My Homework for @fredquantum about Cryptocurrency.10% to steemkidss
Halo everyone,
Greetings from our family to yours. I want to thank teacher @fredquantum for taking this good idea of teaching us. I have tried to understand the lesson as it has simple illustrations and examples.
I would like to also answer the questions given in the lesson from our teacher. Thank you @steemkidss for giving us this teacher from the cryptocurrency academy. It's a big chance for me to learn about cryptology.
1.What is cryptocurrency?
List 5 examples of cryptocurrency apart from the one given in the lecture?
2.Explain one characteristic of Cryptocurrency. In the example given in the lecture, whose choice would you go for, Jane's or Joe's? Why?
What is Cryptocurrency?
According to my understanding, cryptocurrency is a form of money that is digital and is referred to as a coin. It is a form of exchange used in buying and selling goods that is transferred from one computer to another between two users who have agreed to do the transaction.
The first cryptocurrency was the Bitcoin made by a man known as Nakamoto and 1 Bitcoin amounts to many US dollars. That means if you buy something using Bitcoin, it has to be much less than 1. Maybe like 0.0000005. I have learnt from this class that cryptocurrency uses technology called cryptography and Blockchain to work.
Some examples of cryptocurrency include the following;
a) JACY
b) Dynamic
c) SpongeBob Square
d) Shiba Inu
e) Bitcoin
f) Byakko
g) SpookyShi
Explain one characteristic of Cryptocurrency.
According to how I understood, the Cryptocurrency is characterized by transparency. Transparency means being open to everyone. Everyone has got access to the necessary information and if a trade goes on, it is shown in public.
It also means that it cannot be changed in order to steal the money. The information in the system cannot be tampered with by other users to forge or steal. This makes the Cryptocurrency better than our real money because, the money here is stolen so much and the government may take many years to find it and take the stealers to prison. For cryptocurrency, it is automatically recorded and everyone can see what's going on. The data is safe and secured with the use of private keys like on Steemit.
In the example given about Joe or Jane, I would go with Joe's because it removes time wasting. There is no wasting time waiting for the middle person to finish trading. Also, I think the middle person is payed or pays himself for the service through taxes and cutting money, so without them, like Joe's it is cheaper and better option.
Conclusion
I want to conclude by thanking the
academy teachers and our teacher for today. Also @steemkidss, thank you for loving us and giving us challenges to do. I invite other steem kids to participate in this homework. Thank you and good night.
We have upvoted your publication dear @vonne. We will appreciate it if you increase your delegation to us.
I will increase thank you
Wow,you really took your time to do this assignment.
I did. Made some research after reading teacher's work. He taught well
Hi @vonne, I'm happy to see you participating in the crypto education for kids in the community. You wrote like a good student and you've got good grades. Congratulations!
You can consider delegating your Steempower to the community account, this will put you in line to gin greater support from the community.
Greetings dear, keep being active!!!
@madilyn02, I delegated. Please help me get a badge. And not be counted as undelegate. Thank you.
You now have the badge dear, thank you for delegating
Thank you
You have been curated by @yohan2on, a country representative (Uganda). We are curating using the steemcurator04 curator account to support steemians in Africa.
Always follow @ steemitblog for updates on steemit
Thank you