Steemit Crypto Academy Contest / S2W2 - Cryptocurrency Adoption - By @solexybaba

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Hello to everyone in this great community called the SteemitCryptoAcademy Greetings from my country to you all. I welcome you to yet a great week alongside a wonderful contest that has been organized by the steemit engagement contest team. today I will be dropping my entry regarding the said topic given by the community team tagged cryptocurrency adoption. So I will be dropping my entry below. I beckon you all to sit tight and calm as I drop my entry.

DISCUSS THE ADOPTION OF CRYPTOCURRENCY IN THE FINANCIAL MARKET AND HOW BUSINESSES CAN BE BOOSTED THROUGH CRYPTOCURRENCY?

The word adoption of cryptocurrency simply entails the incorporation or the bring in of cryptocurrency into the financial market and this denotes the fact that cryptocurrency is to be accepted in the financial market system, a case whereby one can easily purchase an item in a store and then confidently pay the bill for that particular item in cryptocurrency. that is what the word adoption of cryptocurrency in the financial market is all about.

Main seeing general, cryptocurrency is now succeeding the fiat currency, especially in the financial market, we get to see many people currently prefer to save their money in cryptocurrency rather than in the bank. a friend of mine told me that he went to borrow money from a businessman, and then the businessman agreed but then gave him a condition, that he has to return that money in USDT with this initiative, he can now make gains, probably at the time when he is to get his money back, the price of the USDT must have gone up. this is the recent happenings now. business individuals are now accepting cryptocurrency because there are tendencies that they will get returns on investment now.

Cryptocurrency has also shown a great attribute of profiting investors, little wonder why some companies have decided to adopt this type of payment when purchasing their goods. many companies prefer cryptocurrency payment to conventional payment because cryptocurrency pays more than conventional currency. now let's take an example, I am a businessman who sells bags, and then someone checks in my store and also wants to get a bag. so when we got done negotiating and wish to pay for the bag with cryptocurrency, I will gladly accept. first of all, we have to calculate the price value of the bag regarding the conventional price and then compare it to the amount of the cryptocurrency he is willing to pay me depending on the type of crypto. now after he pays me, since it is a cryptocurrency, at a certain moment, we may likely see an increase in the price value of that currency. so this is what I am talking about. with such an initiative, many business owners are now diving into this, by accepting cryptocurrency in exchange for their items.

Normally when a business individual accepts cryptocurrency as a medium of exchange, there are tendencies that the business in question will get to be noticed doing far better than most businesses in that particular environment it is situated as though we get to see many people coming to patronize that business. we are now living in a modernized world where people no longer walk with cash and credit card. so everyone is looking for a simple way to buy items and as such knowing about the cryptocurrency and also accepting it can make you succeed in no time as one gets to see people coming to patronize your goods and services.

So the adoption of cryptocurrency in the financial market is what we often see in this century, with businessmen and women, seeing investors that invested in cryptocurrency, making profits on a daily, they also decided to key into this investment thereby receiving cryptos in exchange for their items and saving those currencies for the future and to make profits. the wonderful upliftment of this currency right from 2009 when we got to the increase in price value of the bitcoin now gives rise to the interest of certain business individuals to also channel this currency to the financial market to make profits in no time.

HOW CAN BUSINESSES BE BOOSTED THROUGH CRYPTOCURRENCY TRANSACTIONS

The cryptocurrency has certain attributes that are capable of boosting many businesses which have been the keen interest of most business owners, and the currency is doing a great job in this aspect. why not look at certain ways the cryptocurrency can boost businesses.

• Fast Payment - Fast payment has been an interesting medium of cryptocurrency. when a business adopts cryptocurrency payment, they tend to be satisfied with the medium as we get to see fast payment. for instance, making payment through bank transfer using a mobile application regarding the conventional currency, we get to see slow payment or payment that takes time, and as such the customer is expected t wait until a bank alert is received by the business owner. but in cryptocurrency, it takes seconds to get a confirmation of the currency in one's wallet. so fast payment is a basic attribute which business can be boosted through cryptocurrency.

• Possession of authority - With cryptocurrency when is sure of accounting for his or her money in the wallet. no one has the right to question the amount of currency that gets into your wallet daily. you have the total power and authority over your asset. no one dares to dictate your transactions. so with cryptocurrency, one is covered while running a business and without any investigation processes by bank authority as we get to see no banking system in the crypto world. so as a decentralized system, you are in charge of your wallet and assets.

• Total security over assets and wallet - With cryptocurrency, your business can be boosted. having total security which secures the assets in your wallet and with that, your wallet can not be jeopardized by a third party as though you own your password. so knowing fulling well that your money is safe as crypto and they are in a wallet that only has the keys to the wallet is quite comfortable and very good.

• Unlimited transactions - With cryptocurrency, a business can be boosted greatly. no matter your influence in the bank, there are limits to transactions daily when making use of the centralized bank application and with that businesses are limited and are cut short till the next day. but with cryptocurrency one is liable to make transactions as many as possible. there is no limit to the making of transactions and with that, businesses are being boosted and are unlimited every day.

• Privacy - Privacy is also a feature that also facilitates businesses. with privacy one can perform transactions with anybody without the knowledge of a third party. no name and address of the individual you are sending the currency to. just the wallet address and you are good to go. so as most customers do not want their identity to be known, the cryptocurrency is the only currency that is fit for the job, as though you can send this currency without the details of the person you are sending it to.

• Low transaction charge - In as much as cryptocurrency is a concern, there are low charges regarding the making of transactions. no matter the amount of cryptocurrency you are transferring to a user, when making use of the binance application, one is only charged with one of the currencies when making a transfer to another wallet. for example, if a customer wants to send a particular currency let us say 100 steem to the business individual in exchange to what he or she has purchased from a business owner, the customer will only be charged one of that currency for transaction fee. but this is quite different from the bank as though they get to charge in the percentage of the amount you are sending. so with cryptocurrency, we get to see a better business outcome.

WHAT IS YOUR OPINION ON CRYPTOCURRENCY BEING ACCEPTED GLOBALLY FOR OUR DAY-TO-DAY TRANSACTION

What I can say regarding this question is, that if cryptocurrency is being accepted globally, then it will help to stabilize the volatility of the currency. as though we will get to see equilibrium in the price of the cryptocurrency. now take a look at what is going on in the world. just because this currency has not been approved globally, few individuals and countries that influence the cryptocurrency can now dictate what is to happen to the currency. we can take an example of the Ukraine and Russia war, there was a great fall in price when the war began just because some countries were supporting Ukraine and others were supporting Russia, and we started seeing people selling off their currency. but if the currency is accepted globally, it would not be affected by certain eventualities that are likely to happen in the world.

There would also be peace and unity in the world. for this currency to be globally legalized then all countries must be one, and with it being legalized it will promote peace and unity. the case of theft will decrease greatly and people will be happy with one another in great harmony as everyone gets to use a particular currency to trade, buy and sell items both goods and services.

With the acceptance of cryptocurrencies, all transactions and payments will be made effectively, there will be no third-party downtown as we have seen cases like this in banks, and issues like unavailable to dispense cash from automobile machines will be eradicated. and transactions and payments will be done swiftly and very securely. so with this, you do not have to convert your currency when traveling to another country. in as much as your wallet is with you, one can perform transactions using the cryptocurrency to pay for whatsoever is needed to be paid for globally.

DO YOU THINK THE HIGH VOLATILE NATURE OF THE CRYPTO MARKET IS A CONCERN TO BUSINESS OWNERS DISCUSS?

This is the main reason why most business persons are scared to invest or even accept cryptocurrency as a means of payment in exchange for their goods and services. the price of cryptos in a bearish momentum is a concern to most business individuals. especially in this period where everyone both investors in crypto and non-investors have seen the great fall in price value of all cryptocurrencies, with the business being the top in the list is indeed a thing to be concerned about. the high volatility is so alarming as this can make a business owner smile and sad at in just a space of some time.

I am a business owner, now let us imagine that I received a cryptocurrency for an exchange of an item from my shop. now let us take an instance, a bag that I sell #5000, I then receive 45 steem cryptocurrency from a customer in exchange for that bag and that is to say, I received each steem for #112, and within the space of 30 minutes, I then notice that the price of steem has gone now to #80, that been said I am already losing the sum of #1400 within the space of 30 minutes. and with that, I will certainly be disturbed and then, if anyone comes to get a bag from me and also want to pay in cryptocurrency, I will doubt whether to accept or note because of the fear of the price dropping down again and then leaving me in a loss.

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So this is the main concern every business individual is thinking about. the fear of being at loss is always the problem and this is a result of the high volatile characteristic of the cryptocurrency. and with that, the price value of your investment will go down drastically. when it increases it will be a good one for you and your business, but when we are in a bearish market such as this, we tend to lose money and decide to opt out of the investment. so this is indeed a great concern to all business individuals who invest or accept cryptocurrency as a medium of payment.

WHAT OTHER FACTORS ARE CURRENTLY LIMITING THE ADOPTION OF CRYPTOCURRENCY AND HOW CAN THIS BE SOLVED?

Certain factors are indeed limiting the adoption of cryptocurrency which has been an eye soar to investors who wants to invest in cryptocurrency and I will be talking about a few below.

LIMITATIONS	SOLUTIONS
- Global acceptance of the cryptocurrency - This is the first on my list to talk about. the reason why the cryptocurrency is yet to be adopted by all is the reason why the currency is being limited to date. so on this note, we get to see some limitations regarding the currency	- When everyone comes together to accept the cryptocurrency, we will notice the fast adoption of this currency worldwide and it will be fast and easier to operate. we will notice the new dawn of cryptocurrency worldwide. it will then be considered legit and reliable to invest in.
- Rumors on news and social platform - With the level at which the news and social platform are raising the alarm of the fall regarding the bearish market of cryptocurrency is so alarming that it may likely cause unrest and give users sleepless nights on receiving the news.	- There should be a way of checkmating the news before panicking, sometimes rumors are just there to limit users or create phobia in most users' minds to opt-out from their crypto investment. the social platform should make sure of what is being posted on a user's page regarding cryptocurrency. there should be a policy governing such posts ad any news that is considered to be fake which was gotten from a user's page, such a page should be suspended for a while.
- Fraudulent activity in providing fake currencies - This is also an issue that the cryptocurrency is facing. some currencies came out of the bloom and claimed to be legit thereby allowing investors to have invested in the currencies and the long run, they do away with investors' money. this is a particular factor that makes many investors who want t investors in the cryptocurrency lose fate in it and as such it is greatly limiting the adoption of cryptocurrency	- There should be a way of knowing the rightful manager of all cryptocurrencies in other to be sure of the cryptocurrency one want to invest in. just as we all know the founders of Terra ( Luna) as Daniel Shin and Do Kwon so also it is expedient that we know all cryptocurrency founders, with that one can be safe of choosing the cryptocurrency to invest in. and we will get to see a new era of the cryptocurrency.
- Price volatility - This is also a pressing issue that is limiting the adoption of cryptocurrency. the rise and fall in price have been a thing to be worried about as though we get to notice a bear market for more than 48 hours which is a great turndown for many investors. This is to tell you that investors have lost a great deal of money during this period and it is a sad event.	- There should be a backup plan regarding the volatility in the crypto asset. the fall in price value is now superseding the rise in price value. equilibrium should be seen in both cases. there should be a way to adjust such a scenario so that it will not go beyond what investors can take, as we all can notice many investors have already lost millions in just this bear market regarding the cryptocurrency. so a great comeback should be planned in cases like this.

DISCUSS THE PROS AND CONS OF CRYPTOCURRENCY ADOPTION BY BUSINESS OWNERS

There are certain advantages and disadvantages to the adoption of cryptocurrency by business owners and I will only be highlighting a few of the advantages and disadvantages in a tabular form below.

ADVANTAGES	DISADVANTAGES
- Fast payment - Here we get to see that payments are received very fast, there is no downtime in payment using cryptocurrency. it gets received by the receiver in no time.	- Transactions that are performed to either wrong or fake wallets are not reversible as though when a transaction is being executed to goes immediately. especially when making use of the roqqu exchange application, you will be requested to insert your memo key, let's say you mistakenly click on send without the memo key of the account, that cryptocurrency is gone for good. so it is not reversible.
- Fewer transaction charges - With the adoption of cryptocurrency in business, just like I said earlier, there are low rates of transaction charges. the fees are very little and almost absent. so no matter the amount of currency you are willing to send, it will be a very low transaction charge.	- There is no certain price of an asset as though the cryptocurrency is highly volatile. anything can happen to your investment. so with the price rise and fall of assets, one's investment is not guaranteed.
- Unlimited transactions - We all know as business owners, that there are many transactions to be performed daily and these transactions are mostly unlimited. in the centralized system, we get to see daily limitations regarding performing transactions, but in cryptocurrency, one can execute transactions as many as possible.	- Password recovery is impossible - In cryptocurrency, it is always recommended that we store our keys both offline and online since password recovery is almost impossible to generate back. so keeping your keys safe is the only sure thing to do as an investor. without that, when you lose your password, you also lose your assets. so we are should take note and take care.

CONCLUSION

It is very easy to see that cryptocurrency is being adopted in general, so for this to happen all hands are expected to be on deck. we should all come together to make this work if we want to see a new dawn in the cryptocurrency world. most especially, if we want to see an adoption of cryptocurrency in various businesses and the financial market at large. also, the main purpose why we are yet to see certain businesses adopting the cryptocurrency system of payment is because of the high volatility in the cryptosystem, and as such business individuals are scared to adopt this system. so everything will fall into pleasant places when we notice stability in crypto price alongside a global acceptance of the cryptocurrency.

I have come to the end of my publication concerning cryptocurrency adoption. I will like to invite certain users to also participate in this contest and they are @badmus-official, @swaylee, and @weasell. thank you all.