Steemit Crypto Academy Contest / S2W2 – Cryptocurrency Adoption by @sikan-eyen

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PRELUDE:


How time flies... We are already in week 2 of the second season of the Steemit Engagement Challenge.

I will try my best to contribute to this subject in the best possible way i can.

Week 2 centers on the adverse effect of Cryptocurrency adoption in the market and business world in the positive or negative light.

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Discuss the adoption of cryptocurrency in the financial market and how businesses can be boosted through cryptocurrency transactions.


Cryptocurrency is a new and important invention in the business industry and market. The blockchain technology presents itself as the bedrock for cryptocurrency and its activities.

Cryptocurrency adoption across the globe has experienced a spontaneous spike bringing an increase in the market generally.

Cryptocurrency make use of cryptographic methods to facilitate information to ensure hitch-free transactions. It is thought to be an invention in the virtual currency and also in the financial industries comprising the business enterprises. It is with intends that the birth and longevity of cryprocurrency will over time extinguish the normal printed currency to make available a peer-to-peer means of exchange.

There have been tight comparison made between money and cryptocurrency and at the end concluded that cryptocurrency shares almost a great likeness to money. According to coinmarketcap, the cryptocurrency total market value as at 2017 at $31 Billion has now gone over $700 Billion in just one year.

In 2009, Satoshi Nakamoto introduced the first cryptocurrency to hit the market, Bitcoin and accounts for most of the cryptocurrency value.

Cryptocurrency varies between one country and another country owning to the economic and technological factors.


Cryptocurrency is fast growing and wise business owners are taking advantage of this opportunity by involving cryprocurrency in their businesses.

Businesses can be boosted through cryptocurrency transactions in the following ways:

  • Payment methods; In this 21st century and even more in this changing times, many people do not fancy walking about with physical cash anymore as they prefer cashless transactions. This was spiced up more during the COVID-19 pandemic.

Businesses that accept cryptocurrency as mode of payment attract more customers, this on the other hand leads to increased sales.

  • Easy access to funds; One can easily access his/ her funds without government or interference from the bank, making transactions seamless.

  • Cryptocurrency investment; Business gurus who buy and trade cryptocurrency in the form of investment in different digital currencies hit it big, they earn more and such enough funds to grow their business.

  • Business reputation; Businesses who have embraced cryptocurrency have gotten edges over other businesses that do not engage cryptocurrency into their business. The reputation of such business is rated on a high note and gives the business a higher calling against competitors

  • Customer privacy; There is protection of user transactional information. Customers most times love to be discrete as much as possible. Cryptocurrency transaction gives this maximum protection as their information are not stored in comparison to the traditional method.

  • Security; Cryptocurrency transaction offers security to its customers because the technology is almost impossible to scam.

  • Low transaction cost; If there is anything customers want, it is to spend less on their day-to-day transactions. In cryptocurrency transactions, the business owners transact directly with customers, no middle man to incure additional charges/fees. Customers operate on reduced cost.

  • Market availability; Unlike the traditional systems that have slated times to perform transactions, the cryptocurrency market is ever open, there are no time restrictions as to when transactions can occur, availability of the cryptocurrency market at all times contribute to to the growth of the business.

PS:- This list is not exhaustive.



What is your opinion on cryptocurrency being accepted globally for our day-to-day transactions.

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In my opinion, cryptocurrency being embraced with open arms globally for daily transactions will be a huge plus to the financial industry and to individuals as a whole.

I remember years ago how i got so embarrased with my regular credit card payment system.

I had walked into a mall, did my shopping and proceeded to the point of payment, only for payment to be declined due to technical issues arising from my bank, this situation did not only put me at risk but made my day futile as i had to wait for hours for the system to be rectified.

With cryptocurrency transactions, this kind of set back will not occur, no third-party verification is required therefore transactions are processed in a matter of minutes or seconds in one with authentication and processing.

Also, other issues associated with traditional banking institutions such as; network failure, transaction limits, bad machine, hacking will not be encountered with in cryptocurrency transactions. There are no limits on transaction purchases and withdrawals, moreso, user information is stored in individual's personal wallet and not on a centralized hub.

In conclusion to my views, crytocurrency ought be accepted globally for day-to-day transactions.



Do you think the high volatile nature of the crypto market is a concern to business owners? Discuss.

To be honest, my answer is YES.

Fluctuations in the cryptocurrency market is anchored by the influence of demand and supply, government regulations, investors stand and also the media.

My reply is two-faced.

While many business owners lost their investments due to the high volatility in the cryptocurrency market, many other business owners sieze this opportunity and utilize it by buying in the dip, with hopes for possible high returns.



What other factors are currently limiting the adoption of cryptocurrency and how can this be solved?

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These factors include; Fear, borne out of the instability of the cryptocurrency market value and risk of what effect the downsides might have on the health of the economy in the long run. Measures should be put in place while researching to adopt the best systens as much as possible.

Media; the media also plays a phenomenal role to the adoption of cryptocurrency. Sour and unpredictable news instills confusion and sends out the wrong message to the public audience. The media should instead sustain positive and beneficial news about cryptocurrency to build trust.

Absence of regulations makes cryptocurrency assume a illegal outlook. Guiding regulations should be put in place to also build trust.

Security issues inhibits cryptocurrency adoption to a far extent. News on crypto theft recorded which are nearly impossible to trace is not encouraging, this leads to market relapse. There should be a tight check on security protecting user's fund.

Difficult user interface for wallet and Applications is also a holding factor to the adoption. Interfaces ought to be friendly and easy to navigate even to a new user.



Discuss the Pros and Cons of cryptocurrency adoption by business owners.

Explained below are the pros and cons of cryptocurrency adoption by business owners:

Pros;

  • Speedy processing of transactions in split minutes as there are no intermediaries to obstruct or interfere with transactions.

  • The low to no fee rate is a plus to business owners, this feature attracts more people to transact with that particular business in which they do not need to spend extra.

  • The fact that payments are mobile is very advantageous, one does not need to walk up to the business premises to perform a transaction.

  • Zero limits on purchases and withdrawals feature is beneficial to business owners as customers are free to transact, send and receive payments without fear of limit restriction.

  • Peer-to-peer feature removes the requirement for identification of users.

  • Cryprocurrency market is always and readily accessible.

  • Anyone is free to use cryptocurrency unlike the traditional banking system where one has to be subjected to tedious documentation processess.


Cons;

  • The high volatility of the cryptocurrency market value leads to huge recorded loss.

  • A cryptocurrency payment transaction once performed cannot be corrected, it is permanent.

  • Its level of unpredictability makes the cryptocurrency market a wild forest to possible investors.

  • Over time past, cryptocurrency have been said to have connections with terrorist attack.



In summary:

Cryptocurrency adoption globally is a big move in making cryptocurrency taking over the future, what do you think? Let us engage in the comment space.


Thank You @crypto-academy for the ability to learn and relearn in the steemitcryptoacademy.

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Comments/Recommendation

  • Your explanation on cryptocurrency adoption is clear and well detailed.
  • You have discussed your opinion on how businesses can be boosted by cryptocurrency adoption for daily transactions.
  • Volatility of the crypto market had beca great concern to business owners. I think you should have explored more in this section.

Thank you for participating in this contest. I hope to see you again next week.


Total|7/10

Greetings prof.
Thank you for your useful review, i hope to do better.

yes you are right, the high volatility of the cryptocurrency market value leads to huge recorded loss.

It is the situation that discourages a lot of investors from being completely committed. Thank you for stopping by, with your useful comment.

 2 years ago 

This is truly a great post. You have taken the time to explain your point well. And yes I agree with you. The highest advantage that Fiat money has that crypto currency lacks is stability. If currency can't be stable then how does it store value.

Well it's going to be a great idea if the Crypto currency is accepted and adopted in the day to day business but it will take time. I know it's not impossible but it will surely take time.

Thank you for sharing your thoughts with us, I have learned alot just reading through this post. Good luck in the contest.

@ebuahsang1 i appreciate your feedback, the instability of the cryptocurrency market has been a predomimant setback in the adoption of cryptocurrency, as you said it is not impossible, definitely with time, a more stable dimension will be achieved. I wish you all the best too, hoping to read your entry.

Wow, your details are good, you really went deep in explaining this, you have shown us your perspective about cryptocurrency adoption, which is quite remarkable, I really appreciate your blog post @sikan-eyen.

Thank you too for stopping by, i hope you take part in this challenge @jammyroberts.

 2 years ago 

Anyone is free to use cryptocurrency unlike the traditional banking system where one has to be subjected to tedious documentation processess.

This is what thrills me about cryptocurrency. The rigour of going through documentation can discourage you from running a conventional financial system like bank. You presented well dear friend. Wish you the very best.

Thank you friend, the cryptocurrency market is a free world where anyone is welcome to transact at anytime of the day, your feedback is much welcome.

 2 years ago (edited)

Media; the media also plays a phenomenal role in the adoption of cryptocurrency. Sour and unpredictable news instils confusion and sends out the wrong message to the public audience. The media should instead sustain positive and beneficial news about cryptocurrency to build trust.

I think the media is the set of departments that create much negative sentiment in the crypto market. And to worst the case they released more negative speculation than the positive. If they create more positive speculation the market will pump. But let's look at it in a natural view that's their work to release both negative and positive news. When the market starts going up, there will be more positive news from them as well.

Even in this current dip, they released one positive new for example El Salvador Buys 500 More Bitcoin Amid Crypto Crash


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El Salvador Buys 500 More Bitcoin Amid Crypto Crash

You're post was simple and understandable. Bravo dear.

And to worst the case they released more negative speculation than the positive. If they create more positive speculation the market will pump.

This is true, the negativity spreads faster, i wish more positive news like the information you just shared can go round some more, bringing a balance to its down and good sides.

Thank for engaging my post and also for your positive contribution to this subject.

You're welcome

 2 years ago 

You have presented a comprehensive detail I'm of cryptocurrency adoption, fear as you have said is one of the set back that limit the adoption of crypto.
Cryptocurrency Is a good move when adopted, regardless of its current dip, the best advice is to accumulate much as you can now.
You have presented a good and understandable publication about the adoption of crypto currency

Buying the dip, a good idea though, we have to weigh our options. Fear is such a negative determinant.

Thank you so much for stopping by my blog supporting and engaging. Blessings.

 2 years ago 

This is a very nice work you have done. So much knowledge to draw from it.
If not for the many factors limiting the adoption of cryptocurrency, it would have been best it is fully adopted to the financial market of every country. The inventors should do something about thee limiting factors

These factors are truly behind the delay and contemplations behind the adoption of cryptocurrency, it is quite unfortunate as it seems.

I have not seen your entry oooo Mr. T 😉

 2 years ago 

Wow this was beautifully written, great work and I believe that for Cryptocurrency to be globally accepted we need clear cut registration that will deal with the shortcomings in Cryptocurrency.

Thank you so much, these regulations needs to be put in place, to tackle the factors surrounding the adoption of cryptocurrency

This is an amazing work. You poured your heart into this.

Personally, I feel cryptocurrency adoption will do us more good than evil. It will connect people from different part of the world for business.

Thanks for letting me know about your thoughts.

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