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Hello everyone,
I'm very happy to participate in this lecture Which is from one of our great crypto-professor @levycore that focused on " What's Crypto-currencies and other details" and homework was given with these sub-headings:

• What is the fundamental difference between the cryptocurrency and conventional financial systems?
• Why is a Decentralized system needed?
• What affects the value of the Crypto-currencies?
• Why can't everyone be a miner?
• Why can crypto-currencies transaction be more transparent?
• Explain the development of crypto-currencies in your country?

What is the fundamental difference between the cryptocurrency and conventional financial systems?

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Cryptocurrency is a virtual or digital currency that can be used for modern financial transaction. It's an innovation that have shaped the global financial transactions because it's electronically but can be used with ease to carry out all transaction between individuals, companies and organizations. This virtual or digital coins is backed up by cryptographic algorithm and designed to run on a technology called blockchain. It's transactions is duly recorded cryptographic ledger to avoid unnecessary double-spending and fake.

Crypto-currencies transaction does not have central authority and it's purely decentralized in that there's no middlemen or governmental influences over the overall transaction but the transaction is secured and recorded by several miners or validators, whose works including the supervision and monitoring of the technology.

The transaction is very transparent because there's no hidden charges over the transaction. The transaction is very fast and based on peer to peer transaction. To hack into this technology is very hard because of the constant activities of the miners.

WHILE

CONVENTIONAL FINANCIAL TRANSACTION

Conventional financial transaction is a traditional means of financial transaction in which Fiat currency are used. It involves the use of Orthodox banking system in which the transaction are carried out. There are middlemen or bankers that check the transaction between individuals, companies and organizations.

There's a charges between the users to use this conventional financial institutions and there's dishonesty of the workers in such cases unlike the crypto world.

There's a governmental influences over the conventional financial institutions. They tax them with charges and keep their assets and documents with them unlike the Crypto-currencies transaction.

The security of the Fiat currencies in this conventional financial institutions are hampered and there are chances of fake or counterfeit Fiat currencies in conventional financial systems Which can not be found in the crypto-world.

Why is a Decentralized system needed?

The term "Decentralized system" means that there's no central authority or intermediaries. In Crypto currencies trading, there's no central authority that control the trades. It is based on peer to peer mode. There's no governmental influences over this transaction too. It is very important because the transaction is very faster and improves the reliability of the market. All the trading decisions is done by the users and never in the hands of central authority or leaders. The profits and loss are enjoyed or suffered by the users since there's no middlemen to take charges over the trades.

What affects the value of the Crypto-currencies?

Crypto currencies is very volatile and the prices fluctuations frequently due to the interrelation of the market forces. The pressures of the market forces create the market dynamisms that affect the market value of the Crypto-currencies.

Those market forces are the influences of the demand and supply roles played by buyers and sellers involved in the market. This interrelation of demands and supply affects the prices of the coins.

The consensus mechanism for many of the Crypto-currencies like Bitcoin is proof of work in that there's a role of miners whose works are rewarded with the issuance of new token - Bitcoin.

Their works involves the use of high computational algorithm to solve some computer puzzles and guess in which their activities will be rewarded. These computational algorithm needs a lot of energy consumption which can power many houses and their hardware's are regularly maintained.

These works and the procedures involved in this mining process can't be easy for everyone and the cost of hardwares cum maintenance is very expensive too.

Why can crypto-currencies transaction be called more transparent?

All crypto-currencies transaction are cryptographic recorded on a ledger and monitored by several dedicated miner or validators whose activities checkmated the Blockchain technology. It's open and can be accessible for all. There's no hidden charges and there's no governmental or central authority's influence over it's flow chain.

However, blockchain which is organizational methods of arrangements of transactional data sequentially thereby enhancing the integrity and transparency of this vital system.

Explain the development of crypto-currencies in your country?

In 2017, a circular from the Central Bank of Nigeria ban the use of crypto-currencies in Nigeria but it's can't keep this innovative and modern financial transactions not thriving very great in Nigeria. Due to some fear, early this year, they come up with a stronger restrictions over crypto-currencies in all the financial institutions in my country making it illegal. This disrupt a lot of things and interests of people to invest in it. They asked all financial institutions to ban any account that handle crypto currencies trading with them.

When questioned about this recent directives, they explained that they did not ban this trading but limited it's usages. Especially it's Volatility to avoid the losses to this trade and the uses of it to fund terrorist and anti-governmental activities, but this injunctions can't stop Nigerians to acquire, hodling and trade crypto-currencies. It's possible because of the decentralized means in that it's peer to peer basis and government don't have any influence over it.

According to BBC, Nigerians are ranked first in the world according to the statistics of countries trading crypto-currencies on several exchange platforms. 32% of the #nigeria's population engage fully in the crypto-world. It has produces more Nigerians' millionaire and billionaires than any form of employment in my country.

Crypto currencies serves a means of transferring money from Nigerians based aboard to their families, friends and lover back home. It's very easy, faster and more reliable means of transaction in Nigeria. Some youth can accept their money in form of crypto-currencies too.

CONCLUSION

Crypto currencies is a digital coin which have many advantages over the Fiat currencies and it enhances the payment and other ideas therein. It's transactions is purely transparent and reliability of the technology. There's security of the coins in the wallets to avoid the hackers

Thanks to @levycore, @steemcurator02, @ctime, and @steemitblog for all their encouragement, enlightenment, motivation and support.