Cryptocurrency - Steemit Crypto Academy Season 4 - Homework Post for Task 5 [By @stan015]
Greetings wonderful people!👋 In this article, I shall explain Cryptocurrency in a grand version. I shall dicuss in my own words, the future of cryotocurrency in our world in time to come.
This article is in regards to Crypto Academy Introduction Lecture Task 5 by processor @stream4u where he thought about bitcoin, crytocurrencies and public chains. I am clad I acquired new knowledge from the lecture and I shall answer the questions below in this article:
What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Future?
Cryptocurrency in our world today is one of the best things that was created and have been impacting lives positively since 2009. Hence, this article shall focuss on explaining more on crytocurrency and its possible inpact in the future to come. I hope you finds this post resourceful. Read on...
The popularity of cryptocurrency in our world today is so intense to the entent that it is only a small percentage of the world have not heard the word cryptocurrency. This small percentage of the world are usually people with little to no technology ( i.e they are not technically inclined or opportuned).
Nevertheless, the question "What Is Cryptocurrency?" is still relevant as many need to understand what it means even though they have been hearing about it. This lands us back to answering the important question:
What Is Cryptocurrency?
The word cryptocurrency in a nutshell is a name giving to a type of money other than the physical paper/coin money traded in our world. It is correct to say that cryptocurrency is an electronic money.
The word crytocurrency is derived from the the word cryptograph. The cryptograpic technique is a technique that enables people to buy, sell or trade securely by exchanging money.
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Before 2009, the world could only practice the local form of banking which required the bank as the third party who have control over ones assets in so many ways. However, an anonymous inventor known as Satoshi Nakamoto was researching and thinking of a way to end the third party banking systems that have failed the people in many areas.
Satoshi Nakamoto in 2009 lunched the first crytocurrency which he called Bitcoin: An Electronic Peer-To-Peer Currency. Considering the above title given to the first cryptocurrency, we can define cryptocurrency as an electronic money which can be traded without the intervention of the government or a third party. It is traded peer-to-peer.
Eversince the invention of Bitcoin, so many other cryptocurrencies have come to existance following the same principle of bitcoin which is decentralised coin built on a blockchain. This simply means that cryptocurrencies are peer-to-peer and that thier transactions can not be controlled, changed or edited by any third party.
Below are some of the aspects I always wish they get addressed in time to come:
- Despite the goodness of cryptocurrencies in our world today, many countries still have restrictions to cryptocurrency, this is one of the one of the aspects I would like the see the concerned governments readdress. These restrictions includes proventing local banks from funding crytocurrency exchange, restricting free trade of cryto in the country, etc
- Some governments assumed that any youth that owns crypto is a criminal or fraudster, hence they impose some laws that tends to turment those that are into mining or tading crytocurrencies. This is another aspect I so much want to see being addressed in time to come.
- I would also love to see the whole world trade cryptocurrency with freedom other than hiding. Some countries and businesses does not accept cryptocurrency trading as of this date.
- As it is said that Knowledge is power, I would also want to see that every single person in the world knows and understands cryptocurrency and how to trade or transact them without errors.
Crytocurrencies have so much benefits that one would love to see it be a blessing to peoples live as one can not only use it as a means of transferring money, but also as a means of earning money.
Thanks to the lecture post by processor @stream4u. Understanding cryptocurrency has so many lifetime benefits, the lecture post explained so well and I am happy to have acquired new knowledge from it. I hope that my readers understands so well about crytocurrency and engage in transacting some of the cryptocurrencies like bitcoin, tron, steem, sbd, etherium, usdt and thousand others. Appreciations to Steemit Crypto Academy admins, professors and moderators for their great jobs in helping us learn about the crypto world. I so much appreciate the knowledge I have learnt so far and I am so supporting the #club5050 rules as it have helped me powered up to this number of my current SP, I hope to do more and improve more.
Thank you for reading through to this part of my post.
https://steemit.com/hive-172186/@stan015/my-introductory-post-to-this-great-community
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