Steemit Crypto Academy Contest / S2W2 – Cryptocurrency Adoption by @bright6126

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INTRODUCTION
Goodday to everyone at Steemit and everyone at Crypto Academy platform. Today I've decided to drop my entry on the steemit Crypto academy contest season2 week 2. But before I answer the underlying proceeding questions I would like to throw more light into crypto-currency. In the past decade the advancement and emergent of crypto currencies has changed the world in a more positive direction well although currently the Crypto world is facing some shortcomings due to the crash of Tera Luna, downtime of such is also part of any business of the day.

Nevertheless, it is evidently seen today as to how cryptocurrency has made life easy with the help of Decentralized systems. Traders and investors can easily perform their transactions without any third party say the bank 😊. Well having said that, let's move over to the business of the day.

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Discuss the adoption of cryptocurrency in the financial market and how businesses can be boosted through cryptocurrency transactions

The emergence of cryptocurrencies has made the financial market and businessmen undergo faster transactions yet a very transparent and there's is a very great accountability in the process one which is really very safe and almost void of security breaches because of the high encryption.

An added pros of cryptocurrencies is that it is fully decentralized, which entails that even for businessmen residing in countries with unstable currency, yet cryptocurrency will allow them to trade and transact freely across borders efficiently without being left out, this makes it possible for transactions to easily take place accross two or more countries irrespective of their traditional Fiat currencies and no third party, which offcourse making it faster and easier.

The financial markets have grew much bigger over the decades after the inception of Bitcoin in 2009. Traders now easily make transactions easily with worrying about the local banks. This is courtesy of cryptocurrencies.

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

Well, I would cast my vote for it to be accepted globally. Reasons because this will facilitate the flow of money, it'd put a stop on so many monetary embezzlement by the governments and other relevant agencies because everything will be transparent. The cost of printing Fiat paper money will be mitigated and further added to reserve funds in the country. It'd interest and shock you that countries spends almost 50% of printing a paper money on printing it, for example a counties record may show $50 billion spent on printing $60billion Fiat paper currency 🤣 it's funny but much of corruptible processes underlies the process. But if we were to use cryptocurrency globally, that particular fraud will be alleviated.

In addition, it'd be better if people can be their personal Bank in contrast to the centralized banking system. Individuals will prefer being in charge of their funds and can easily run transactions with them without any interference of banking policies and charges. A system where one totally makes financial policies for themselves, trade accross nations of the world without any barrier. It'd undoubtedly make the world a small global sphere.

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

Yes it's a major concern to business owners and investors, cryptocurrencies are volatile in nature so the value tends to change anytime as a function of the market trends. Business owners tends not to adopt crypto currencies in full as a result of this instead they adopt more of the paper money in other not to be at a gross Disadvantage incase of loss in value of cryptocurrencies just like the current one happening in the crypto world right now.

Although there is a wide exception for this, ThankGod for stable coins that are in place to ameliorate this Disadvantages. We have stable coins for example the USDT can be used by Businesses which won't be affected by volatile nature of the crypto market.

By reason of this post, I would recommend this stable coins are evenly made to be more popular like every other coin so Investors can make use of it instead of being concerned about the volatility of coins such as the current one being experienced especially how the almighty Bitcoin has plumented drastically.

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

Other factors I think maybe limiting the adoption of cryptocurrencies apart from the high volatility nature includes Knowledge about crypto, Availability of fraudsters.

• Knowledge about Crypto: most Businesses are nonchalant about the crypto world because they barely have a pinch knowledge about it let alone to invest their funds there and also owing to the fact that one needs to have some general knowledge on crypto before diving into it. I believe if more public and online sensitization is done to tell people about Crypto currency then we'd see more businesses and investors adoption Crypto currencies there by skyrocketing the Crypto space further.

Secondly the issue of Scammers/fraudsters: It is of no doubt that some set of lazy humans will still indulge in malicious activities in the Crypto world just to defraud and go away with people's digital assets, this is why people who fall prey to scammers tends not to adopt cryptocurrency anymore and tends not to recommend cryptocurrency to the people they know. In the same vein, likely Investors are also skeptical of investing into crypto-currency because of the likelihood of being scammed.

The best solution to this is public sensitization and orientation about the Crypto world.

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Discuss the Pros and Cons of cryptocurrency adoption by business owners

Pros	Cons
Decentralization: Takes full control of the financial system without any policy as to how things will run	No financially privacy because anyone could see your financial status thereby attractive unnecessary visitors which could come for breaches and theft.
More sales: Clients from all over the world could easily patronize a business that trades on cryptocurrencies thereby increasing sales	As the sales increase, malicious users are also attracted to also patronize but this time to indulge in frauds
More audience: Investors tends to reach more audience from different countries accross the globe	Unfortunately they tend to loss them during the deep, when the market hits bearish.
Very fast transactions: because of the availability of a third party, the speed of transactions are always very swift and fast	Big problem happens during high volatility ( stable coins recommended)

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CONCLUSION

After much deliberation and explanation on the subject matter of the cryptocurrency adoption I would conclusively say amidst the shortcomings of cryptocurrencies, if properly adopted and certain loopholes fixed. The world would be a more better place and digitization would hits the next level.

Thanks for reading my entry.

I cordially invite the following Steemians for their own entry into the contest so we can learn too.
@starrchris
@anyiglobal
@solar-star