Steemit Crypto Academy Season 4 Beginners' course - Task 5: Bitcoin, Cryptocurrencies, Public chains by @tripplem
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(1) What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Future?
In a layman view, I will say that cryptocurrencies are “hidden Treasures”. I back up my claim with the fact that crypto is derived from a ancient Greek word “kryptos" meaning hidden. Currencies are trade-able tokens in form of coins and paper (treasures) . So you see?
Now In a more detailed definition, Cryptocurrency is an encrypted (by cryptography) decentralized electronic or virtual currency which can be used to pay for goods and services, or any other transaction and it has never been physically existed.
Satoshi Nakatomo, a profound programmer was the creator of the first cryptocurrency in 2009. He created Bitcoin.
Crypto is a decentralized peer to peer network where no third party is needed for a transaction to take place. It need no mediator (like banks) to facilitate a transaction, all you need do it set up an account and start your cryptocurrency business .
Cryptocurrencies are not like our local currencies that can be stacked in our wallets and be carried around, No!!! They are digital currencies that can only be accessed through the internet trough transfer from mobile devices, that why I said it is a hidden treasure.
Cryptocurrencies requires a public an private key to authenticate/carry out a transaction. The public key is mainly for the account address while the private key is the key that authenticates a transaction and decrypts transaction code, without these keys, (especially the private key) a transaction cannot fully be Carried out.
This makes the cryptocurrencies security wall impregnable, tames fraudulent act and increases security. But in the other way round, one looses all his or her coins (treasures) if you lose your private and public keys, because they can’t be replicated. So guide those keys with all diligence.
Types of Cryptocurrency (in no particular order)
Bitcoin (BTC)
Etherium (ETR)
Steem (STEEM)
Doge coin (DOGE)
Polkadot (DOT)
Monero (XMR)
Stellar (XLM)
Cardano (ADA)
Litecoin (LTC)
Tether (USDT)
Etc
Personally I see cryptocurrency as the future world wide accepted trade-able currency. As the world is tilting towards cashless policy, I believe cryptocurrency in the future will play a major role in that vision.
I see people buying na selling with cryptocurrency, people may even barely be seen with physical cash.
I am a fashion designer and I accept steem as a means of payment from my clients that are into it, now imagine me going to the market to buy stuffs and I go without any cash, and also make steem transfers to whoever I’m buying materials from…. You see first it saved me the risk of going around with money and also allowed me make convenient transactions.
I see people’s funds being secured and reduced fraudulent act also, no more issues of people withdrawing people’s money from their banks or hacking people’s accounts unless you reveal your private key to someone.
In the future I see swift transactions being made because there will be no third parties needed. I see cryptocurrency taking over banks…, oh yes!!!!
I also see people loosing their money because they forgot their passwords, so to prevent this, a proper sensitization need to be made to the currency users on the pros and cons of accepting to trade with cryptocurrency.
I want to specially thank Professor @stream4u for this well detailed, beginners friendly lecture. I learnt a lot ranging from cryptocurrency to Bitcoin to public chains and tron. I am glad to have been lectured by you.
