Steemit Crypto Academy Contest/s2w2- cryptocurrency Adoption by @ruthjoe
Hello steem friends
I welcome you all once again to steemit crypto Academy Contest season 2 week 2. Am delighted to be a part of this week's challenge. Last week was amazing as I had experience to discus about how cryptocurrency has shaped the financial Realm and what is it's future. This week am here to discuss about cryptocurrency Adoption. Thank you steemit team for such opportunity.
Cryptocurrency we know is a digital money that can't be seen with our eyes, it is only transacted digitally online using our mobile phones and laptop and other digital gadgets.
The idea behind the invention of cryptocurrency was to bridge the gap created by middle men found in our traditional banking system and the instabilities experienced there.
Cryptocurrency today is one of the amazing innovations experienced in the financial and business world which we even discussed in our last week challenge. So it will be of great value to see cryptocurrency adopted fully in the financial market.
At least, the awareness now about cryptocurrency today is different from what we had in time past, countries, companies and business establishment are beginning to see reasons why they should adopt cryptocurrency infact some are already adopting it as medium of payment.
Take for instance, The country of El salvador is an example of a country that has adopted cryptocurrency (Bitcoin) in 2021 as a medium of exchange.
The company, Microsoft adopted cryptocurrency for the buying of goods and services such as apps and games in the year 2014.
We also have Tesla a company owned by Elon musk that used cryptocurrency to make purchases of vehicles sometime in 2021.
How Businesses can be boosted through cryptocurrency transactions
The adoption of Cryptocurrency transaction can boost business in terms of security. It will help tighten lose ends of security because cryptocurrency are built on Blockchain technology which requires some mathematical puzzles to be solved.
Business are boosted, because cryptocurrency transaction helps reduce the cost of transaction carried out. Imagine in a day a business owner can carry out multiple transactions without been afraid of fees deducted. This will help save more funds therefore boosting the business.
Business can be boosted by cryptocurrency transaction with the aid of it's speed. So a business Person can do alot of transactions in few hours because of speed, which will save him time and enable him to do other things.
It can boost business because a business owner can now have trade with other business person's outside his locality anytime of the day without having to worry about how long his cryptocurrency transaction takes.
In my opinion, when cryptocurrency is been accepted globally for our day-day transaction,will do so much for us globally. It will also cause an improvement in our financial lives. Just looking at how far cryptocurrency transaction has brought so far in a short while.
When cryptocurrency transaction is accepted globally for day to day transaction, it will stop the unnecessary delays that accompanies the traditional or Fiat transactions. We will not need to wait a long time time before we receive our transferred funds for a business, because cryptocurrency transaction comes with speed.
Aside speed, in my opinion, when cryptocurrency is accepted globally, for day to day transaction, it will reduced alot of fees we experienced when carrying out transaction and after it takes place. Personally, am tired of fees that are been deducted from me on daily and monthly basis from my bank, some times I wonder when I did the transactions that am debited for. So you will agree with me on this point, transactions fees will greatly reduce.
Funds, will be transferred from anywhere in the world at anytime of the day if cryptocurrency is accepted globally for our day-day transaction.
Generally,in my opinion, when cryptocurrency is accepted globally it will affect positively the economy of a nation which in turns affect the global economy positively.
Yes I think the high volatile nature of crypto market is a concern to business owners and here are my reasons;
It is true that the crypto market is volatile as the price of crypto fluctuates in recent times, this is one reason it should be considered by business owners because, it has made alot of business owners loose their funds in a twinkle of an eye. It has also made some billionaires in a twinkle of an eye.
The volatile nature of the crypto market should be considered by business owners because the crypto market can either work in their favour when properly analyzed and profits will be made or go against them when not properly analyzed which will cause looses in business , and business may not recover from it.
Personally, I have made more money getting involved in crypto business than any other business, I have also made some lose too. So you see it all depends on the strategies used in entering the market.
There are several factors limiting the adoption of cryptocurrency and I would list a few.
- Lack of knowledge:
Truth be told, even though cryptocurrency is been adopted by many, there are still alot of person's who don't have knowledge of what cryptocurrency is all about not to talk of adopting it. To them cryptocurrency is one mighty thing that they can not handle. The may have heard the name cryptocurrency but they have no knowledge of how it works. I believe this is a limitation to the adoption of cryptocurrency.
I think the way to solve the lack of knowledge is that in every country or state they are crypto guru's there. They should create more awareness about cryptocurrency stating from the grassroots. Practical classes and even crypto trading lectures and be held in a bit to create awareness. This can even be done using the social media like television. Most people watch television in their homes, even crypto adverts are placed, at the long run the viewer will want to know what the advert is all about. Recently, I travelled to visit a friend who had no knowledge of cryptocurrency. As we were watching a TV series, there was an advert on binance exchange. And she told me she has been seeing such advert and decided to read more about it can you imagine what an advert did to her? So you see when sufficient awareness is made, the knowledge of cryptocurrency will spread.
- Fear of talking Risk ;
There are people that are afraid of adopting cryptocurrency because they are afraid of taking risk. Nobody wants to make money and just throw them away. Ofcourse we know that cryptocurrency business is a business of risk. It is only those who are willing to take to take the risk that accepts cryptocurrency. They are not certain about the future of cryptocurrency in the next minute maybe because of the stories they must have heard.
To solve this problem, I feel it still goes down to awareness too. Alot of untrue stories have been spread about cryptocurrency. If more awareness is carried out in our various localities, I think it could correct their notion and put them in the right path. They should also be taught that risk taking is a part of life and they shd not be unwilling to take risk I mean good risk.
- Government policies
Yes this is another reason why alot of countries and state have not accepted or adopted cryptocurrency. Government policy of a country that does not support the existence of cryptocurrency will make the citizens think twice about adopting cryptocurrency for their day to day living. They will even have to hide to own crypto is they want to.
To solve this problem, I think a cryptocurrency organization should rise up and speak in those countries that has policies not in favour of crypto just like we have the united nations that speaks when countries are not doing well or in chaos. When an organization like that is established we would have countries with amazing government policies that favours the existence of cryptocurrency. This will help the quick adoption of cryptocurrency.
The Pros
When business owners adopt cryptocurrency for their business, their business will become very transparent in terms of transaction done. This is because, cryptocurrency transaction are open or transparent for all to see because it is decentralized. Nothing to be suspicious about.
Business owners can carry out his trade and pay for his services at any given time of the day when he adopts cryptocurrency in his business. This is made possible because cryptocurrency transaction is fast and removes the service of middle persons which usually contribute to delays.
Business owners can experience unusual growth in their business through the rise of their cryptocurrency. This is because the price of crypto's are not fixed.
Unecessary fees are cut down for the business owners when they adopt cryptocurrency. This is because cryptocurrency transaction has the ability to operate without the services of middle persons who constant charge fees for transactions done.
Business owners will experience a more fast and secured transactions when cryptocurrency is adopted for their business.
The Cons
Funds can be lost forever, when the business owner makes transfers to a wrong account why? Because cryptocurrency transaction are irreversible which mean they can't be undone.
When the business owners lose their private keys for the assets or do not save it properly they will loose everything they have in that account.
Learning about cryptocurrency and how it works most times may take time and efforts, so most business owners do not have that time to put in to gain such knowledge.
The volatile nature of crypto market can serve as a high discouragement to the business owners. No business minded person want to make losses.
As far as I know, cryptocurrency has been a huge blessing to alot of lives regardless of it's downsides. Everyday their are many people who gets enriched from cryptocurrency. The market may not seem so good now but I know it will bounce back.
Cryptocurrency, needs to be given a chance and it begins with how we react in terms like this.
The adoption of Cryptocurrency will do so much for us as a state, country and nations.
Thank you for reading..
Thank you for publishing an article in the Crypto Academy community today. We have accessed your article and we present the result of the assessment below
Comments/Recommendation
Your explanations are great and well detailed. I hope you keep improving. Thank you for participating in this contest.
Total|7.5/10
Thank you for your review..
Yea, the transaction done with cryptocurrency is very fast and realiable. Businesses can be boosted with the adoption of cryptocurrency. Thank you for sharing.
#steem-on.
That's right am steeming on greatly..
Thank you for your support, and yes if business owners adopt cryptocurrency transaction, it will really boost their business in several ways
You have beautiful highlighted the pros and cons of cryptocurrency adoption and I really enjoyed going through your post.
Good to hear how you were able to make some profits despite the volatility nature of cryptocurrency I hope I will be chanced to hear your story.
Thanks for sharing this valuable content
Best Regards
Hi dear, it good to have you here and yes I made some profit with cryptocurrency. Cryptocurrency is sweet with the right knowledge
I can't agree less with your points.The advantages/pros of cryptocurrency are so many such as fast transaction,less transaction fee,transparency, and security of transactions.Lack of knowledge, government policy and fear of taking risk remain factors that affect adoption of cryptocurrency.@ruthjoe
Yes sir thank you for helping in summarizing my post. I appreciate your visit
Hello @ruthjoe, ignorance on the knowledge of cryptocurrency, fear of taking risks and government policies are other strong factors limiting the adoption of cryptocurrency asides the volatile nature of cryptocurrency.
Insightful post.
Thank you my dear friend and would like to see your own entry too
From what I understand, the two big limitations of cryptocurrency adoption are volatility and security. Every other limitation is minor.
You have made a great entry nevertheless. Thanks for contributing to the body of knowledge built here.
Yes I agree with you, but even though they seem minor, attention should be paid to it else it will keep been a limitation
Everything deserves a great opportunity to have a good chance of demonstration the huge advantages by adopting this kind of assets, moreover of the traditional ones. It's time to get the humongous step in our point of view to finances.
You are so correct dear friend.. cryptocurrency needs to be given a chance. Our traditional system I think has failed to an extent. I believe in crypto
You have presented well dear. You mentioned so many cogent point in this write up. The use of crypto will indeed cut off unnecessary fee and delay in every transaction. The benefit of transacting with cryptocurrency are numerous. I can't really wait for a wide and general acceptance from nations all over the world just like El Savaldor. Wish you the very best in this contest.
I love the way you made the points stand out here @ruthjoe. Your presentation is nice.
This is a big plus if businesses can adopt crypto payments. There are many and unnecessary deductions which we see in normal banking transactions, but does not exist in crypto transitions. The business will be able to keep all their income without much deductions. I wish businesses in my city will start adopting crypto transactions.
Thank you sir for your kind words..
Very true, cryptocurrency is a big plus to the word of business
You rightly said it my friend. The awareness about cryptocurrency that we have no is far better than what we used to have before. The world crypto or atleast Bitcoin is known by almost every body in the world.
Volatility in the market as you said is a big problem but as you said it can be a big vantage point. Business owners can use it to make some profit just like you did
You have outlined very interesting points in your post and I believe that makes it a good post. I wish you luck in your contest while you may also engage with me through My link