Steemit Crypto Academy Contest / S2W2 – Cryptocurrency Adoption by @akibiggie

Hello everybody.
It is such a good time to be here for the contest ongoing in the Steemit platform. I have got the opportunity to air my views and also learn from people with better idea. I hope that my content will contribute to the body or knowledge that has already been provided by professors and students. Without wasting much time, let me answer the questions given in this week's contest.

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ADOPTION OF CRYPTOCURRENCY IN THE FINANCIAL MARKET

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First of all, let me explain the meaning of the key words in this sub heading.

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ADOPTION

From the English dictionary, adoption simply means acceptance or use.

FINANCIAL MARKET

This is the market where trading of financial securities and derivatives is done. Examples of securities traded in the financial market are shares, stocks, raw materials, gold, diamond etc. These are all known as commodities. We can say therefore that the financial market can also be referred to as the forex market or the commodity market. One of the major things traded in the forex market is foreign currencies.

This is a global market place for the sales of all the items I have listed. Every country, organization or individual that has the technological structure to trade forex are all in this space to trade what they possess.

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Therefore, adoption of cryptocurrency into the financial market simply means that cryptocurrency will be accepted as one of the commodities that will be freely bought and sold in the financial market. The adoption of cryptocurrency in the financial market also simply means that anywhere in the world cryptocurrency is given free license to be traded with other currency pairs or they are paired among themselves for trading.

As there are hundreds of cryptocurrencies in the cryptocurrency space, if an adoption is going to happen, only cryptocurrencies with the best blockchain structures will be accepted into the financial market. This will give full license for the trading of cryptocurrency in exchanges without any restrictions from any country government or organization.

The adoption of cryptocurrency in the financial market is also a pointer to the fact that crypto can now be used in purchasing goods and services around the world. As far as buyers and sellers are technologically inclined to this things, they can deal using cryptocurrencies instead of the usual fiat currencies that are used for the exchange of goods and services.

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HOW BUSINESSES CAN BE BOOSTED THROUGH CRYPTOCURRENCY TRANSACTIONS

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Cryptocurrency is a big wave that is taking its place in the world at the moment. Businesses and services delivery can be greatly boosted through the use of crypto for business transactions. This section tells the ways businesses and services delivered to individuals can be boosted by incorporating cryptocurrency into a business.

• Ability to cover a wild range of distance in getting customers for the sales of goods and services
  If there is anything any business want to achieve, it is to have many buyers or many individuals who want the services offered by such. With the power of cryptocurrency, this can be achieved.

• Low cost of transactions leads to high profit
  Cryptocurrency transactions are cost only a little. For instance, one just need 1TRX to send any quantity of TRX to anyone, anywhere in the world and charges are not taken for the receiving accounts. Businesses can maximize their profits using crypto as a medium of exchange.

• Security of Asset
  There is no gainsaying the fact that crypto transactions are very secure. There are only few occuences of when assets are lost in crypto. Businesses can be boosted with this security of assets enjoyed in the cryptocurrency space.

• Business owners can capitalize on the high value of cryptocurrency they have at any point and increase their market
  A business owner who has been receiving payments in ETH can benefit grateful from a bullish movement from ETH and expand his business.

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MY OPINION ON CRYPTOCURRENCY BEING ACCEPTED GLOBALLY FOR DAY TO DAY TRANSACTIONS

Cryptocurrency has come to stay. Over the years of its existence, many individuals and top government agencies and organizations have known about the new technology and innovation of cryptocurrency and have benefited from the technology of cryptocurrency and the breakthrough it gives financially.

Many individuals who have struggled financially, not having good source of income have been greatly empowered financially by crypto.

Cryptocurrency though has the power to make anyone wealthy in a short time is not a quick get rich scheme. But many individuals have been involved in cryptocurrency because it has the power to liberate them from poverty. Even though many of the government of countries which these people belong do not support the idea of cryptocurrency, many have decide to venture in the cryptocurrency business. Many of these individuals may not have much of their countries local currencies but have cryptos in many wallets either in small or large amounts.

Cryptocurrency came into the world at a time when the financial system of the world failed. So the plan is to take over the financial system of the world and serve as a medium for day to day transactions for goods and services.

In my opinion, it will be a great idea for the world to have a uniform financial system. With crypto, you can buy anything from anywhere in the world because 2BTC in Nigeria is 2BTC in the United Kingdom. This is different from what many of our local currency offers. You cannot buy goods from another country with your country's currency.

Also with the global acceptance of cryptocurrency as a payment currency for day to day transaction, one can get goods and services from any part of the world and with low cost. This will make us access goods and services from anywhere across the world, easily pay for them at a lower cost.

Furthermore, the global acceptance of cryptocurrency will strengthen the unity of the world as everyone will have only one currency type to trade. This will make the world have a global meeting and have crypto regulated

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THE VOLATILITY NATURE OF CRYPTO MARKET, A CONCERN TO BUSINESS OWNERS

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Volatility is the unstable and unpredictable nature of the value of cryptocurrency assets that results in a very high or low. It is rise and fall of cryptocurrency that may be either beneficial or detrimental to an individual. One minute you see the price of a crypto asset up and the other minute, you see the price down.
Volatility has been a problem for major and minor crypto traders and investors in recent times.

This is one of the major issues the world financial system have with cryptos. It has made many doubt how long crypto will be in existence.
The economic and financial system of the world is made of business owners. They are big and small business organizations. They have a big part to play in the financial structure of the world.

With what volatility does to the crypto market, no business owner in the right frame of mind would want to accept crypto as a legal tender.

No business owner will want to loose all the money he has made for a long time. For instance, if you look at the crypto market in the past three weeks, you will feel the discouragement it has created in the heart of many. If any business owners has accepted crypto e.g BTC as a currency for payment in the past few days, by now, the person will be in deep thoughts with what has happened to its price.

Business owners always need their assets to deal. They don't have that luxury of time to wait and hodl because a crypto asset is down. So the volatility of cryptocurrency even though can give a great boost to a business owner's income, can make a business man go bankrupt.

From what I see in the volatility of cryptocurrency assets, they decrease in value many times than they increase. This is a great concern for business owners.

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OTHER FACTORS FACTORS LIMITING THE ADOPTION OF CRYPTOCURRENCY AND THEIR SOLUTIONS

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Apart from volatility, many other factors limits the adoption of cryptocurrencies. I have listed them below with their solutions.

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• Security of cryptocurrency assets.
  Many government bodies and busines owners do not trust their funds with the security of crypto. They do not believe if crypto has a long future. They feel their asset will be lost if crypto stops to exist.

Solution:Crypto inventors should come out open and prove to the world that cryptocurrency technology is secure and has a future.

• The presence of hackers in the cryptocurrency space.
  This is just similar to the first point I mentioned. Hackers in the cryptocurrency space makes it scary for everyone. It has hindered the adoption of cryptocurrency.

Solution: A way should be provided to eliminate hackers from the system.

• The fact that their is absence of regulation in the cryptocurrency space.

Solutions: The cryptocurrencies in the cryptocurrency space should be regulated. Cryptos without strong blockchain technology should not be allowed to thrive in this space.

• The absence of digital and infrastructural technology to host the technology and innovation crypto brings.

Solution: Inventors should look for a way to talk to government bodies and agencies and firms to put in place the digital and infrastructural technology for blockchain to thrive in all countries.

THE PROS AND CONS OF CRYPTOCURRENCY ADOPTION BY BUSINESS OWNERS

Cryptocurrency Adoption has pros as well as cons. In this part of this article, I shall list some of them.

The Pros

1. It will make transactions transparent between buyers and seller.

2. It will help to keep intact records between business associates and grant both of them access to these records.

3. Low cost of transactions can be achieved with crypto.

4. Quick completion of transaction is achieved with the use of cryptocurrency.

The Cons

1. Volatility can lead to great loss.
2. Hackers can defraud business owners of their hard earned money.
3. A simple mistake can lead to loss of huge sum of money by business owners.
4. Loss of key or passwords to a crypto account can lead to loss of every asset in an account. This can be very devastating for business owners.

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CONCLUSION
Adoption of cryptocurrency into the financial market is very much achieved. This has been the goal of cryptocurrency since its came into the world. The technology of cryptocurrency has been adopted in many areas of the world. It's been used in many technological aspects of life but adopting it into the world financial market and system has been an issue majorly because of the volatility nature of cryptocurrency and the security issues crypto poses to its users. Until these issues are tackled, the wait for the adoption of cryptocurrency continues.