Steemit Crypto Academy Contest / S2W2 – Cryptocurrency Adoption by @maazmoid123
Greetings, my dear friends. How are you all doing? I hope you are well. Welcome to the Steemit Crypto Academy Contest / S2W2. I am sorry for not being active lately. I have been a little busy. But I hope I will be active from now on.
The title of today's topic is Cryptocurrency Adoption, which I will talk about today.
It has been a decade since the first cryptocurrency was made, and at that time, it was pretty new, and only a few people knew about that technology, but right in this world recession and poorly time, the cryptocurrency has caught the eye of those people, especially the people who are frustrated for being poor and living in a third world or developing countries where a life of an average person is quite tricky, in term of financial freedom.
Cryptocurrency is a concept of peer-to-peer transactions where no intermediary is involved, which provides more freedom of money to the holder than the fiat currency. So right now, many organizations and people are taking advantage of that. And the ones who are not, they are living in their own lives and do not want to change, or I think there is a mind shift issues.
Right now, we see the market is not very stable on the chart, and the small and some large investors as some people are afraid as in this bear market, many people have lost a lot of money. But if we talk about the overall industry, we can say that cryptocurrency adoption is growing fast.
With the adoption of cryptocurrencies, the organizations increase their market share. Some months ago, when we had the chance to buy a tesla with a bitcoin, it increased the market share of tesla. As a Pakistani, the tesla does not work in Pakistan, so if I made a plan to buy tesla, it would have been difficult for me, but with bitcoin, I can even buy tesla from Pakistan.
It is a terrific concept. I mostly talk about developing countries while giving examples as I live in one. So, using cryptocurrency for my day-to-day transactions is very viable and feasible for the people.
And if the cryptocurrency is accepted globally for our day-to-day transactions, it will be an excellent step from my point of view as there are many advantages of using cryptocurrency for our day-to-day transactions, as we will not have any fear of our money being theft on some random street.
We will not have to buy a pocket wallet, making us uncomfortable and putting money in those wallets.
The transaction speed is also really fast compared to our current bank transfers. As the cryptocurrency is decentralized and there is no third party involved in it.
It will be a safe trade, making things easy for the people.
And it will give comprehensive coverage for the businesses, people, and the large organizations.
We know that high volatility is one of the major concerns for most people as a millionaire can become zero, and zero can become a millionaire in some hours because of this highly volatile market.
Okay, let us imagine I have a honey shop and am selling Honey there (common sense). I have, for example, taken STEEM from the buyers in exchange for Honey, and I was selling Honey for 10 STEEM, which was equal to $2 (which is also my cost of the product), and one day when I sold the Honey for 10 STEEM, and the next day I found out that those 10 STEEM's are now equal to only $1. So it will concern me while doing business in Crypto.
But I think there is another scenario that I use a stable coin like USDT or BUSD for my business, but still, there is always a concern because UST was also a stable coin, which also lost its value.
So this Volatile high market can work for you or against you. So whoever uses Crypto in their business must have good strategies and sound market knowledge.
Many factors are currently limiting the adoption of cryptocurrency, so some of the factors are:
Illegal Transactions: We know drugs and money laundering is a massive issue in our countries. I talk about money laundering because the country I live in has a money laundering record of almost 40% of our country's GDP. And Crypto is yet another thing that can help those corrupt in money laundering.
For this, the government will have to jump in the middle and make some strict regulations for Crypto. But this thing will disturb some normal users too, so the government should take the steps very carefully.
Fear: Fear is also a huge factor that is currently limiting the adoption of cryptocurrency. They are petrified, right. They do not know what to do, as many have lost their lives and minds after the crypto market's current condition.
The solution for this is that all the major stakeholders should sit at a round table or do some conventions and make some regulations to control this high volatility and make some standards regarding the crypto projects, so the people do not lose their money from any fraud (like LUNA recently).
Electricity Consumption: Many governments worldwide are avoiding cryptocurrency and making people avoid Crypto because of the high electricity consumption of the mining of Crypto.
The solution for this is already there, and many people are working on them right now like there are now projects which use different consensus mechanisms. And so, there is a hope that this limitation of adoption of Crypto will soon be gone.
| Pros | Cons |
|---|---|
| The market share of the businesses will increase. | High Volatility of the prices of the Crypto. |
| No Intermediaries and no third party to keep your money. | Mind shift issues, as many customers might not want to shift to digital or Cryptocurrencies. |
| More financial freedom. | The payment you have made can not be reversed. |
| High Transactions speed will help in building scalability in business. | Lack of knowledge of the cryptocurrency by the business owners. |
| It has high security and privacy of your funds or money. | Government Interventions can bring some significant loss to the people. |
| Low or no taxes as it is still relatively new, so there aren't any taxes on Crypto in many countries. | If you lost your keys, you lost your money, which will never come back to you. |
I am inviting @mccoy02, @slon21veka, and @malikusman1 to also join me and participate in this contest.
Author: @maazmoid123
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Я подумаю
Interesting how you made example using steem for your honey product sell if 10 steem cost $1 and eventually price of steem falls then i guess you can still sell your honey at lets say 20 steem equivalent to $1 hope am making some point.
Thanks for the share sure crypto are good for both business and investors am sure more users will join the crypto space with time.
Yeah true that we can change the price to 20 STEEM, but here is problem to that the customers will get confuse and it will not be feasible for us to sell our product because the prices changes every now and than.
@maazmoid123. You have made a great presentation here. Many of the things you have written are true of cryptocurrencies. For example,
Cryptos make it easy to launder money and sponsor illegal businesses like drugs. Already, many illegal operations are being down through crypto transactions. I hope world governments will need to find a way to stop that. Otherwise, it will always be a bad thing for crypto adoption
Thank you for your valuable review of my post
Hello @maazmoid. You have made a wonderful presentation here and most of the things discuss are very true. Crypto currency eliminate the middle man and really brought freedom to the world of Financial transaction. Unlike before with traditional systems.
The advantage of crypto currency completely outweighs that of disadvantage. Very cheap, easy, secured, etc. The truth as you rightly said is that any business adopting crypto currency has seen tremendous boost in it's activities and profit.
This was a good post. I wish you luck in the contest while you can also engage with me through My link
Thank you for reading my post in detail.
Brother mazz nice to see you again in crypto academy. yes brother electricity consumption is a very big issue of bitcoin mining that is why many governments refused to accept it. but it can be solved if governments contribute with the miners. Thanks for sharing with us.
Brother Mazz I have a request for you that is please visit my post also. I hope you will visit i am waiting.
https://steemit.com/hive-108451/@malikusman1/steemit-crypto-academy-contest-s2w2-cryptocurrency-adoption-by-malikusman1