Crypto Academy Season 3: Task 03 for @stream4u by @olunath

It's such a privilege to join this platform, thanks to the community organizers and a very big thanks to my Lil brother @timileyin988 for introducing me to this community and also for borrowing me steem for powering up.

Here is my response to the assignment given to us by professor @stream4u.

We are told to answer any of the three questions below and I will be answering the first question

(1) What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Feature?

OR

(2) What Is Bitcoin and what was the Aim Behind Bitcoin Invention? Is Cryptocurrency Good For A Business To accept As Payment? Why?

OR

(3) What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?

DEFINITION OF CRYPTOCURRENCY

Cryptocurrencies are nonphysical assets (i.e. They don’t exist like paper money), they are created to work as means of exchanges in which individual coin ownership details are saved in a ledger which exist in a form of a computerized database system using cryptographical methods to secure transactional records, to control the creation of additional coins, and to verify the transfer of coin ownership.

Some examples of these currencies include; Bitcoin, Etherum, Dogecoin, Cardano, Tron and so on. Each currency have it's significant symbol. Take Bitcoin as an example, it's symbol is BTC, Etherum symbol is ETH, Cardano is ADA, Tron is TRX etc

Gathering this information on coinmarket cap, I learnt that there are more than 10,000 different cryptocurrencies that are being traded publicly on different exchanges Platforms.

CRYPTO EXCHANGES

Theres no way we would mention crypto currency without making mention of cryptocurrency Exchanges that we have.
Cryptocurrencies exchanges are businesses that allow their customers to trade different digital currencies for other assets such as Fiat money (USD, NGN etc.) or other digital assets (BTC, ETH etc.)

There are so many exchanges platforms for cryptocurrencies some of them includes; Binance, Huobi, OkeX, Poloneix etc. Some of them allows credit card payment, local bank payment, wire transactions in exchange for any available digital currencies on their various exchange platforms.

CLASSIFICATION OF CRYPTOCURRENCY

According to my little knowledge about cryptocurrencies, I will be classifying cryptocurrencies based on two key points

A. BASED ON TRANSACTION PRIVACY
I will be classifying cryptocurrencies into two based on transactional privacy

• Private currencies: example of this includes Monero, Xcash and so on; these types of currencies have private Transaction records which can not be seen by the general public only the two parties the sender and recipient only see their transactional records

• Open currencies: example of these currencies includes steem dollars, steem, TRX and so on; these types of currencies have open system of transaction where anyone can see the owner transactional records which can help in detecting fraud.

B. BASED ON FUNGIBILITY

• Fungible Tokens: These are assets that can be interchanged with other assets of the same type. For example,
  1BTC = 1BTC
  1TRX = 1TRX
  1ADA = 1ADA
  1ETH = 1ETH
  1STEEM = 1 STEEM
  1SBD = 1SBD
• Non-fungible Tokens: These are assets that cannot be interchanged with other assets of the same type. Example of these tokens includes Artworks, domain name, digital collectibles, event tickets etc.

ADVANTAGES OF CRYPTOCURRENCY

• Low Charges:
  Unlike our local bank, charges on any cryptocurrency transaction is always low when it's compared to the bank. Charges like maintenance, alert and other fees can not be found in cryptocurrency

• Accessibility:
  Unlike local/traditional banks that you will have to walk down to their company or you may even take bike or cab, cryptocurrency allow it's users to perform all transactions on your gadgets (phone, tablet or PC). This means you don't have to stress yourself walking around all you need is your gadgets and mobile data for browsing.

• Privacy:
  Unlike traditional/local bank that you will have your account being monitored by third parties (bank workers), transactions on cryptocurrency are private. That is only the two parties (taker-giver) included in a transaction can monitor their Transaction. Cryptocurrency system is a decentralized system, they are not monitored by any centralized authority.

• Security:
  Unlike local bank that save users details on their computer sheets or papers, cryptocurrency uses cryptograph when it comes to security. Data on cryptocurrency are saved on blockchain, this help in protecting users transactional histories.

DISADVANTAGES OF CRYPTOCURRENCY

• Cyber Crimes:

• Price instability:
  The price of cryptocurrency is not always stable, taken steem as an example. The price may increase today and tomorrow it may decrease. There's always fluctuations

• Government Approval:
  Another problem facing cryptocurrency is the ability of a country government to accept it's residents to use cryptocurrency.
  Countries like China, Nigeria, UK and the likes don't give their citizen full access to the part in cryptocurrency

• Not refundable:
  Once a payment is sealed on cryptocurrency you cannot return/reverse the payment. So it's required of all users to verify everything necessary before carrying out payment.

WHAT I WOULD LIKE TO SEE IN THE FUTURE OF CRYPTOCURRENCY

There are two things I would like to see in the future of cryptocurrency

1. Global Usage: Right now, cryptocurrency is not yet accepted by every country in the world.
   I would be glad to see cryptocurrency being used by everyone in the future. The usage will cause the price of cryptocurrencies to increase in future

2. Increase in price: though some currencies still have a high price rate but I believe they can still do better. I would love to see that those currencies I'm holding is increasing by at least 120X in the future. I will be a millionaire by then