Grassroot Crypto Education | Series 2 Volume 6- Contest: Crypto Wallet or Bank || by @ronindboss

_{Designed With Canva}

Introduction

Good day dear steem kids community, it's my pleasure to be writing here again. Due to the instability of the crypto market, many have quit or taken a break from steemit, but i believe they'll return soon. I'm grateful for @fredquantum to organize this contest and with his genuine lectures I was able to grasp a lot about crypto wall. So today I'll be participating in his contest and without Wasting much of your time, let's get started...

Cryptocurrencies

Cryptocurrencies are digital assets can be owned by an individual or organisation. Due to it's anonymous nature, it's very hard to manipulate or hack a cryptocurrency. Also, cryptocurrencies are developed on a certain Blockchain and that Blockchain ensures the security of the crypto tokens are free from harm. For example Tronix (TRX) is the native token for the Tron Blockchain and Steem is the native token for the steem Blockchain.

Cryptocurrencies has the ability to appreciate and depreciate in price depending on the influence it has in the environment. Bitcoin is the No.1 cryptocurrency in the world based on Market Capitalization and since then it's launched in 2008, no other cryptocurrencies has taken it's position from the throne. Now you understand Cryptocurrency, let's define the bank currencies.

Bank( Conventional) Currencies

Conventional Currencies also called Fiat are currencies that is used by a nation or current. Like the America uses United States Dollars (USD) and Nigeria uses Naira(N). These currencies van rise or fall depending on the state or current situation happening in the country.

Conventional Currencies tends to be less volatile than Cryptocurrencies as it isn't secured and can be easily manipulated. Some times back in Nigeria, when it was almost time for general election, the government changed the Trade amount of Naira To USd from about N500 to N200 so as to gain supporters for the election. This was so shocking as the Price fell and Naira had a little more value.

Difference Between Cryptocurrencies And Conventional Currencies

Crypto	Fiat
Tokens can be staked to receive rewards	Cannot be staked due to its nature
Has a Decentralized nature and can't be tampered with	It's Centralized and can be manipulated by governments
It's a currency and also an investment	it's just a currency without investment
Has high yield interest rate	has low yield interest rate

Question 1. Momma offered you 10 USD to keep it for 2 years Would you keep it in the crypto wallet or bank?.

If I was given 10USD by my mom, I would invest it in cryptocurrencies. The reason behind that is, cryptocurrencies is an investment currency and it can rise exponential and also fall. The normal conventional currency has value too but won't last like cryptocurrencies.

Question 2. Why do you go for the choice above?

After seeing the way average people became millionaires by simply buying a bunch of cryptocurrencies is enough to make me dive myself into the ecosystem. Cryptocurrencies has create lots of job opportunities for graduates that couldn't find a job and it removes the need of getting a degree before you can become rich. Cryptocurrencies is still new and if you don't follow the trends in life, then you'll miss out in lots of opportunities.

Question 3 Is any harm attached to your choice? Explain

Yes there's harm to my decision in investing in cryptocurrencies. The first one is the chances of investing in fake projects/Tokens. Since cryptocurrencies is new and still developing, a lot of fraudster will take advantage of this to dupe people of their money. So in other to avoid this issue, I have to thoroughly do my research before investing in cryptocurrencies. There's a lot of good crypto investment like Steemit and Tron.

The second reason is the fear on my mom releasing i invested my money in cryptocurrencies. A lot of parents don't know about cryptocurrencies and anything they don't know is a lie(Nigerian Parents) so trying to convince her might be stressful but I hope other parents will be able to listen and grasp the benefits of cryptocurrencies.

Conclusion

With everything said above, I hope you now understand the benefits of investing in cryptocurrencies to gain profits. Thank for reading...⭐
_{I invite @somtin01,@kachimax and @ebereh to this contest}

_{Note: 10% to community account (@steemkidss) for support}