Steemit Crypto Academy Homework Season-2 Week- 6 Post For @levycore

Hello, everyone,
I thank the steemit team and Professor @levycore for providing a platform where we learn a lot about cryptocurrency.

1-What is the fundamental difference between Cryptocurrency and the conventional financial system?

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When we hear the word currency, we immediately think of a valuable currency that is in the form of paper or silver and gold coins and is approved by the government or the state. The currency used in our daily lives by which we meet all the necessities of life and receive currency by offering our services and achieve our goals by spending this currency according to our desires is called Conventional Financial System. Each country has its own currency symbols. For example, the currency used in our country has a picture of the founder of our country, and other governments gave information, while other countries have currency according to their government agenda.

In the centralized world is the opposite or more basic, the data is stored in a single device which is working in a single system, these are very prone to cyber attacks, they are also governed under an authoritarian regime that takes the decisions to be implemented in the current centralized systems, no user has the right to words and all private keys are held by the centralized financial centers, you also have to give personal documents to make use of them so you are exposed you and your capital.

Security-

you manage your money, you have your wallet with your password plus no one can access your money, while in traditional systems the banks are the custodians of your money and it is known that they do business with it so if They make a mistake and the bank fails, you lose your money, which has happened many times.

2-Why is a decentralized system needed?

A decentralized system is an open source system that gives its users their freedom and has no central authority. It was released or developed to battle the centralized system where users lack freedom and uses a central authority.
We do not need permissions to be able to manage our assets when we want where and how we want, there is no authority to control us, any user who has a digital currency can access it at any time and make use of it.

The Cryptocurrency decentralized system is more transparent, because it allows the traders to see how their transaction is happening. Since the Cryptocurrency decentralized system operates on an open source blockchain,the traders can directly monitor their transactions and be well inform on when to increase their investment or exit the trade. Information or data on transactions as well as transactions history is open to the public to see and as such there is rarely room for Data manipulation or editing.

3-What affects the value of cryptocurrencies?

The worth of digital forms of money is influenced by different reasons, first and foremost on the grounds that there are a large number of individuals who these days focus on the everyday news they make through informal communities, numerous papers convey news that can assume a part. gigantic mental part for some, financial backers, inducing them to settle on a rushed terrible choice, numerous huge elements that have enormous speculations are profited by this information since some have super PCs that can record a large number of exchanges and calculations that permit them to settle on choices as indicated by his business procedure, one of the greatest current cases, is the situation of elon musk, who can promote something on his interpersonal organization and puts numerous individuals all throughout the planet on alert, who go about as his manikins, he utilizes his ability to put dispatch your business system.

4-Why can't everyone be a miner?

There are different computers trained for each hash, this in turn is unique for each transaction. Mining requires specific software for solving mathematical problems, and the verification of the legal transaction that can confirm that a block is a block, which are then added to the public ledger, known as blockchain, this is done approximately every 10 minutes. After the software solves the transaction, the miner will proceed to receive a certain amount of digital coins. The faster the hardware can process math problems, the more likely it is to verify transactions and the more you can get paid. The key to success is stability, added to a stable and low-cost power supply, as electricity prices greatly affect profits. Therefore, it is suggested to ensure that you have a mining machine that is suitable for the type of coin extraction you wish to mine.

We are mining proof of brain at steemit. So if you want to mine STEEM here, you have to create good content. But not everyone can be a miner because not everyone is educated and can't do it.

5-Why can cryptocurrency transactions be called more transparent?

Cryptocurrency transactions can be called transparent since they have free transfer visualization, when you make a transfer, anyone can see that you carried out that operation, remember that each of the users to make transfers or exchanges it is necessary to use a wallet, thus, before any operation is registered in the blockchain network and anyone can see it, also because through the exchange of the wallet it allows us to make exchanges towards other cryptocurrencies and stable currencies, even exchanges for fiat currencies of each country, all this without the need to exchanges or any person in between who withholds our money, the cryptocurrency system works 24 hours a day, the cryptocurrency system has helped in business and especially in sending remittances, to many users worldwide.

5-Explain how the development of cryptocurrency in your country?

In 2018 reserve Bank of India (Central Bank of India) banned cryptocurrency. And the reason was that many people were using this for illegal work. People used to demand ransom through this and it can't be traced and also cyber hacker used to demand in the form of cryptocurrency.
To stop all this, reserve Bank of India banned all Cryptocurrency.
In 2020 supreme court of india revoked the imposed ban by reserve Bank of India

And after this, a demand is being made by people to make it regulated. And now Indian government is having a look into this and has announced that it will make regulations.

7-CONCLUSION

Cryptocurrency is a very welcome development, and I welcome it with open arms because it is different and decentralized. Decentralization yields opportunity, and gives freedom to users and participants. I see greater heights for cryptocurrencies and see it as the future of finance in general.