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INTRODUCTION

This assignment would give exposure and coverage in understanding of what cryptocurrencies are and what we would love the Crypto blockchain to be like in the nearest future
It is an honour to partake in this fixed beginner class, I am @kelechisamuel and this is my homework post by @stream4u

CRYPTO CURRENCY

Firstly in the consideration of CRYPTO CURRENCIES ,we see the word , CRYPTO and CURRENCIES clearly showing the kind of transaction system which is different from the traditional paper notes.

Traditionally , currencies are seen to be means of payments in a particular geographical area which is accepted generally within that vicinity with its several features completing it's currency being for example , the dollar is seen to be a standard measure of value , and nationally recognized making it a currency like we see the picture of the dollar in this picture below.

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Crypto on the other hand could be seen as a decentralized digital Blockchain platform that creates currencies for performing of online or digital transactions with strong online security

This explanations brings us to the concept of Cryptocurrencies which is seen as digital currencies that are used as exchange for transactions with the personal transactions recorded in ledger formed digital database mostly for security and verification of currency ownership .

The crypto currencies use a decentralised pattern of payments and more especially is mined by performing complex transactions or algorithms unlike traditional currencies that are created more by printing and released in circulation.

Crypto currencies also diverse in nature and more numerous to mention than normal traditional currencies for example we see different types of Cryptocurrencies like the Altcoins , stable coins etc .. where we have the likes of Bitcoin, Ethereum , Ripple , ADA and over hundreds of currency to mention. With more still being created

BRIEF HISTORY OF CYPTOCURRENCY

From here now we could see a brief history of Cryptocurrencies and it's existence

The existence of Crypto currencies begun with a digital currency called E-cash in the early 1980s and making it more complex through Digi cash even with National Security Agency in 1996 published an article on Minting of Cryptocurrencies.

Very close to the 2000s Wei Dai also made an anonymous shared digital payment way which made the description of the network to be Bitgold and other digital currencies put together and released.

Finally , the release of the decentralized system cryptocurrency was ultimate in 2009 by Satoshi Nakamoto using a crypto system function called Bitcoin using proof of work /stake schemes including the inventing of Namecoin and the rest in 2014 and beyond . Moreso ,there have been several crypto coins invented in the same process ,trading and other processes .There have been no legal establishments in a country for Crypto Currencies being a major standard of payment.

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However El Salvador in June 2021 became the major state in the world to make one Crypto Currency a standard of payment ie Bitcoin after its bill passing became legal in their house of legislature making a major history in the crypto world.

It is almost impossible to talk about crypto currency and not make mention of Bitcoin so I will also discuss about a dominant coin in the world of Crypto taking most of the market capitalisation and drawing the most attention in the crypto market ,which is Bitcoin due to its volatility nature in profits and losses most times.

Bitcoin could be emphasized as a decentralised blockchain technology with no particular administration that is meant for network user to user administration with a peer to peer network without want for middle men works and we'll checked by secure ledgers called blockchain .
We could draw another example of Crypto currencies seen as another weight in the Crypto market which is the Ethereum owning a blockchain founding several tokens and ICOs in the crypto market.

Ethereum could be seen as a decentralised open source blockchain with intelligence function prowess being a familiar Currency of the network

HOW I WILL LOVE TO SEE CRYPTO CURRENCY IN THE FUTURE

Finally I might deduce that crypto currency may never be a general standard of payment since it's value isn't basically stable during the course of transaction exchanges ,there would always be loss in value on one side.

In the future, I would love crypto Currencies with legal financial backings taking over majority of citizens money since the ledger security of the blockchains are so tight that we see crypto currency wallets to be tighter than mere bank accounts that could be easily penetrated by fraudsters and the rest .
Futhermore , development of Non fungible tokens from the Crypto Currencies would be another major strategy that would be a great attraction for non users of the network ie video gamers ,video producers etc making a better channel for profit making and management
The future of crypto Currencies also ,should provide a space for well security checks over initial coin offerings on the crypto network ie there should be imposure of qualifications which a token must pass through before it could be bought, sold or traded hereby reducing the chances of users losing their hard earned funds

For example, in Nigeria's central bank we see liquidity reserves / ratio as one of the major criteria for the opening of a commercial bank hereby giving consumers the peace of mind while money is invested .

Finally there should be a legal and accredited exchange platform for Crypto currencies to fiat and local currencies hereby creating a proper exchange between traditional currencies and the Cryptocurrencies

CONCLUSION

The crypto currency system makes it almost impossible for a counterfeit to exist in the block chain and immune to government, the homework post has been made based on my understanding of the cyptocurrency lecture by @stream4u

Thanks for reading

Cc
@stream4u