iTeach Contest: How Cryptocurrency differs from Traditional Currency

Fiat currency is any method of payment that has been recognized as legal tender by a government, it is neither a commodity money nor a commodity backed money, fiat money is just anything that your government has decided that you trust and use as money.
It is usually a physical form of money issued and regulated by the countries central bank and often comes in the form of coins, notes and bills, examples are the Naira, US Dollars, Yen, EURO etc.
This form of money is often affected by inflation because the country can print as much as they want.

A cryptocurrency on the other hand is a virtual currency that uses strong encryption technologies to securely facilitate transactions without the need of a centralized authority to validate the transactions.
Cryptocurrency are usually virtual and limited in supply with examples being Bitcoin, Steem, Ethereum, Litecoin etc

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When you pay for goods or services using a credit or debit card, you do not use any physical money but you simply make a transfer of your assert digitally to someone else.
Cryptocurrency is based on the same premise. You can view it as a very large digital ledgers that runs some kind of spreadsheet telling who has paid what to who, and every transaction involving this cryptocurrency is stored in this digital ledger and the ledger is decentralized.
Decentralization means that we have copies of this same ledger available to everyone who is a part of this cryptocurrency network and each time a transaction is made, all the ledgers are updated simultaneously which is one great way to prevent fraudulent activities.
Mining is the process of vying for the opportunity updating the content of the crypto ledger or Blockchain for a reward.
Cryptography is one of the primary pillar that secure cryptocurrency by preventing unauthorized access. And to further improve the security of a cryptocurrency, the current method for record keeping is known as a Blockchain.
A Blockchain is the organization of transaction and it's details into blocks of codes which are then linked to the next block using a seal in such a way that if the main block is hacked, it's seal brakes So you can only attach it by hacking the next block who's seal will equally break....so to hack one link in this chain, you most hack all other links.

Treading
I and many others use cryptocurrency for treading. Some who need cryptocurrency don't know how to get it so I help them obtain it for a fee. While those who have it and will need Fiat money are helped to sell them for a small fee.

Investment
I also invest in crypto by staking some fiat money in it with the hope that the cryptocurrency will appreciate in its value in the near future so I can sell it out at a higher amount.

Mining of crypto
This involves assembling a computer system that is configured to take part in the process of validating crypto transactions and updating the crypto ledger for a fee.
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If I was to chose a type of currency, I would go for a commodity backed currency for it's stability but because the choice here is between a cryptocurrency and a fiat currency
I prefer cryptocurrency for my long-term servings because it is not affected by inflation instead it gets deflated and its value appreciates.

Cryptocurrency is volatile, you can loose all you crypto asserts if you misplace your keys and they are mostly unrecoverable, so keep your keys secured. Crypto is not legalize in some countries so you would still need to have fiat money on you..
Because of its untraceable nature, a lot of criminal activities are sponsored using crypto.