

SOLUTIONS TO THE ABOVE FACTORS

*Miners of Cryptocurrency shouldn't be allowed to be working by themselves. That is in the case of using the energy to power up their machines.
The government of a particular country should be responsible for providing them with a suitable source of energy. That will be to their satisfactory and it shouldn't be harmful to the environment.

• With the volatility of Cryptocurrency,all that is there to suggest is that they should set a limit to it fall and rise. With that being set people will then find it convincing enough.

PROS AND CONS OF CRYPTOCURRENCY BY BUSSINESS OWNERS

PROS
With the pros of Cryptocurrency it can some how be related to the ways that could boost bussinesses in the earlier points stated already.

*There is no involvement of central unit or third party before a transaction could take place. The third-party here could be a bank. In most cases the bank is required in order to make huge monetary transactions with someone. But with the cryptocurrency there is no need for a third-party. It just between the sender and the receiver.

• Transactions with cryptocurrency is so far one of the fastest way to perform a transaction. Unlike the traditional way,which is using the bank that could take several days for a successful transactions to happen. Bug transactions with cryptocurrency takes place within some few minutes. Which i think is good over the traditional way.

CONS
*One of the cons is that any lost or unsuccessful transactions with the cryptocurrency can't be retrieved. Yes that is how it works. When the sender mistakenly sends funds to a different address other than the actual one, then he has completely lost his funds.

• Also the volatility nature of it can affect a deposited asset meant for instant monetary transactions. This could happen in this way, assuming one has deposited a 1million dollar meant for payment of funds and then all of a sudden that particular cryptocurrency asset drops drastically. This will definitely reduce the amount of the deposited funds. Which is bad for marketing.

In conclusion, the adoption of Cryptocurrency globally is something that i strongly believe that it could happen soon. Because it is of good advantages and many major bussiness sectors like tesla has resorted to accepting it. I also believe that the government of other countries will begin accepting and using. The government of one country recent bought 40 worth Btc.