[Bitcoin, Cryptocurrencies & Public chains] - Steemit Crypto Academy Season 5 - Homework Post for Task 5 by @ravigolu

Season greetings to everyone in this incredible community. I hope you are all doing great and having joyous days filled with good information. Have a Happy and Prosperous New Year.My name is Ravi kumar and I am from India.Today I am going to complete Home work task 5 of season 5 which is given by the professor @stream4u's .I have read and understand the task.And now I'm posting this homework post for the question 1 as follows:

This is my homework on question 1:

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

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WHAT IS CRYPTOCURRENCY?

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Cryptocurrency is a universal digital currency with encryption.It is processed and validated through the process of data mining.It does not exist physically and are also not stored anywhere other than on the network through a decentralised system called the blockchain.It's value has increased more than 400 times of it's initial value due to the gain of popularity in recent times.Cryptocurrency works through a Blockchain, it does not need an intermediary to be able to carry out operations with it as it would usually be done in a bank.The best thing about cryptocurrencies is that it works on a p2p function hence their is no involvement of third party or any kind of single controlling authority!

In 1983,an American cryptography David Lee Chaum created the first cryptographic electronic cash called e-cash.Cryptocurrency was launched in 2009 and the very first cryptocurrency was Bitcoin and was developed by Satoshi Nakamoto but today there are more than 100 different.Bitcoin is one of the cryptocurrency. Crypcurrency generally does not exist in the physical form i.e. in a paper form like our usual currencies that we use on daily basic.It is known for it's security features because the individual records of the Bitcoin owner are stored in form of computerized copies which are stored in database with strong cryptography.

There are many cryptocurrencies in the world for examples-:
Bitcoin(BTC),Litecoin(LTC),Ethereum(ETH),Ripple(XRP) etc.

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BITCOIN

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LITECOIN

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ETHEREUM

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RIPPLE

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HOW DO CRYPTOCURRENCY WORK

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Cryptocurrency works through a blockchain.Blockchain is a type of database.The purpose of the Blockchain is to store and distribute the digital information but it can't be edited.The transaction made is called a block and is assigned a unique code and can't be decrypted easily.

ADVANTAGE OF CRYPTOCURRENCY

• Cryptographic key secures the cryptocurrency.

• Cryptocurrency can be used anywhere at anytime.

• Cryptocurrency has low operational cost.

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DISADVANTAGE OF CRYPTOCURRENCY

• Cryptocurrency is not accepted widely.

• The fact that if you loose your keys,you loose your wallet.

• If we are scammed,we cannot identify the scammers.

How You Would Like To See Cryptocurrency In The Future?

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Cryptocurrencies are getting the attention of many people everyday. Many countries have legalized it. Up till now it has been doing a great job and working just fine.
But in the future I would like to see that all nations legalize cryptocurrencies. It will be better if many more people can use it as a means of exchange and settlement in our everyday needs.
In the future I will like to see that cryptocurrency maybe be as equal in usage as how physical cash is.
I want to see that my favorite cryptocurrency which is the steem gets into the top ranks.

CONCLUSION

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Doing this task has opened my mind to how cryptocurrency is important now and in the future.Without a doubt, cryptocurrencies are an excellent option and can also be handled by any type of person.

Thanks for Reading

@ravigolu