[Cryptocurrency] - Steemit Crypto Academy Season 4 - Homework Post for Task 5.

QUESTION 1 -

WHAT IS CRYPTOCURRENCY AND HOW YOU WOULD LIKE TO SEE CRYPTOCURRENCY IN THE FUTURE?

Greetings steemians, I am glad being part of the lecture by professor @stream4u. Below is my homeowork post for task 5.

WHAT IS CRYPTOCURRENCY?

Today's World , cryptocurrency has been global and known by most people but understand by some people.
Crytocurrency are digital assets or property that are define or use to trade online. Cryptocurrency can be used to make payment online or make profit through it, especially with online platforms that accepts cryptocurrency as their payment method. In cryptocurrency, it does not have any third parties like bank. It is decentralized and we can also bought cryptocurrencies with fiat and it's very easy and fast confirm transaction that are being made. Some purchase on cryptos and stock , this is know as long term investment.

source

In cryptocurrency, the rate or value of cryptocurrency are always volatile i.e is not stable, it experiences uptrend and downtrend. When one buy cryptocurrency and stock it, once it rises, you get gain on it and can also sell it off. There are lots of cryptocurrencies all over the world, you can check there values using coinmarketcap This is a site that displays the rate of all cryptocurrencies in the world.

source

When we talk about that how transactions are made in cryptocurrency, yea,it is very fast to confirm, why? Like that of bank, sometimes when you send money to someone you have middlemen that will help you on that, and sometime hard to confirm, meanwhile, in terms of cryptocurrency, you do ut yourself, very fast and easy to confirm transaction using block explorer. As for bank, sometimes, you have to go to the bank to confirm whether the transaction was successful.

while trading on cryptocurrency is very simple to do when buying and selling cryptocurrency, no much process in it, than that of bank, for example, in bank, there is a certain amount you will like to transfer and you need to go to the bank and run the transaction, but in blockchain, you transfer any huge amount crypto you wish to transfer and is very fast.

A small advantages of cryptocurrencies is that, Unlike cryptocurrency, there are many possible problem with traditional banks transactions, which could be, having technical issues, or can be hacked, it could have a dialy amount limit. When you send cryptocurrency to someone, the money goes directly to them, removing the middleman and at the same time, the transaction is broadcast in the entire network and It is recorded in such a permanent way or method, which means, is like impossible to make fool the system. Cost of making payments are lower. Transactions are faster and easy, especially across the countries. You can bought and sold things or goods and participate in the global economy even if you don't have bank account.

What is the risk?

six-people-arrested-in-connection-to-a-36m-crypto-scam-that-operated-from-multiple-locations-of-europe

source

Transactions in most cryptocurrencies are unidentified. some cryptocurrencies are untraceable, this make it easier for the bad guys to make payments without being noticed or caught. You have to protect your password because, once you loose it, you have loose your money.

HOW YOU WOULD LIKE TO SEE CRYPTOCURRENCY IN THE FUTURE?

Cryptocurrencies assets or property in future, in my opinion, i want it to becomes the way of payment all over the world and that's going to be pretty cool, as we all know, we can only bought or sold good online using cryptocurrency. there are many things for that we can't use cryptocurrencies to do or buy and i wish it could use to buy those things.

For example-

Things we buy offline, like maybe food we eat, we all know that we can use cryptocurrency to bought it, because not everyone know about it, so i wish in future, we can use cryptocurrency to buy food stuffs. Another thing is that, in many countries, cryptocurrencies are not allowed, so i will love it to be acceptable all over the world. Also, the rise of cryptocurrency value is also another thing that is very important i.e i will like the value of cryptocurrencies to grow/increase more higher than now.

CONCLUSION

Making use of cryptocurrency will very easy and fast for transactions. I really thank professor @stream4u for a well detailed lecture, I really appreciate.