Bitcoin, Cryptocurrencies, Public chains - Steemit Crypto Academy Season 5 - Homework Post for Task 5
Hello crypto enthusiasts, I am back again with this Season 5 Homework task 5 post for professor @stream4u. The task is all about Bitcoin, cryptocurrencies, Public chains, and I will take my time and answer the questions below.
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(1) What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Future?
Cryptocurrency is a digital medium of exchange that is widely accepted and is powered by a cryptographic system based on a blockchain network. The word Cryptocurrency is a combination of two words, Crypto and Currency. The word “crypto” was derived from the Greek word “Krypto” which means hidden and the word “currency” means a form of money in general use or acceptance.
It is also defined as a type of virtual currency developed on a network and it is distributed across a lot of computers. A lot of cryptocurrencies are decentralized (no third-party authority) and their technology is under the blockchain network. The Cryptocurrency system at large makes the financial system of the world easier to operate. Quite many organizations, countries, and companies have accepted cryptocurrency as a medium of exchange for transactions.
Cryptocurrencies can be traded or stored on trading platforms, wallets, or exchanges like; Tradingview, kucoin, Binance, Metamask, Trustwallet, etc. Also, platforms like coinmarketcap and coingecko like so many others provide information like; price, rank, and market cap of cryptos.
Screenshot showing top coins and their values || coinmarketcap.com
Using the table below, I will display the Prices, Ranks, and market cap of few coins including Steem in the screenshot above of coinmarketcap.com;
| Cryptocurrency | Rank | Price | Market cap |
|---|---|---|---|
| Bitcoin | #1 | $42,358 | $801,519,090,606 |
| Ethereum | #2 | $3,245 | $386,380,827,065 |
| Tether USDT | #3 | $1.00 | $78,435,904,289 |
| Binance Coin | #4 | $453 | $75,972,513,422 |
| Steem | #329 | $0.3909 | $160,619,830 |
I think the future of cryptocurrency is bright. Elon Musk who is the owner of space x and one of the richest men on earth fully endorses some cryptocurrency and this means his influence will positively affect the future of cryptocurrency.
I would like to see cryptocurrency used and accepted as a global medium of exchange because I think it is essential, in the future. The current state of the financial system of the world is bad, but cryptocurrency if well supported and endorsed will shape and correct this.
Furthermore, Cryptocurrency owners/users are going to become rich in the future because the world is gradually adapting to cryptocurrency and soon, cryptocurrency will be used as a means of payment in schools, restaurants, malls, etc. This will increase the price and market capital of cryptocurrencies.
Positivity, more possession, and use case improves and pumps the prices of cryptocurrencies and I think this will be the case in the future. A good example of this is Bitcoin. When bitcoin was launched years back it didn’t value much and its price and market cap was low, but as time went by, more people and bodies adopted it making its price and market cap higher. Early holders/owners of bitcoin became very rich because of the price pump and this made a lot of people come into the cryptocurrency world. I will like to see a future where cryptocurrency is the general medium of exchange globally.
A very big thank you to professor @stream4u for this impactful lecture on Bitcoin, cryptocurrencies, and Public
chains. Traders need to know about the foundation of bitcoin, cryptocurrencies and their uses, and also public chains.
Cc;
@stream4u