Crypto Academy Season 3: Task 03 for @stream4u by @hydra1
What Is Cryptocurrency and How Would You Like To See Cryptocurrency In The Future?
Cryptocurrency: A cryptocurrency is a digital coin/virtual coin that can be used to make purchases of goods and services online with secured cryptography to secure the transactions. Cryptocurrencies work on a decentralized platform in the sense that there is no government interference or any third party involved.
Why cryptocurrency, one might ask?
The creation of cryptocurrency was primarily to address the shortcomings of banks, such as the fact that when one sends money to a family or friend overseas, it usually takes days for the person to receive it. It also addresses the issue of high transaction fees on both ends and eliminates the bank as a third party involved.With the introduction of cryptocurrencies, transactions can now be carried out within seconds.
Cryptocurrency Characteristics
Block Mining
Most cryptocurrencies are mined in the form of blocks by attaching transactions to the main blockchain in the form of blocks.
Cryptography
This is also one of the features of cryptocurrencies, which makes cryptocurrencies trusted and secured assets. With cryptography, readable information is converted into encrypted codes, making it nearly impossible to change the blocks on the network.
Blockchain Technology
This is the technology used by almost all the cryptocurrencies in circulation. It is the blockchain technology that makes mining and trading of cryptocurrencies secured and efficient as it holds records that are created in the network in the form of a very secured connection of different nodes worldwide that validate transactions and keeps the network secured.
Examples of Cryptocurrencies
- Bitcoin (BTC)
- Ethereum (ETH)
- Stemem
- Cardano (ADA)
- Litecoincoin (LTC)
- Monero (XRM)
- Tron (TRX)
Online Brokers that Offer cryptocurrencies
- Binance
- Crypto.com
- Coinbase
- Robinhood
- eToro
How Would You Like To See Cryptocurrency In The Future?
Actually, I believe that the blockchain (as a whole) and all of its components will play a significant role in the advancement of both the public and private sectors over the next decade, but for the time being, let us look at some typical patterns for this progressive idea later on.
1.Wide Acceptance: From businesses to governments, cryptocurrencies have evolved into a legal form of exchange in many parts of the world, and this trend is expected to continue.In addition to the fact that this eliminates a significant part of the managerial issue, it's anything but a worldwide standard that is free of regulations on trade, which upgrades both effort and openness. I expect this to drive worldwide exchange and coordinated efforts to turn out to be more powerful.
- Overtaking the Existing Monetary Systems: For some monetary elements, public monetary standards will turn out to be less famous or vanish totally, especially in locales occupied with traditional exchange. Cryptocurrencies will advance faster than ideas, but they will be free of central authorities such as banks or governments.
Fluctuating Values: The rhythmic movement of exchanges and ventures assumes an enormous part in the determinative upsides of different cryptocurrencies. While they may not be just about as unstable as in the past, they will keep on fluctuating because of practically no power over. This has made it extremely appealing to financial backers who only need to put money into digital money to help drive esteem and encourage future distributed exchanges.
Widespread knowledge of cryptocurrencies and blockchain technology: Given the current trend of cryptocurrency development, people should begin to learn more about the work of blockchain technology and its performance. I am still expecting educational institutions in my country (Ghana) to introduce blockchain technology into their curriculums. This will help equip people with a vast knowledge of the work of blockchain technology and of cryptocurrencies
CONCLUSION
To conclude with, I will like to encourage each and everyone of us that cryptocurrencies have come to stay and it is the future currency of the world and they should embrace it wholeheartedly.
Cc:
@stream4u