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

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There exist a fundamental difference between crypto currency and the conventional financial system also known as the Fiat currency system. The differences are examined below
• Legality
Fiat currencies are issued by a central government which in turn stands to regulate the system
Governments control fiat money supply and issue policies from time to time that affects their value. Meanwhile crypto currencies on the other hand merely digital assets that act as a medium of exchange that governments have no control over. The decentralization aspect means no central body can control or influence their value. Even though some governments have placed a ban on cryptocurrencies because it has been used to sponsor illegal activities like terrorism, scamming, money laundering, the system still stands at a constant growing rate
• Their Storage
Cryptocurrencies virtual aspect means they can only exist online thereby stored in digital wallets commonly referred to as cryptocurrency wallets. While most digital wallets claim to offer secure storage, some of them have been hacked resulting in people losing a substantial amount of holdings.
The versatility of fiat money, on the other hand, means it can be stored in various forms. For instance, there are payment providers such as PayPal that allow people to store fiat money in digital form. Banks also do act as custodian of hard currencies.
• The tangible nature
Cryptocurrencies generally exist as virtual coins meanwhile th conventional financial system’s currency exist as coins and notes thus possible to have a physical feel It is not possible to have a physical feel of cryptocurrencies as they operate online as virtual coins. Fiat money physical aspect at times does present a lot of challenges as it can be a nuisance to move around with huge sums of money.
• Supply
This is a major difference between fiat money and cryptocurrency as it has to do with supply. Physical conventional money has an unlimited supply which means central authorities have no cap to the extent in which they can produce money but Most cryptocurrencies have a cap when it comes to supply, which means there is a set amount of coins that will ever be in supply. With fiat money, it is impossible to tell the amount of money in circulation at any given time, but with cryptocurrencies, it is possible.

• Exchange Aspect
Cryptocurrencies exist in digital form as they are created by computers and operate as private pieces of code. The means of exchange is thus purely digital. In contrast, fiat money can exist in both digital and physical form. Electronic payment services allow people to transfer fiat money digitally. In addition, people can transact with one another and exchange money physically.

2. Why is a decentralized system needed?

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Let us begin by considering the bank as an example of a centralized system. The bank is holding its clients’ money for them. All of this is held in a single place: inside the bank, with the vast majority of it being in a vault. There’s also a single entity in charge of all of this money, namely the bank. Since there’s a single place of storage, or a single entity in charge, this is considered centralized.
Decentralization is on the exact opposite side of the spectrum. With decentralization, there is not one single place of storage – and not a single entity in charge. Cryptocurrencies are currently the only form of decentralized money. Decentralization becomes important in that
With centralized systems, there’d be a single place of storage and a single entity being in charge. Decentralization is the exact opposite of that.
– Most cryptocurrencies are decentralized thanks to the use of Blockchain technology.
– Decentralization brings a vast array of advantages to crypto, such as being in total control over your own money and not having a single point of failure.

3. What affects the value of cryptocurrencies?

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•Coin's Utility
To make a cryptocurrency valuable one needs to make it utile. Any cryptocurrency is primarily a manifestation of using a decentralized digital ledger — blockchain technology. So to make your crypto coin utile, you need to make it usable within a certain blockchain ecosystem.
Let us take Ethereum as a use case. You cannot start using the Ethereum platform without an Ether — a coin, specially tailored to “fuel” the transactions within the Etereum platform. Accordingly, the value of Ethereum depends on the demand for the platform's services.
Cryptocoins’ utility can also include dividend payments, mode of exchange within a blockchain ecosystem, voting rights etc.

•Scarcity of the Crypto

Scarcity stands for the finite nature of the digital coins. In the perfect scenario, the demand should excel the supply of the coins, to make it more valuable. For example, the finite supply of Bitcoin never goes beyond 21 million coins. As the most popular crypto in the market, Bitcoin thus enjoys great demand and a rise in value. In a bid to fuel the rise in value, some currencies apply a so-called “burning” mechanism, destroying a part of the coin supply.

• Regulations by Government’s control Measures.
Just as bitcoins and the other cryptocurrencies are ready to become more established, the possibility of them coming under some form of government control are remarkably high. The application of regulations would trail to digital money turning to be more centralized, hereby leading to a sizeable impact on cryptocurrency’s price.

4. Why can't everyone be a miner?

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In order to solve a problem first, miners need a lot of computing power. To mine successfully, you need to have a high "hash rate," which is measured in terms of megahashes per second (MH/s), gigahashes per second (GH/s), and terahashes per second (TH/s). That is a great many hashes.

Also, every body cannot be mining because not everyone will be making the profits. It demands much such as the skills and the different costs and Except you are Normally good at one or more of those, you will not make money. That is Because all your rivalries are normally good at those, and takes the difficulty up till they are scarcely making a profit, in this way if you are not doing well, you won't be. SO Mining is for some specific people who can match up to the demands of mining.

5. Why can cryptocurrency transactions be called more transparent?

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Crypto transactions can be called Transparent because the recording is done by a system that can be monitored directly. Enabling transparency of information is one of the biggest promises of blockchain technology, which provides a fully auditable and valid ledger of transactions. Blockchain is supposed to be a transparency machine in which anyone can join the network and, as a result, view all information on that network. Through the necessary encryption and control mechanisms, blockchain safeguards transparency by storing information in such a way that it cannot be altered without recording the changes made

6. Explain how the development of cryptocurrency in your country?

CAMEROON

Bitcoin is booming. In Africa, Kenya, Ghana and Nigeria are the pioneers. They manipulate “The Wallet” like Crypto-Masterminds, with dazzling economic growth. It is no longer just an elite that will use the bitcoin. Bill gates, co-founder of the Microsoft Corporation believes that the bitcoin, will be the most used currency in 2030 and is simply ‘Unstoppable’.
in this article, we will talk about the state of the Digital inception of the bitcoin in Cameroon, in 2017. It is just the beginning of the RusH! Trust us! Then, we will expose the companies and startups involved within that particular Bitcoin Eco-system
The Bitcoin has no legal status in Cameroon yet. It is what you call a ‘grey area’. Surely the CEMAC’s ‘Financial Watchdog’, the COBAC will have a say in how exchanges might be regulated in the future. However, so far, it has yet to be recognized and regulated ‘over-the-counter’, in the mainstream economic market

Conclusion

To conclude, a decentralized system is what seems to be on people's tongue, mind following distributed ledger and blockchain. In my opinion, i strongly think that decentralization will play a vital role in our countries and lives in years to come, as it integrates more and more into our everyday activities and with this, it will take the authority away from a single body (centralization) and spread it to the the nationals. Thanks for going through

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