Crypto Academy Season 3 Beginners' course - Task 3: Bitcoin, Cryptocurrencies, Public chains.

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(1) What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Feature?

Cryptocurrencies are a peer-to-peer based network and a decentralized system that we can name as a Central Bank for ourselves. Transacting cryptocurrencies can be done at anytime and anywhere without the need for a third party. Also, each transaction requires a private and a public key. These are the keys we get when registering the wallet for the cryptocurrency. The use of the public key is for the account address and the private key is used when you want to sign a transaction.

Cryptocurrency is a digital token that we can only get on a computer or on our smart phones. This is because cryptocurrency is virtual money that can not be held and is not physically real. Cryptocurrency can not be counterfeited because most cryptocurrencies are decentralized and work on Blockchain databases to keep track of all transaction-related activities, such as sending, receiving, any amount. Working in Blockchain databases, cryptocurrency can not be filed because transactions are approved only if they are verified by the entire block.

Cryptocurrency is a global currency. Thus, the price is the same in all countries without being affected by the exchange rate. And it serves as an advantage and convenience for cryptocurrency, without third parties, exchange rates, and also low fees as compared to conventional banks.

Cryptocurrencies enable the translating of data into codes, where each user has his/her own code to transact with cryptocurrency. It is not transparent, since we can not see who the transaction was made by, nor does it require a real name to enable the use of cryptocurrency and transacting crypto.

How would you like to see Cryptocurrency in the future?

All I would like to see and hope for with cryptocurrency is for it to become a legal exchange currency for all countries, so that countries with small currencies will be able to travel and make investments abroad because they have global value. This is because, at that stage, there won't be a need for an exchange rate between one currency and another to transact in a country, since it will benefit one party and charge a very large fee.

Also, up till now, governments have not been able to impose taxes on extorting our wealth in cryptocurrency and have not had a loophole to enter the system and tax our assets. All I hope for is that cryptocurrency become a digital token for legitimate exchange across my country. And I believe that this will happen over time.

People will not allow the government/state to be regulated by private property.

Conclusion

This is how far I have gotten into the concept of cryptocurrency, and I stand to be corrected if there are any errors or mistakes made in my write up.