Cryptocurrencies are medium of exchange which can not be seen through our physical eyes like money or coins. They are tokens that are present in the form of numbers. We can simply say that cryptocurrencies work using a technology called blockchain. Blockchains are decentralized technology which is spread around the world in various computers and mobile phones. Cryptocurrencies work a little bit different from bank they both tend to store and keep valuable items, but the difference is that cryptocurrencies are decentralized. Everybody has access to their account at anytime. They can easily change their cryptos into fiat money or simply sell and tranfer the money into their bank account. You can easily create your cryptocurrency account by your self, it doesn’t necessarily requires you to use your real name, but instead you can also use your nickname

Cryptocurrencies are medium of exchange which can not be seen through our physical eyes like money or coins. They are tokens that are present in the form of numbers. We can simply say that cryptocurrencies work using a technology called blockchain. Blockchains are decentralized technology which is spread around the world in various computers and mobile phones. Cryptocurrencies work a little bit different from bank they both tend to store and keep valuable items, but the difference is that cryptocurrencies are decentralized. Everybody has access to their account at anytime. They can easily change their cryptos into fiat money or simply sell and tranfer the money into their bank account.
You can easily create your cryptocurrency account by your self, it doesn’t necessarily requires you to use your real name, but instead you can also use your nickname

Cryptocurrencies can be used to tranfer from one person to the other without a third party intervention like the banks that we have around us now. The person can decide to send or receive any amount of crpto they wish at anytime of the day or night. As long as the necessary requirements are in place.

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Some of these necessary requirements are the keys or passwords that you must have in other for you to be able to transfer your cryptocurrencies to another person and as well as their account name. These keys are very important and essential in the world of cryptocurrencies and blockchains. It is such an important factor to the point that if incase you ever loss or forget your password there is no way you will be able to retrieve it back if it is a non custodial wallet like steem. Non custodial wallets are wallets in which you can’t retrieve your password back.

Custodial wallet literally means that the account and wallet is in the hands of the owner and the exchange. He does have the full custody of everything that is in the wallet, and should incase he or she misplaces his password then he will be able to recover it back providing that he follows the necessary questioning to confirm he is the actual user of that account. Also the exchange has the ability to go through the account owner’s wallet and they have the power to block or do what ever they want from that wallet. The advantage here is that you will be able to retrieve back your password

Below you can see that I am on my binance account and I requested to recover my password, incase I had continued, I would have been taken through the necessary questioning for verification to confirm is really me. If I had continued and provided everything I would have been able to change my password.

Resetting forgot password on binance

The second type of wallet is the non custodial wallet. These types of wallets are usually not used by many blockchain and cryptocurrencies, mainly because it is not always secured and comes with a lot of problems. Cryptos in this type of wallets can easily be hacked and get held by anybody should incase they gets hold of your password and you won’t be able to retrieve it back. Anyways, the wallet will be fully in the custody of the owner. The exchange will not have the power to intervene in the persons wallet. So the owner will take full responsibility of his affairs.
Steem is an example of a non custodial wallet and below is an example:

In the first red mark, you can see that steemit’s rules are emphasizing on the fact that you should not lose your password. At the third point, steemit is telling us that they cannot recover our passwords and that we should not misplace it. This will tell us that this is a non custodial wallet.

In the second red mark you, you can see that the only help steemit can offer, is for you to change your password if you have doubts about it’s security. Changing your password has nothing to do with the intervention of steemit, rather it is you who is controlling everything. And before you can change your password, you need to have a full and correct details of your previous password you are intending to change.

 Steemit warning not to lose password

One thing we also have to take note is that cryptocurrencies rise and fall. Just like the normal currencies we have. But in the case of cryptocurrencies, the prize varies a lot. This is because the fall or rise of the currency solely depends on the owners of the cryptos. If more cryptos come in the cryptocurrency, that means that the crypto will rise but if people tend to sell their cryptos out, then the prize will fall. Cryptocurrencies are moved by large owners of it. One of the biggest cryptocurrencies in the world is Bitcoin.

how I like to see cryptocurrency in the future
As the days keep going by, there is no doubt that a lot of amazing things will happen in the future due to the technology we have. In the past recent years nobody could have predicted that Bitcoin would become so valuable. The price of Bitcoin was very low and it gradually became high. I personally, I am expecting to see crypto currency in so many ways.

First of all I would like to see crypto currency as a paying method in the whole wide world. Some organizations have already adopted to the method. This will help workers to invest directly into the crypto world. It will give them a lot of benifits and profits. For instance a worker in an institution who gets paid through cryptocurrency may leave his assets inside his account for the prize to rise before making necessary withdrawals.

The only disadvantage I see is that, incase there is a fall in prize of the cryptocurrency, then it is going to affect the worker and his monetary affairs. But still yet, it doesn’t change the fact that, there is a bigger chance of getting bigger returns and profits. Besides, even if the prize of the cryptocurrency falls, it will surly increase and he will still have some assets left in his wallet.

To be able to dodge some of these unexpected fall in price of the cryptocurrencies. One must be open to learn more about how the cryptocurrency world operates and hence he will be able to make necessary calculations and know when to withdraw assets and when to leave it. He will also be able to know if he can transfer it to another cryptocurrency that has more probability of rising.

So my suggestion is that, before workers are being paid through cryptocurrencies, they should be educated about it first in other for them to avoid necessary losses in the future. If more businesses accept cryptocurrencies as a legal tender, then the value of cryptocurrencies are likely to change

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There is also the likely hood that people will accept cryptocurrencies as a currency. Also in the near future there is the expectations that many central banks of countries might come out with their own digital currencies. This is so far from being impossible and this might even happen sooner than expected.

Many cryptos will become valueless. There is this prediction that the master and leader of the industry of cryptocurrencies which is Bitcoin will sonner or later become zero. If this is so, then what do we think of the thousands of smaller cryptos that are fighting and struggling to find their ways to make value and pull through? This clearly says that some will fall

Thank you for your time