Challenge #1: My Favorite Cryptocurrency – How Can We Get Businesses to Accept as Payment? : @iamlynxie : 02/10/2020

These is a great contest that would expose people more to the world of cryptocurrency and I commend the originators of these challenge.

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I have known about cryptocurrency now for at least 8yrs now or a little more and then it was Bitcoin that was the talk of the town. I heard about its existence, how they are generated(mined) and traded and then some other platforms you could use to trade cryptocurrencies. I was curious and quite interested expecially during the first price hike that happened towards the end of 2013 when 1 bitcoin was trading above 1,000U.S dollars. I picked interest and towards 2016 into I started learning more about cryptocurrencies and then decided to buy bitcoin in small bits and hourd them. Since then I have been into cryptocurrency trades and businesses till these very moment.

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Since I started using cryptocurrency, my favorite among them all is ethereum and these is because ethereum is mostly meant for smart contract businesses that has to deal with peer to peer transactions. Every dealings on smart contracts are automated and dependent on crowd technology.

I noticed 2 specific feature about it that I love the most and that’s for the fact that;

1. IT IS DECENTRALIZED; It is a direct and personal form of savings, trading, and transactions. These means that every transaction that goes on in the blockchain is automated and strictly between you and the blockchain system. There is no third party/middleman or somebody behind the counter to tell you stories.
2. FLEXIBILITY; Cryptocurrency can be used from any part of the world, transactions with cryptocurrency is instant and can happen any hour of the day. Cryptocurrencies can be converted to hard currencies or other cryptocurrencies within split minuites so as to trade with it or pay for goods/services.

For the years I have been trading cryptocurrency, the best platform I use to do virtually all my dealings and transactions is called the LUNO WALLET App. My reasons are because;

1. They have very tight security verification methods to help protect user details and also prevent fraudulent acts on somebodies account.
2. Luno wallet supports bank transactions, you can buy cryptocurrencies on Luno App with your bank Debit/Credit card and can also withdraw your cryptocurrencies into your bank account as cash.
3. Luno only supports 4 major crytocurrencies which are bitcoin, ethereum, litecoin and ripplecoin.
4. Luno wallet has the most updated realtime price value of those cryptocurrencies better than other wallets.

Since I started using cryptocurrencies, I have noticed quite a number of changes with the way I think and do certain things. First of all I am more interested in building and maintaining a healthy and free lifestyle with the help of trading, hourding and transacting cryptocurrencies. Thes is because from every indications, the world is going cashless, robots are taking over job opportunities from humans, the economy is becoming a connecting economy and everything is becoming electronically automated. In the near future everything would be different from the usual way and the earlier one keys into the system and utilize it, the better for the person. Another major change is that it has added physical value to my life because I have earned from trading cryptocurrency and with those I have bought myself certain things I needed in life and have also touched lives with people I introduced into crypto trades.

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One way to get businesses to accept cryptocurrency payment is by creating an offer for business owners to become merchants of a specific cryptocurrency like steem for instance. If we create a chanel for them to buy at cheaper rate or discounted rate while they own wallets, stee is it could create online stores were all merchants would showcase there goods/services for the public and also show people how they can buy from them with discount only if they pay with steem. By so doing, the idea od payment with cryptocurrency would gradually become a norm as time goes by.

Another way we can get businesses to accept cryptocurrency payment is by helping them realize that buying cryptocurrency and saving it in their wallet is far better than saving in banks because banks would never give you as much profit as cryptocurrency would. Show then the tactics of buying when it is low and selling when it is high. The very moment they understand how the system works and how they are making profits, it would be easy for them to endorse cryptocurrency payments and an added or only form of payment. They would mostly endorse these form of payment because of how fast, convenient and reliable it is.

I have made several payments using cryptocurrency and those moments were really cool as one of the client that was to receive payment from me had to really invest in cryptocurrency. I had gone to buy some phone accessories from Computer Village here I Abuja, Nigeria. I didn’t go with cash and had it in mind to do a bank to bank transfer but unfortunately we had encountered some bad bank network. We were on that for almost 2hrs till one of the seller who was my University mate asked me if I was still trading cryptocurrency. I answered a yes and we talked about it as I showed him my dashboard. He realized I had money in it enough to pay for the accessories I bought. That day he opened a crytocurrency wallet using TrustWallet, on successful sign up, I made the transfer worth the amount with a little extra on top for charges. Within 2 minuites he had gotten the ethereum crytocurrency and I was free to go my way with my accessories.

I hope these post would go a long way in helping the masses understand why cryptocurrency payment is essential in out connecting economy, thanks to you all for reading amd do enjoy your day.

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