Steemit Crypto Academy Season 5 Beginners' course - Homework Post for Task 5: [Bitcoin, Cryptocurrencies, public chains]
A good day to everyone here in steemits, I believe we all are doing well. Here I will be discussing on Homework task5.
Below is an elaboration of one based on my understanding, so let's get started.
QUESTION TWO [1]
(1) What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Future?
What is Cryptocurrency?
During the stone age era, the exchange of goods and services are done using materials and foodstuffs as well as performing work (labor). allow me to buttress on the labor part, for example when a man wants to get married to a lady, he goes to her house and an agreement is made between the lady's parent and the man that since he wants to marry their daughter, what is expected to do is to go and either weed, cultivate or harvest the bride's parent farm and after that, the lady is his (A means of paying bride price). As evolution keep happening, provided that we human keep breathing there is always room for advancement in all ramifications of life.
Here we are in our era today, currently, we trade goods and services using a particular type of currency which have the form of paper and also in some countries, currencies such as Coins still exist and they are used to trade and make an exchange of both goods and services and presently we have a place we call the bank where money kept are saved as deposits and whenever the need for this money arises we go to the bank and make a withdrawal transaction. as you all noticed this kind of currency operates on a centralized system where hierarchies of different authorities govern and oversee the transactions made with this currency and decisions are dictated by the authorities.
Now here is another change that has happened, an advanced way of trading, ladies and gents welcome to the world of Cryptocurrency this currency are digital currency in which transactions are accurately confirmed and their records preserved by a decentralized system using cryptography and these currencies are physically absent, unlike our normal currency which has the paper form. this currency is governed by a system called the decentralized system. and this cryptocurrency functions in the same manner as our normal currency, transactions, trades, exchanges can also be made possible with this currency. you may wonder how this currency exists, yes it does exist although it is not physical as I have said earlier it is stored in a programmable electronic device which we all know as the computer.
How this Cryptocurrency Works
It is a set of codes saved on our phones and computer, just as we own an account in the bank it also has a wallet that can be saved on your phone or computer as the case may be where these currencies are saved and transactions are carried out without stress, as a currency that operates in a decentralized system we can send and receive payment in just a minute, unlike the bank where you have to go and queue just to send or receive money as well as where you can not exceed your daily withdrawal limit. in cryptocurrency, one is allowed to input values that you want to place for withdrawal without being restricted, it does not have a daily withdrawal limit, it is quick, reliable, and efficient enough. Cryptocurrencies like Bitcoin, Tron, Steem, Etherrium, and a lot more are used for different transactions without the need of a third party.
Cryptocurrency is of great importance to use which I will list just a few below.
1- It provides security. most of us go to the bank and input important documents that are supposed to be private just because the bank operates in a centralized system but the cryptocurrency gives maximum security by securing our details, here you can send payment without the person knowing that you don't worry about the payment provided the wallet address is correct
2- Anonymity. the cryptocurrency performs a wonderful task by hiding an individual's identity, it makes the identity of the user unknown and can not be traceable. so one can receive payment from any part of the world without being known.
3- It does not select a particular user. provided one is having a functioning device that is connected to the internet, you can have a Cryptocurrency wallet to partake in the stress-free transactions.
4- Cryptocurrency is not being controlled or dictated by anyone as a decentralized system in which it operates, a user is free to do whatsoever he pleases.
How will you like to see Cryptocurrencies in the Future?
With the evolutions and changes happening in the technology world which brought about this Cryptocurrency and on the arrival of this currency has brought about making easy and efficient transactions in most activities of mankind such as trade, exchange in goods and services. for me, I will like to see these currencies being permitted and acceptable in all countries generally.
I will like to see this currency taking over other currencies it will help to discard the ideology of a country's currency having greater value than another.
With Cryptocurrency all values can be maintained according to the type of currency and figure irrespective of the country in question. for example
| Dollar | Naira |
|---|---|
| $100 US dollar is = | #40,989 Nigerian naira |
| Naira | Dollar |
| #100 Nigerian naira is = | $ 0.24 US Dollar |
So as seen in the above table, the value of US Dollar currency is greater than the value of Nigerian Currency, so with Cryptocurrency, there will even in a particular currency all over the globe, that is to say, 1 Bitcoin in the united state of America is equal to 1 Bitcoin in Nigeria also 1 TRX in Nigeria is equal to 1 TRX in the United State.
So with Cryptocurrency, there will not be a problem in currency price value, when a particular currency rises it affects all countries and when it falls it also affects all countries, no country is being left out.
With all that has been said, Cryptocurrency is the future, with all the wonderful features it possesses I believe and I have great hope it will be legalized in all countries and I faith that with the current technology going on, it will soon be accepted and put to use by all. thank you for reading.
All thanks go to @stream4u for this great teaching. good job sir