Steemit Crypto Academy Contest / S2W2 – Cryptocurrency Adoption by @thimalteb

Entire question to be answered

• Discuss the adoption of cryptocurrency in the financial market and how businesses can be boosted through cryptocurrency transactions.

• What is your opinion on cryptocurrency being accepted globally for our day-to-day transactions.

• Do you think the high volatile nature of the crypto market is a concern to business owners? Discuss.

• What other factors are currently limiting the adoption of cryptocurrency and how can this be solved??

• Discuss the Pros and Cons of cryptocurrency adoption by business owners.

Discuss the adoption of cryptocurrency in the financial market and how businesses can be boosted through cryptocurrency transactions.

As we all know cryptocurrency is a form of money that cannot be seen. It is called a virtual form of money or digital money which can control by electronic devices and mobiles and laptops etc.
When we talk about the adoption of cryptocurrencies, it totally depends on the policies of such organizations or countries. According to my knowledge cryptocurrency is still in a transition period. Still, it is trying to sort out the problems which the people are getting through the normal conventional transactions. But the good thing is that nowadays there are lots of countries and organizations are focusing on implementing the crypto platforms into their system. With this number of transactions made during the past years had increased.

How businesses can be boosted by cryptocurrency

Speed transactions
Nowadays the people are really busy and there are lots of complaints were there about the conventional transactions because of their slow transaction speed. But when it comes to cryptocurrency, it uses the decentralized system and there are no intermediate actions to take control. With this transaction made through the digital platform becomes so easy and speedy.

High security
As cryptocurrency uses blockchain technology and cryptography, it is very hard for someone to hack your account and steal the data and the assets. As long as the private keys are being stored safely, the users can experience one of the high security for their assets.

Low transaction cost
Because of the less transaction cost, the number of users is increasing day by day. Also even for small kinds of transactions also people are encouraged to use cryptocurrencies.
So by marketing these main features of cryptocurrency transactions, one can boost his business which is made through cryptocurrencies.

What is your opinion on cryptocurrency being accepted globally for our day-to-day transactions.

Today people are suffering lots of delays and problems due to third-party involvement in fiat currency transactions. But after the innovation of cryptocurrency and the decentralized system, it becomes really easy for someone to take part in the transaction process. This innovation reduces the transaction speed and the transaction cost in between a transaction.

After being accepted cryptocurrency transactions globally, we can see a huge improvement in the lifestyles of people. Poor people become millionaires and sort out their financial difficulties in a good manner. So this is very good to see in terms of the financial growth of society.

With the innovations of cryptocurrency, hacker attacks also stopped drastically. With this, the asset and the data security of the users were established in a higher manner.
After considering all these facts I made my decision that after accepting the cryptocurrency actions globally, there are lots of positives happened to the society.

Do you think the high volatile nature of the crypto market is a concern to business owners? Discuss.
Yes, I thoroughly believe that this volatility is the most important thing to concern for the business owners and investors
As we all know cryptocurrency has had a very high volatile feature throughout the past. Currently, also it is experiencing one of the highest downfall markets of all time.
So because of these highly volatile surroundings, the business owners think twice whenever they deal with cryptocurrency because they do not want to lose their assets unnecessarily. Market makers and market takers are the people who create this instability.
Crypto news, market supply, and demand are their main sources of concern. Not only that but also the investors also find it difficult to predict the market.

What other factors are currently limiting the adoption of cryptocurrency and how can this be solved?
Difficulty
Lack of knowledge about cryptocurrency among the people
This is really a big problem for the growth of the crypto world because many users have entered the platform without knowing anything. They are the users who only want to make a profit all the time. Because of these users, market behaviors market become more volatile.

Solution
This should be discussed in a good manner. Especially the higher ranks in crypto platforms and the communities like crypto academy should continue more and more lecture series for the new users in order to give them a proper knowledge by step by step.

Difficulty
Security concerns
As there is no one to govern the activities on the platform there are so many fraudulent activities, that hacker attacks are possible. Not only that once you mislead your transaction, you also can’t back it up. You just have to loosing assets.

Solution
think the signup process for each and every crypto platform should be under some sort of governance by the crypto team. There they should ask the users to submit their identity and also they should be asked to follow the two-factor authentication as well.

Difficulty
This is a serious issue because mainly the newcomers believe the fake news and they make incorrect decisions like buying and selling the assets at the wrong time. This will cost them a lot and some would end up at zero.

Solution
There should be one or two legal websites to distribute the crypto news. The users should pass the message to other users about the fake news passing sites.

What other factors are currently limiting the adoption of cryptocurrency and how can this be solved?

Pros	Cons
Fast transactions made the users so easy in terms of time	Once you forget or accidentally enter a fake /wrong wallet address, the assets will be gone and you can’t collect them back.
As well as you keep your wallet's private keys safely, then it would be the safest wallet in the world.	Once you lost the private keys, you can’t retrieve them back and the assets will be lost forever.
The correct decisions and a good knowledge of cryptocurrency will make your business a profitable one.	Once you use the platform without any kind of knowledge will make you suffer in big one day. Not only that your decisions will make a high volatile market too.
Low transaction fees for users	Once you use Transactions made through the platform can be seen by anyone. Because of this, hacker attacks are highly possible.

I would like to invite @hansihmd and @nethanya45 to participate in this contest.

Thank you!!!