Homework

• What Is Cryptocurrency
• How You Would Like To See Cryptocurrency In The Future?

INTRODUCTION

It's no longer a secret that the world is heading towards decentralization, it is obvious that cryptocurrencies is now part of our daily activity. Some institution now make use of cryptocurrencies while some countries are working towards incorporating cryptocurrencies into their financial institution. Base on on the above reason their is need to understand what cryptocurrency is all about.

What is cryptocurrency?

The word crypto is gotten from a Greek word “kryptos" means hidden and currency is anything that can be used as a medium for exchange of goods and services which is generally accepted.

Cryptocurrency in a digital currency or virtual currency or an electronic currency that can be used for transactions , it can also be used for payment of goods and services just like the currencies. Cryptocurrency is maintained or monitored by a decentralized system using Cryptography unlike conventional currency which is being monitored by centralized authority.

Cryptocurrency runs on a decentralized digital system of ledger distribution known as called blockchain. Cryptocurrencies is being managed by a peer-to-peer network of computers on the Blockchain. Bitcoin is the first the first cryptocurrency in the history of blockchain.

Bitcoin was created was in 2009 by Satoshi Nakamoto who's whose major aim was enabling users transact within seconds without any dependency on anyone . it was design to save time, energy and also save stress.

Today we have thousands of cryptocurrency asset with the first cryptocurrency ever to be created bitcoin leading them all which is often the leading market indicator. and all others are often been referred to altcoins

All transactions made in crypto is being assigned a unique identification number known as Hash on the blockchain.

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Features of Cryptocurrency

Cryptocurrency has special feature that differentiate it from other currency, They are as follows;

• Decentralization: Cryptocurrency is a decentralized system ,thus it is not being managed or controlled by any financial institutions or authority, Unlike conventional currency that is centralized which is being managed by financial institution.

• Security: blockchan network is maintained or monitored using Cryptographic codes which provides a first-grade security on the blockchain. Since the history of Blockchains it have not been hacked .Cryptocurrency also ensures that most our personal information is controlled by individual ,No external individual has the right to view it.

• Usability: Cryptocurrencies is very easy to use and access. you can transact with cryptocurrency at any point in time.

• Demand: Cryptocurrency is a commodity in a market system which is being influced by market force like supply and demand, when demand is higher, the price also increases.

• Transferability: Cryptocurrency can be transferred from one person to another once the terms and condition are met.

• Portability: Unlike conventional currency ,Cryptocurrencies can be moved from one place to another once it is in your e-wallets, phones, tablets or laptops. you can actually have more than 100BTC in your wallet without anybody knowing.

• Cryptocurrency avoid extra charges unlike the conventional financial institution.

Types of Cryptocurrency

We have so many different cryptocurrencies in circulation today, each of the currency created for different purpose. Below are types of cryptocurrency.

• Bitcoin
• Altcoins
• Shitcoins
• Stablecoins
• Meme coins

Cryptocurrenies is being graded by coinmarketcap base on their usecase, demand and market capitalization, Coinmarketcap provides the general public with the information about crypto. This info educate us on the things we have to know about Cryptocurrency eg names of coins, coin usecase.

Below is the image of the top leading cryptocurrencies extracted from coinmarketcap.

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Advantages of Cryptocurrency

• Cryptocurrency are mobile in nature.
• Cryptocurrency have low transaction fee rate.
• Cryptocurrency are independent in nature.
• Cryptocurrency is not restricted to anybody.
• Cryptocurrency are pseudonymous.
• It's user friendly

Disadvantages of Cryptocurrency

• The crypto market is so volatile and it has a high tendency of massive loss.
• It is vulnerable to cyber hacking and black market activity.
• Criminal can use it as cover-up to run their illegal deals because of the privacy offered.

How You Would Like To See Cryptocurrency In The Future?

Cryptocurrencies was invented as result of the world digitalization, the use case of cryptocurrencies keep increasing, as everything is being digitalized, I can use cryptocurrencies as center of finance. More than 40 million people are already using thus I can see high increase in the use cryptocurrency around the Globe.

So many industries now make use of crypto in exchange of goods and services , I would like to see the future where Cryptos will be used in our regular day to transaction like online shopping, payment of services rendered.

Some country have adopted the use of Cryptocurrency Automated Teller Machine, I would like to see the future where their complete adoption of Cryptocurrency debit card in world and their wont be need of going through the stress of printing money.

Since the use case and market cap of steem keep increasing on a daily basis, I would like to see a where steem will be one of leading currency in the world at large.

Some countries have placed a ban on the use of cryptocurrency , I would like to see a future where Governments would lift such ban and also checkmate the illegal activity .

Conclusion

Cryptocurrency have gain more populace since is introduction into the money market and soon it would face out other currency and it would adopted as means of exchange regardless location and people involved.

It would be a great honor for me to where cryptocurrency will completely take over financial systems.

Thanks for your attention .