S4B Crypto Contest - Season 24

Greetings dear friends, it's another week to share my entry in this amazing contest organized by @waqarahmadshah which talks about S4B Crypto Contest - Season 24. It is a wonderful contest and I would like to share my entry.

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What do you know about green cryptocurrencies?

When we talk about a cryptocurrency that prioritises environmental sustainability we are referring to the green cryptocurrency. In life, some cryptocurrencies are focused on seeing that the environment is also healthy and strong and that its operations like mining and others don't affect the way things work or the atmosphere.

So such cryptocurrencies are used specifically to solve a certain problem within the community or environment it is found. We have things like the solar coin a cryptocurrency that rewards an individual for generating solar energy for their use case.

So as you can see, green cryptocurrency performs certain functions to enable the environmental sustainability of the people living within the environment. There are many green cryptocurrencies in the world today such as EcoCoin etc.

What role could crypto play in combating inflation?

Crypto has an important role to play when it comes to combating inflation and this role is the role of making available the asset so that the scarcity won't be there thereby stopping the rise of the said commodity.

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As you know already, inflation has to do with the sudden rise in the price of goods and services. So if we see such a rise the best way to ensure that we fight is to introduce something stable such as cryptocurrency and then make it available for those concerned and that will go a long way to enable them to control the inflation rate.

So cryptocurrency is a strong mechanism for controlling inflation. Governments within a country can adopt the use of cryptocurrency so that they can properly combat inflation.

What challenges must crypto overcome for widespread adoption?

The major challenge that cryptocurrency has at the moment is the problem of unacceptability. Today in many countries the government fights those who are into crypto with everything they have got. A case study is the one going on in Nigeria.

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Here in my country, the government has done all its possible best to fight against crypto they went as far as blocking exchanges and this has made a lot of people live in the crypto world.

So if the cryptocurrency is generally accepted by everyone in the world then it becomes easy for it to spread and everyone in the world will get to know about it and it can be used by all. So in my opinion people need to generally accept crypto as a medium of exchange before it will have a good widespread.

Finally, I wish to invite my friends @dove11, @solaymann, and @josepha to also join this contest today and share their own opinions about this wonderful topic.