Steemit Crypto Academy Season 3 | Beginners' course - Task 3: Bitcoin, Cryptocurrencies, Public chains @leomolina
WHAT IS CRYPTOCURRENCY AND HOW WOULD YOU LIKE TO SEE IT IN THE FUTURE?
Introduction
As the years go by, the evolution of mankind is more and more accelerated, covering the different aspects of life. Some people perceive technological development as stronger, for example telephones and computers, which a decade ago were unimaginable what exists today, but we cannot ignore the fact that economic and financial issues are also evolving at the same pace.
Since the first coins began to be minted in Ancient Europe and to give them a financial value for the exchange of products and services, we can appreciate a great advance in terms of mercantile transactions compared to today, where computer media provide speed, security and optimization of resources.
Between all this synergy of traditional finance, the legal aspects of the jurisdictions of different countries, technological development and information technology, a new decentralized economic model called Blockchain was born.
WHAT IS CRYPTOCURRENCY?
Before touching on the topic of cryptocurrencies, I would like to define certain concepts that are key to this post.
Blockchain
It is a computer design based on a mathematical structure for data storage and information exchange in an immutable and secure channel.
It is a network of computers, called "nodes", which form a chain, verify the transactions made, and store this information in blocks, once the verification and storage is executed it cannot be modified, all this immutable, secure, auditable and transparent procedure.
This technology became ideal for asset management, and the way to insert money and give value to these assets is what we know today as Cryptocurrency.
Cryptography
It is a computer technology, with mathematical foundation, which is responsible for encrypting and encoding the data circulating through the digital channels of the Blockchain. These data are what we know as Cryptocurrencies.
Criptography | Welivesecurity.com
Cryptocurrency
It is a digital asset, it is not palpable and does not exist physically, and its monetary value will be determined by the fluctuations of supply and demand in a digital capital market, in the same way as the traditional capital market is managed.
Cryptocurrencies are stored in virtual wallets and from these they can be transferred to other wallets belonging to other users. Transfers are made through the Blockchain because there is no intermediary in this type of transactions, therefore the cost of these operations are extremely low compared to the banking fees of the traditional system.
Since 2009, when the first Bitcoin was released, until today, the digital economy has taken hold in the world and more and more users are using cryptocurrencies to manage their finances, and one of the reasons is because of how practical and simple it can be to manage a cryptographic wallet from a cell phone, while it is possible to make a transfer of funds to another person who is on the other side of the world in a matter of seconds. It is a relationship of efficiency between technology, economics and evolution.
HOW WOULD I LIKE TO SEE CRYPTOCURRENCY IN THE FUTURE?
Considering the security and transparency of the Blockchain, it opens a different path to the global economy that was only locked in a static and monotonous financial model that does not offer different alternatives to its users.
Considering that Blockchain is an immutable and auditable financial operation model, it can be easily applicable in globalized business chains, generating Condensed Accounting Financial Statements of all franchises owned worldwide, in a single cryptocurrency, even, in a single wallet.
Considering that the fees for international transactions are low, they serve as an economic alternative for many people who work outside their countries and send remittances to their families to help support them.
Cryptocurrency | Criptominer.io
Because of its wide range of applications and its feasible features, Cryptocurrencies would like to see them legalized in an official framework in countries around the world, offering their benefits to natural and legal persons, that their benefits have a wider reach, perhaps in the area of Health, that people from all over the world can access medical treatments and materials and that with a simple movement of a cryptographic wallet, financial transactions can be made to achieve patient success.
I particularly want Cryptocurrencies to be given a chance to show the world that it really works and that stability is achieved with this wonderful and innovative financial technology.
Conclusion
Cryptocurrencies are a real alternative for the economy and finances of today's world. The traditional banking system has remained stagnant, "for convenience", getting their profits without caring about what the user really needs, bad accustoming people to adapt to banks, when it should be the opposite and be the banking institutions that adapt to the needs of both natural and legal persons, because at the end of the day, banks only provide a service.
We must open the windows to innovations and not be afraid of success.
This is a #steemexclusive post for Steemit Crypto Academy. Grateful to all this beautiful community and our teacher @stream4u.
See you in a future post.
Hello @leomolina, I’m glad you participated in the 3rd Task of the Beginner’s class at the Steemit Crypto Academy. Your grades in this task are as follows:
Observations:
This is the goal of cryptocurrency innovation. To eliminate third party involvement in transactions.
That is true. But the adoption of cryptocurrencies is been delayed because the government can't regulate cryptocurrencies transactions and the users remain anonymous. But let's see what the future holds for the evolving technology.
Recommendation / Feedback:
Thank you for submitting your homework task 3. We hope to see the rest of your submissions.
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