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What is the fundamental difference between Cryptocurrency and the conventional financial system?

I've enjoyed the decentralized financial system over the years I've chosen cryptocurrency over fiat currency since the traditional financial system can not be eliminated I still do some of my days to day transactions using fiat money.

An important fundamental difference I've seen between cryptocurrency and conventional financial systems is.

1. Decentralization in cryptocurrency makes it very easy for users across the globe to seamlessly use crypto for transactions base on their terms of use, for instance, an individual from Nigeria can easily send money to someone in the UK without much restriction of monopoly which makes cryptocurrency available for use for all interested users without restriction on who and how to send your money.

Before the introduction of cryptocurrency, I have to send this money through a third-party agency which will have to undergo a diligent due process before the money will be sent through.

With cryptocurrency making transactions among users became more convenient takes less time to process a transaction which can be completed in few seconds while the conventional system is quite the opposite.

1. Security another very important difference between cryptocurrency and a conventional system is its security system in crypto users and miners are contributing greatly to the security of blockchain let's take for instance a users wallet is in his custody which means all assets in my crypto wallet are kept by only me and losing my access keys can lead to loss of my wallet which means it has to be guided with all care.

Conventional systems foresee all user's transactions and daily expenses which means you can be monitored on how you use or spend your money which can make users feel insure.

Generally, crypto blockchain proves to be hack-free unlike conventional systems there is a high chance where a financial institution or sector can get hack which can lead to loss of funds.

Why is a decentralized system needed?

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One important reason why I feel the decentralized system is needed today is no censorship regulations; since no single entity is centered on the regulation of cryptocurrency this makes it possible for all users to contribute to holding different coin/token of their choice and in this way are participating in securing the decentralized network.
Generally, decentralization help prevents the monopolization of capital it gives liberty to everyone to participate and contribute to the system.

What affects the value of cryptocurrencies?

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Various factors affect the value of cryptocurrency which includes

1. Users adoption; mass adoption seems to be one of the best factors affecting crypto value let's say a new coin was introduced to the market the more holders buying such coin and exchange listing such coin will determine how the new coin price will increase in the market.

2. crypto currency maximum supply; a coin maximum market supply is another factor to consider when determining the value of a coin if the market supply is very high it shows they will need more buyers to push the price of such currency up.

Team/roadmap; the value of cryptocurrency can sometimes be determined by the project roadmap and team effort the more hardworking a project team is the more users it can attract.

Why can't everyone be a miner?

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Mining requires the use of sophisticated computers or mining software energy required to power a mining machine can be cost-effective and will require lots of capital for maintenance.

With the above-mentioned point, it can be seen that there are multi factors to consider which include capital, maintenance, and power to keep a mining software running successfully.
These will be some of the reasons why mining isn't for everyone.

Why can cryptocurrency transactions be called more transparent?

Cryptocurrency transaction is considered to be more transparent because miners from different part of the world are processing these transactions which mean for the transaction to be processed you don't need to go through a particular entity or body before any transaction will be processed.

Also, miners with good computers/software tend to solve more transparent algorithms fast no specific miner is therefore selected for such task which makes it more transparent than a conventional system.

Explain how the development of cryptocurrency in your country?

Here in #Nigeria, it has been recorded that Nigerian is a leading country embracing crypto adoption and it's a fact that an average Nigerian youth had little idea about crypto and how to earn some passive income using crypto.

Over the past year, there has been a significant increase in crypto use and adoption in Nigeria as more users are embracing the new crypto space.

Conclusion
A decentralized system is a game-changer and it's virtually revolutionizing the world system as it's more secure, fast, and reliable it is not controlled by a single entity which makes it accessible by anyone in the world.