I am indeed excited to be taking part in the season 2 of this contest. This is an amazing topic and I have dissected it to the best of my ability.

Overview of cryptocurrency

Cryptocurrency can be referred to as a decentralized digital resource that is circulated online and without the requirement for a focal financial power like a government administration or bank.
Cryptocurrency provides a way to store and transfer value with so much ease and without the control of a central authority.

Anybody can take partake, since no bank or government controls it.

Cryptocurrency runs on blockchain technology. This keeps a record of each and every transaction involving a certain currency. This adds some level of security as well. Cryptocurrency transactions are fees are relatively low as well.
Some popular examples of cryptocurrency include bitcoin, ethereum, cardano, solana, steem.

Comparison between cryptocurrency and conventional currency

• Cryptocurrency does not require a mediator to approve and process an exchange like banks do with conventional currency. Blockchain innovation confirms these transactions thereby improving security of trades and keeping adequate records.

• Conventional currency transactions can be tracked and traced back to whoever is involved in the transaction. Institutions who have access to these data can track the spending records of individuals or organizations. This is not the same for cryptocurrency. It is difficult to trace cryptocurrency transactions, making it ideal for individuals and organizations like Non-governmental organizations who would like their transactions to be private.

• One similarity is that both kinds of currencies can be divided into smaller units. For example, 1 Nigerian Naira can be divided into 100 Kobo, so also can 1 Steem be divided into 0.01 Steem.

• Another similarity is that they can both be used to store value, as well as pay for goods bought and services rendered

The distinct innovations of cryptocurrency and it's downsides

Cryptocurrency has brought a lot of unique innovations to the financial realm. They include the following:

• While making a payment with cryptocurrency, it's totally unnecessary to provide needless personal details to who you're paying to. This provides some privacy. You won't have to send your private details over the internet to third parties like banks, hence, your information won't be compromised or stolen.

• Cryptocurrency transactions provide better and improved security, thanks to the blockchain technology. The concept backing cryptocurrency makes it very safe. For example, the blockchain powering bitcoin has never been hacked.

• Cryptocurrency has made it possible and easier for people on opposite ends of the world to transact with one another.

• You can make use of your cryptocurrency anywhere you are in the world since it is not being held by any government or institution. Also, no matter what the situation globally is, your cryptocurrency still remains yours.

• Cryptocurrency transactions can't be reversed. This makes it difficult for fraudulent activities to be committed. This is in contrast to what is involved in transactions involving conventional currencies.

The downsides

• Cryptocurrency is volatile in price. Your investment may increase or decrease drastically in value real quick. This is evident in the intense dip that happened with a lot of cryptocurrencies just last month.
  This volatility is a risk for businesses that accept cryptocurrency for payment because when the price drops and the need arises to make a payment in conventional currency, there may not enough funds.

• Right now, cryptocurrencies are not broadly acknowledged as a type of payment. This implies that you might have issues finding organizations that acknowledge crypto as a form of payment, which can be an issue assuming you're attempting to involve it as your essential type of payment. Cryptocurrency is also not accepted in every part of the world as several countries have banned it.

• The fact that cryptocurrency is unregulated is perhaps the most serious problem with it. This makes things difficult for organizations that have to conform to guidelines as Government has next to zero power over cryptocurrency.

How I think major problems with cryptocurrency can be handled

• For the issue of volatility, investors and businesses should be wise about how they invest in cryptocurrency. They shouldn't invest a major part of their funds in crypto as it can go either way. Rather, they should invest an amount they know they can do without.

• Governments around the world(especially those that placed bans on cryptocurrency in their country's) should be convinced of the immense benefits of cryptocurrencies. Governments as well as businesses should realize that cryptocurrency transactions are lucrative and effectively easy. This would make cryptocurrency to be broadly accepted.

• Governments should try to tailor their policies and guidelines to favour cryptocurrency and businesses that intend to use them as a means of transaction. The policies should also regulate cryptocurrency to an extent that is favorable for everyone.

Do I believe in the future of cryptocurrency

Yes I do in fact believe in the future of cryptocurrency as well. I also believe it is the future of money. it can possibly be the quickest, least demanding, least expensive, most secure, and most all inclusive method for trading that the world has at any point seen. Irrespective of where you are from or live, cryptocurrency presents equal opportunities to everyone.

My recommendations

Every country in the world should start now to work towards making cryptocurrency a legal tender as the benefits are too great.