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My Dear Friends
This is @ns-porosh from Bangladesh 🇧🇩

How are you all? I hope you are well by the grace of God.I am well with your prayers and mercy God's grace. At first of all thank you to the sir @levycore. Your lesson provides a lot of information on homework tasks.

Write the definition of Decentralized and Centralized Social Media Platforms in your own words.Explain in your own words the difference between decentralization and centralization Social Media Platforms (answer should related Social Media Platforms . (answer must be written in oun words, copy paste or from other source copy will be not accepted)

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The fundamental difference between cryptocurrencies and conventional financial systems is that cryptocurrencies are decentralized digital assets as opposed to conventional currencies. Cryptocurrency currencies are accepted as legal tender in various developed countries. However, there are many countries in the world where cryptocurrency is considered illegal.

The following is a brief description of the differences between the two systems:

(1):Traders do not need permission from any authority to trade cryptocurrency. That is, cryptocurrency has no center. Here traders have complete control over their own property. This is why many new traders are now interested in trading in cryptocurrencies. On the other hand, in the conventional financial system, traders have to get permission from the authorities. Because in this system the authority controls everything from the center.

(2):Cryptocurrencies can be traded at any time of the week. There are no holidays specified in cryptocurrency. Traders can trade in cryptocurrencies from anywhere in the world. But in the conventional financial system i.e. banks are not open every day of the week. Closed on certain days due to which traders cannot trade in this financial system every day of the week.

(3):Since cryptocurrency is decentralized in nature, it has no authority and has blockchain technology. Conventional financial systems, on the other hand, are centralized in nature and authority. Which is why transactions in cryptocurrencies are much faster than transactions in conventional financial systems.

(4):The conventional financial system is governed by inflation in each country. High inflation is a big problem for any country. However, cryptocurrency is protected from inflation. If there is high inflation in the market then the conventional financial system has a bad effect on all the assets. But high inflation in the market does not have a bad effect on the value of crypto assets.

(5):Cryptocurrency transaction fee charges are much lower than transactions in the conventional financial system and there is no possibility of hacking in cryptocurrencies on the other hand there is a possibility of hacking in the financial system. Because cryptocurrency is much more secure than the financial system in terms of technology.

Why is a decentralized system needed?

There are many requirements for decentralized systems.The requirements for a decentralized system are explained below:

• There is no central authority in a decentralized system. This allows users to control their resources perfectly. Decentralized systems have user freedom. This system allows users to transact anywhere in the world as a peer-to-peer system.

• Since decentralized systems are blockchain based, the security aspects of decentralized systems are very advanced. Decentralized systems are less likely to be hacked. It is often seen that in banks like financial system, users cannot make transactions as required or timely due to server down problems. But since the decentralized system is blockchain based,users Do not encounter server down problems.

• Since everything in decentralized systems is handled by users themselves, users can manage transactions on this system any day of the week. Banks do not have to wait for hours like financial system and transactions can be conducted even on holidays. Even in a decentralized system, the transaction fee is very low and users can transact anywhere in the world very fast.

• The centralized system has geographical barriers to transactions but the decentralized system has no geographical barriers to transactions. For this, cryptocurrencies can be traded anywhere in the world.

For such benefits we need decentralized systems.

What affects the value of cryptocurrencies?

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The cryptocurrency market decides the value of any crypto due to specific circumstances or various reasons. However, below are some other factors that determine the value of cryptocurrency.

Inflation:

The value of cryptocurrency may increase if there is inflation in the market. Although inflation in the cryptocurrency market is very low. If there is low inflation in the crypto market, then there is a crisis of cryptocurrency in the market. And when there is a crisis, the price of cryptocurrency goes up.

Demand and supply:

Crypto quality is affected by the demand and supply of cryptocurrencies. If the demand for a particular cryptocurrency in the market is high and the supply in the market is high, then the value of that cryptocurrency will decrease in the market. Again, if the demand for a specified cryptocurrency is high and the supply in the market is high, then the value of that crypto currency will be higher in the market.

The influence of big business:

If a big crypto trader stocks millions of dollars worth of cryptocurrencies, then the value of cryptocurrencies in the market can fluctuate because of that crypto trader. Because when he stocks cryptocurrencies, the amount of cryptocurrencies in the market will decrease which will cause the price of cryptocurrencies to rise in the market. Again when he takes the cryptocurrency out of stock the price of cryptocurrency in the market will go down.

Big Personal Assumptions:

Estimates affect the value of cryptocurrencies the most. The value of cryptocurrencies is controlled by Elon Musk's tweets. Most of the time his statements relate to a cryptocurrency and significantly affect the price of a particular cryptocurrency.

Government intervention:

Yet the governments of many countries have no knowledge of cryptocurrency. Some governments have banned cryptocurrencies in their countries. However, governments in developed countries have declared cryptocurrencies legal in their countries and helped users to use cryptocurrencies. However, the number of cryptocurrency legal countries is very low. The crypto market has become more uncertain and more volatile due to the low number of legal countries. And for this the value of cryptocurrency is greatly affected.

Why can't everyone be a miner?

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To answer this question we must know the basics of cryptocurrency mining. Mining is a process by which new cryptocurrencies come to market.This process involves the activities of some people whose job is to verify transactions in the blockchain. The mining process is done according to the network algorithm.These networks require miners to qualify for mining.Those who have completed a certain amount of currency. Miners are rewarded with blocks based on their work.They even get coins rewarded by verifying transactions on the network.

Below is a discussion of why not everyone can be a miner:

• Mining requires other equipment like computers, GPUs which are much more expensive. Because with such tools the problem can be solved in a few seconds. This is why not everyone can afford such machines.

• To be a miner you need to have adequate funds or adequate resources in your blockchain network. You cannot become a mineral if you do not have enough resources.

• The equipment used to make the mine is very high in energy and the maintenance charges of the equipment are also very high. This is a big problem.

• Crypto mining is not legal in all countries of the world. In countries where mining is not legal, mining is not possible for miners.

• As the mines build new blocks, the equipment becomes obsolete. New equipment has to be bought to build new mines. Which is very expensive.

• Everyone involved in mining is rewarded through competition. Minor must have and carry a large amount of crypto assets in order to win the prize. But many cannot afford such huge capital.

Why can cryptocurrency transactions be called more transparent?

Cryptocurrencies are essentially decentralized blockchains. Cryptocurrencies All transactions are stored in a blockchain. Cryptocurrencies Database or information of all transactions is maintained by multiple computers. Transactions recorded for this are never likely to be hacked. Because Blockchain is an open source technology, transactions are public and anyone who joins Blockchain can view all transactions. All nodes are registered after the transaction is successfully verified. No one can change the transactions after that. For this, the transactions made in blockchain are very transparent.

Explain how the development of cryptocurrency in your country?

My country's name is Bangladesh. The people of Bangladesh have very little knowledge about cryptocurrency because Bangladesh is an agricultural country. Also, the government has not yet declared cryptocurrency legal in Bangladesh. This is why the people of our country were unable to trade and invest in crypto and trading. However, realizing the benefits of the current cryptocurrency, many people in our country are showing interest in cryptocurrency and many are investing in cryptocurrency. The people of Bangladesh are hopeful that the government in Bangladesh will declare cryptocurrency legal in the near future.

Conclusion

I have gained a lot of knowledge from today's lecture.Thank you sir @levycore for this beautiful lesson.Cryptocurrency has become very popular within the world conventional financial system and cryptocurrency 2 hours. Because cryptocurrency is decentralized and it is created by blockchain.Here investors have financial freedom. The interest of investors in cryptocurrency is increasing day by day due to the maximum transparency and ease of cryptocurrency.

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