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

INTRODUCTION
Pleasant greetings to all members of this great community, I'm happy to participate in this contest in which I will be writing on Cryptocurrency Adoption.
Sit back and enjoy your reading

Discuss the adoption of cryptocurrency in the financial market and how businesses can be boosted through cryptocurrency transactions.

Blockchain technology was first implemented by foundation of Bitcoin by a group of anonymous group referred to as Satoshi Nakamoto which was the first cryptocurrency in the year 2009. This marks the beginning journey of the adoption rate of Cryptocurrency by general public.
Ever since the inception of Bitcoin there has been emergence of several other cryptocurrency using Blockchain technology. The emergence of several other cryptocurrency has so far increase the adoption rate by the general public, with cryptocurrency having a yearly record of 100% yearly increase in adoption rate.

Cryptocurrency is fast growing and several companies are venturing into cryptocurrency market, taking advantage of the opportunities the new technology is clearly presenting to them for the growth of their business. However some companies/business owners that are into cryptocurrency understood that their business will have higher edge for making more profitable transactions in the nearest future.

Businesses or companies that have internal awareness of how cryptocurrency market works have done a good job as it will put them in a more suitable and favorable position for a future that could possibly include central bank digital currencies.

Introducing cryptocurreny into business will create internal awareness for business owners and companies about this new technology of making borderless transactions. It also may help position companies and business owners to be ready for a future that could include central bank digital currencies.

Financial Markets represent any market or a system that provides buyers and sellers the means to exchange or trade financial instruments, including bonds, equities, various international currencies and derivatives. Financial market however have been benefiting from the adoption of Cryptocurrency and at the same time there has been competition and debate on which should be widely adopted between the fiat currency and cryptocurrency for processing trade.

Cryptocurrencies however were initially developed as a tools for private users to exchange value, bypassing the oftentimes unprofitable and cumbersome intermediaries, such as banks and other financial gateway providers.this as really helped the financial market as exchange are made at a very low cost whereby increasing the adoption rate of cryptocurrency in the financial market.

Businesses can be boosted through cryptocurrency transactions in the following ways:

Transaction speed
Business owners that adopt cryptocurrency to process her transactions will have faster speed of transaction unlike conventional currency. This doesn't only boost the business but also reduce the manpower and delay in completing transaction unlike conventional currency which requires authorization of a third party. Also transactions are made at convenient and comfortable condition.

ACCESSIBILITY
Business owners that adopt cryptocurrency transactions process will find it more easier and faster to access funds or savings without authorization of a third-party or government body. with this transaction are conveniently made and faster.

CONVENIENCE
Blockchain technology has made cryptocurrency transactions to be convenient in every aspect. Companies or business owners can easily make transactions at the comfort of his office or home at any period of the day unlike conventional currency where most times you'll need to sign some papers before transactions are being carried out.

• Also borderless features of cryptocurrency transactions made it possible to process transaction to any part of the world. This therefore will benefits the business as it will attract more international customer to partner or patronize their business.

• Also since cryptocurrency is not regulated by government, cryptocurrency transactions have made it possible for business or companies to easily aviate task that are attached to every transactions completed thereby reducing the rate of yearly expenses paid for transaction fees.

What is your opinion on cryptocurrency being accepted globally for our day-to-day transactions.

Cryptocurrency being accepted globally for our day-to-day transactions will be a great achievement for Blockchain technology as it is imminent that global economy is inevitably moving towards a digital eco-system.

Global acceptance is favourable for the mass at large and private users but a little bit not favorable for government.
It's favorable for the mass because it will solve the issues an individual face with traditional banking system where transaction may not be successful when there's bad network, or no network at all.

✓ Customers are forcefully placed on daily transactions limit while in the case of Cryptocurrency you can transfer more funds than using traditional banking system.

✓ Low cost of transaction fees, unlike traditional banking system where charges are deducted for every transaction made. This is the part that makes it unfavorable for the government body as it is not regulated by them thereby they generate little or no income from transactions made.

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

High volatility nature of cryptocurrency has been a major concern to business owners especially investors.
A lot of people knows that the cryptocurrency market has been volatile from the beginning but the last few months have been particularly a wild fall. For example in december 2020, Bitcoin was trading around $20,000 where it continues its bull run and reached an all-time high of $65,000 by April, it is currently peg at $20,806. Likewise other popular cryptocurrency coins have been down over the past few months. While this has resulted in a windfall for some, some others have lost a part of their investments due to the high volatility in the cryptocurrency market.

The cryptocurrency market is not seen as needing expertise unlike stock market where experience of being an expert is needed. So mostly part-timers are investing in it where they come with a hope of making quick profits but sometimes when that does not happen, they lose patience and withdraw from it. This recurring involvement and withdrawal also have lead to volatility in assets. This actually explain that volatility occurs as a result of the rapid buying and selling of an asset which thus creates instability in the price of the given asset.

What other factors are currently limiting the adoption of cryptocurrency and how can this be solved?.

✓ CYBER SECURITY
Business owners and investors are subjected to cyber security breaches. It causes investors huge loss of funds that can't be recovered whenever it falls to the hand of hackers.

✓ REGULATION
In as much as Cryptocurrency is not adopted and regulated by any governmental body. This factor makes potential investors or business owner to assume it's illegal and that it is not a safe bussiness. This has however placed a limit to the adoption rate of cryptocurrency because people are legitimately concerned.

RECOMMENDED SOLUTION
✓ In the case of cyber attack the best thing is to take preventable measures. One of the important step to solve cyber security is to use encryption. I believe threats can be easily detected by further encryption of data that is transmitted through the Blockchain technology.

✓ Concerning regulations by government I believe if government can set a clear regulatory standards for Blockchain technology it will increase the rate of adoption by business owners thereby giving them assurance of how legit cryptocurrency is.

Discuss the Pros and Cons of cryptocurrency adoption by business owners.

• PROS
✓ Transactions in cryptocurrency is done at high speed regardless of how huge the amount is and doesn't need having to go through any intermediaries to be authorized, obstruct or interfere with the transactions.

✓ Cryptocurrency allows P2P transactions and which allow business transactions among bussiness partners and individuals in different countries of the world.

✓ The adoption of Cryptocurrency by business owners will help them to aviate tax placed on every transactions by government.

✓ Transactions will made at convenience and comfortability of business owners with the adoption of cryptocurrency without having to sign papers before carrying out a transaction.

• CONS

✓ The volatility of Cryptocurrency assets with the exception of stable coins can make business owners to accumulate unbearable loss which is discouraging for the adoption of cryptocurrency by business owners.

✓ Wrong transactions can not be recovered and this is one of the factors that discourage business owners from investing in cryptocurrency. Transactions are permanent and can not be reversed.

✓ Companies funds or savings can be easily compromised or get stolen by co-workers or staffs in charge of transactions and distribution of the company's funds since transaction needs only a key to process.

Conclusion
Apart from the numerous benefits adoption of cryptocurrency will bring to financial market and for making day-to-day transactions the cons of cryptocurrency has being a barrier for global adoption of cryptocurrency.
Adoption of Cryptocurrency globally for making day-to-day transactions is greatly dependent on regulations by government also the volatility nature of cryptocurrency has been a barrier hindering the progress of adoption rate among business owners as business owners are scared of not losing their capital.

Thanks for reading