Crypto academy season 3 beginners course task 3 bitcoin, cryptocurrencies, and public chains done by @phenomenal1052 for professor @stream4u

Good day, and am glad to be able to be a part of this class, and kudos to professor @stream4u for this amazing lecture.

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

What Is Cryptocurrency?

• A cryptocurrency is a digital or virtual currency/ asset that is secured by cryptography, that takes the form of a coins or token that is designed to work as a medium of exchange for transactions and record are verified, stored in a decentralized system rather than a centralized system which makes it well secured and impossible for a third party interference (like government interference) this makes transactions faster, secured and low fees charged.
  Crypto currency uses a decentralized system which makes it safer and protected by government interference or power. The aim of crypto currency is to eliminate third party in transaction making and making transactions faster and secured.

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Reason for the creation of Crypto currency

Cryptocurrency came into existence after the financial crisis in 2008 and everyone clamoured for a currency free from government control and interference, because the government was accused of having a part to play in the crisis, and this brought about the first Cryptocurrency called BITCOIN. Cryptocurrency was based on a decentralized system to check the flaws of the centralized system that allows third party interference in our transactions.

PROS and CONS of Cryptocurrency in our day to day activities

In this world, nothing stays or remain the same forever, and that is what has happened to our financial system, and way of getting our financial transactions done.
The world is getting to accept that Cryptocurrency has come to stay, and lots of countries are starting to adjust to that reality and more country will adjust as time goes on.
A lot of people are making money through Cryptocurrency and it would only be proper for them to spend it without having to change it to cash, and yes lots of businesses are starting to accept Cryptocurrency as a form of payment. And it is advisable that every business should start accepting Cryptocurrency as a form of payment, but just like the common money, a lot as to be considered. So let us look at the good side and the bad side and see maybe we can balance it and come to a conclusion.
Let us look at the good Pros:

• Decentralized system

  Like I said earlier Cryptocurrency makes use of a decentralized system which makes it secure and immune from government or a third party interference. For example when a business organization steps up their organization and they receive a huge payment than they receive before in their bank account, the bank or government will surely freeze the account for suspicious activity. This can be embarrassing having your account and money frozen by a bank you pay to help keep your money, even the process you have to go through in unfreezing the account can be tiresome, and this will affect the customer and the buyer, but in a decentralized system your account can't be frozen and this will aid smooth transactions between an organization and their business partners.

• Lower Transactions Fee

  When making a transaction for a payment, a transaction fee is always deducted, in a centralized system, when you want to send your money, a minimum fee of 3% to 5% or more is deducted from each transactions, but in a decentralized system, sending Cryptocurrency from one wallet to another, a transaction fee of just 1% will be deducted .
  This is one of the creation of Cryptocurrency to ease users from paying high transactions fees on their payment. This will help save more money in the pocket of the customer and the business organization.

• Faster Transaction Speed

  Transactions speed in a decentralized system is way faster than the centralized system where you go to bank to make a transaction and still have to wait for hours before transactions is done, or doing the transaction from the app and still waiting for a minute or more in a centralized system. In a decentralized system, transactions speed varies but transactions speed is less than 20 second. When you go shopping you don't have to wait a long time for confirmation, transactions are done faster than the centralized system, so this is a really big boost for an organization especially the big ones with lots of customers.

• Lower Risk of Fraud

  The anonymity of the crypto wallet makes it safe from cyber attack or scammer. A thief or scammer can hack an account by just seeing someone credit card or knowing thier name or personal information, but the anonymity in a decentralized system where your real name or other personal information can't be seen after transactions makes it safer to use. And also the use of keys in safeguarding a wallet makes it safe to use.

• Global accessibility

  Accepting Cryptocurrency as a form of payment in our day to day activities will give us access to a whole new world of customers. There are over millions of Cryptocurrency holders in the world, when a business accept Cryptocurrency, it gives it access to that big market and a good opportunity to capitalize the market and break long distance or transactions fee barriers all over the world.

  We have looked at the good side so let's look at CONS

• Pricing Fluctuations

  The biggest threat in the crypto world is the fluctuation of price, and this also comes in two ways, the price might go up and bring in profit for the business, and the price might also go down which can incur debt if not well managed.
  To me this isn't a big problem, because every business have an accountant or someone who does the account, all the business has to do is make sure the individual have a good knowledge on Cryptocurrency and how it works. There are crypto currency like USDT that has a fixed price, so when there is a downtrend in the market, they can swap the Cryptocurrency to the fixed one and vice versa.

How You Would Like To See Cryptocurrency In The Future?

Like I said earlier Cryptocurrency is getting bigger and wider and a lot of people, country are starting to accept that Cryptocurrency is here to stay, and we can see that this new generation are already knowing and into Cryptocurrency, for example, I am 18 years old and am already into Cryptocurrency, in my area even all over the world a boy/girl of 16 is already into Cryptocurrency.

• What I would love to see is that our generation will be called the “Cryptocurrency Age” just like the past centuries where we have “Stone Age, Computer Age” and lots more.
• I would also like to see everyone a Cryptocurrency literate, just like education being a right and compulsory, I would love to see Cryptocurrency being taught and learnt by everyone, like having a subject, course of it's own in different levels of institutions.
• Another is that, I would like to see Cryptocurrency being accepted as a legal form of payment all over the world, I would like to see Cryptocurrency being the key to the cashless world a possibility.

Conclusion

Crypto currency is a good thing, especially when you handle it right, so we all have to accept it like we accepted our computer, we should prepare the younger generation for a new age and the full evolution of cryptocurrency in our society. Thank you.

Cc. @stream4u