Steemit Crypto Academy Contest / S2W2 - Cryptocurrency Adoption by @sameer07

Hi Friends 👋, I hope all dear members will be fine and enjoying your life by the grace of God.
I'm also happy to enjoying myself with steemit..

Meet me first My name is Abdul Sameer, and user name is @sameer07 on this wonderful platform. I'm from Pakistan. I'm belong to Muslim Community.

^{Image is designed from Canva by @sameer07}

I'm happy to take participate in the second week of season two Steemit Crypto Academy Engagement Challenge.

In this week we will discuss about "How Cryptocurrency Adoption". We will discuss about various ways in which Cryptocurrency adoption can be benefit and also it's disadvantages.

Discuss The Adoption of Cryptocurrency in the financial market and how businesses can be boosted through Cryptocurrency transactions.

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If we talk about adoption of Cryptocurrency in market of financial. In financial market, we are referring the acceptance of Cryptocurrency.
Cryptocurrencies is an innovation in financial Realm and it's is well taking over the entire of financial market. Cryptocurrencies and those projects which are related to Crypto, has been interesting journey.In crypto world, Number of users increasing day by day, the number of transactions cam be executed each day.

In 2009, Cryptocurrencies has really come a long way creation of the Bitcoin. In January 2009, an anonymous person referred to Satoshi Nakamoto. Earlier stages, its adoption rate has gradually been on the rise up but the following the emergence of other Cryptocurrencies, adoption rates have risen so far that Cryptocurrencies have been allowed to see an annual adoption rate of over 100%.

The adopt means accept and put it into a use. Today, a lot of business are going digital due to era of we are currently in, business will be more effective and efficient if you have adapt use of financial realm that is on trending. I you should you should able to accept every type of payment, i believe your business make headway.

One of the fastest innovation is Cryptocurrency which we have seem recent times. Cap market recorded the total value of Cryptocurrencies market $800B. In 2022, about $1.135 Trillion is current Market value of Cryptocurrency.

The financial market are those markets or system where allows buyers and sellers get opportunity to trade their financial assets. This also regarded as place where financial holding are exchanged. The financial markets are made up for buyers and sellers who are in thug of constant war with buyers are searching to buy at low prices on other hand sellers seek to sell ay higher prices.

The activities of users i mean buyers and sellers are what drive the market when buyers winning the fight market trends to move upwards, when sellers take upper hand market moves to downward.

The crypto market such as financial market play important roles in economy as the value of Cryptocurrencies and determines the economic value of respective countries they represent their Currency. Investors looks safe havens on other financial assets such as gold, bonds..

Cryptocurrency Adoption has grown primarily in financial market due to it's level Decentralization. This is clearly seen in market which has risen from 0 in 2008 to it's current Value of $750,967

Cryptocurrency has come to stay, it started slowly and in different countries in the world and will soon spread to the universe. It will attacks all sectors of the financial markets and displace use of traditional currencies.

How businesses can be boosted through Cryptocurrency transactions

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There are several ways to promote your business through Cryptocurrency transactions.
Here's Some of them;

🔹Transaction Speed

Cryptocurrency Transactions is too much faster than as compared to conventional currency transactions due to the lack of third party. This is good for businesses because it will help to increase efficiency in transactions.

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🔹Availability of Liquidity

Transactions are always available in any form of Cryptocurrencies. Unlike the conventional currencies which has third party, if you want to withdraw some money and then you will be told that the money is not available at the moment.

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🔹Security and Privacy

Cryptocurrency transactions are very secure and are kept private. Because since users identities are completed privately , only address will be visible. Use of cryptography on the other hand makes the transaction not tempered.

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🔹Borderless Transactions

There is no border in Cryptocurrency transactions and that makes good for businesses transactions who tend to provide services across in all over the world.

🔹Task Aviation

Due to the lack of Cryptocurrencies regulations by the Government, Businesses can aviate tasks using Cryptocurrencies. This task aviation will help making more profit in businesses as transactions made using Cryptocurrencies can't be traced.

What is your opinion on Cryptocurrency being accepted globally for our day-to-day transactions

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In my opinion, In financial realm Cryptocurrency being accepted globally is a dream come true. The reason is Cryptocurrency allow us a person-to-person P2P transactions. The transaction will minimizing, and delay which is one of the best challenges facing today in conventional currencies.

Acceptance of Cryptocurrency globally there will not interference third party, when it comes to a transaction it will go a long way transactions making fast , secure and effective. There is no limit on transactions and minimum charges. So i think Cryptocurrency is accepted globally for day-to-day transactions.

Cryptocurrency allow to their users to get the total value of their money. One who makes purchase using Cryptocurrencies tend to get full return of amount spent without any additional charges.

Before the advent of crypto, when your family members or friends send you money from different countries, then you must go and change money into your country's currencies which is too much lost of time. When crypto will accepted, someone send you tokens from different countries within seconds, and then you can use it without any cost of time.

Using Cryptocurrency for day-to-day transactions it will make more easier for most countries with devalued currency to adopt it as their national currency. It avoid inflation which is not possible with Cryptocurrency due to fixed supplies.

Do you think the high volatile nature of the Crypto market is a concern to business owners?
Discuss.

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Yes, i understand that the high volatility nature of the Crypto market is a cause of concern for business owners and that is why so far many owners have not accepted it. High volatility is one of major problems with Cryptocurrency and there is not doubt that a thing of concern to business owners.

In Crypto market many factors are responsible for the volatile nature like demand and supply, media, policy of government. Crypto market os not completely prediction that's why many analysts still making research how they can say completely the state of crypto market.

High volatility is common with Cryptocurrencies because many users still watching them as an investment opportunity instead of stockpiling values. This problem creates distrust in many business owners.
Those who do not want to gamble with their business because as much as Cryptocurrencies can be profitable, they can also incur unbeatable losses as opportunity that most owners of business wouldn't want to take.

What other factors are currently limiting the adoption of Cryptocurrency and how can this be solved?

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There are many factors that are currently limiting the adoption of Cryptocurrency, here's few of these factors and solution of these factors can be seen below;

🔸 Media:

Media is presently factor that is limiting the adoption of Cryptocurrency. In these days, Different types of unpleasant news comes from the media and that alone instill fear in people's who have intentions to invest in Crypto Assets.

🔹Solution:

Media should be regulated so that is doesn't spread false and unpleasant news to the people's. Media should always encourage people's on the importance of this innovation.

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🔸Volatility:

Cryptocurrency is associated with high volatility. For example the fluctuation of the prices of the assets. This is one of the reasons why it will be difficult To adopt Crypto Assets. To some extent, it's good because it can make you rich, at the same time it can make you poor instantly. Such as LUNA token, where we have a very sharp decline in the value of assets.

🔹Solution:
I think there should be limit of volatility of the assets so price of assets go beyond and below in fix limit. The price of steel for example should be kept between $1-$1.5 which will enable to move with in the value range and give people confidence in their assets.

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🔸Government Policy

Government policies are also oppose the adoption of Cryptocurrency because they believe that Cryptocurrencies will reduce the payoffs as the transactions due to widespread adoption. Cryptocurrencies cannot be monitored through different task bodies. i.e, Chinese government stop the mining and stop use of Cryptocurrencies in country.

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🔸Regulation and User Friendly Interface

The interface is difficult to operate and crypto innovation rules guiding haven't been understanding by all users.

🔹Solution

There should be a simple guidance that will be accepted by all new users in all over the world, how should crypto operates. The interface of exchange and wallet should be user friendly so any one can operate it easily. The backing of the authority will cover it. It may seem like Centralized which will give people's more confidence in innovation.

Discuss the Pros and Cons of Cryptocurrency adoption by business owners.

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There are several Pros (Advantages) as well as Cons (Disadvantage) of Cryptocurrency which has led to some businesses adopting.

Pros

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🔹 Cryptocurrency Allows 2P2 transactions that will encourage businesses transactions among individuals in different places or countries in the world.

🔹 During the transaction of Cryptocurrency, charges are very small or low sometimes charges are negligible.

🔹 You can send or receive any form of tokens with no limits restrictions of any kind attached.

🔹 As compared to conventional currencies transactions cost is low. This is a result of lack of involvement of an intermediary. Businesses owners will encourage and customers alike.

🔹 Here's exchange between buyers of an assets and sellers, without third party to delay the transaction or ask questions before approving the transaction.

🔹 There is no time limit in using Cryptocurrency. You can transact your currency anytime. In banks and other financial market have complains of problems of networks and unable to make easy transactions. You can use it 24/7.

🔹All Cryptocurrency transactions are recorded on the blockchain, so tracking transactions history can be very easy.

🔹 Cryptocurrency is now a digital currency that is being used in globally and the trend is that it will become the future of money.

Cons

🔸The volatility of Cryptocurrencies can lead huge loss to the owners of business due to the dip of the assets like that is presently.

🔸Cryptocurrencies transactions are irreversible , owners of businesses may loss a big amount because of his mistake.

🔸 Another major cons is that once you put your keys in the wrong place, the assets are completely lost. No way to recover them.

🔸 There is yhe possiblity of Hacker's, who are part of the Crypto world can export Money from owners of businesses.

Conclusion

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Adoption Cryptocurrency globally is a big step towards creating a Cryptocurrencies to handle in the future. Adoption may be about more efficiency in business. This is a sign that some distance it will be generally accepted by all.

Now this is end of my contest, at the end I would like to invite my friends @chaitanno000 , @chahmad12 and @alirazaop. I hope they will participate as soon as possible.

Best Regards 💞,
@sameer07