Steemit Crypto Academy Season 5 - Homework Post For Task 5: Bitcoin, Cryptocurrencies and Public Chain By @chiomzy810
ALL QUESTION 1
WHAT IS CRYPTOCURRENCY AND HOW YOU WOULD LIKE TO SEE CRYPTOCURRENCY IN THE FUTURE?
INTRODUCTION
Hello steemians, it feels pretty good participating in another task of the steemit crypto academy which is lectured by professor @stream4u. Find my homework post for task 5 below!!..
WHAT IS CRYPTOCURRENCY?
Our today's world has pretty alot to do with cryptocurrencies which turns out to be that most transactions and exchange of goods & services are performed online which makes life more easier and requires no service charge and solely secured. To hit the point, below is my well detailed view on what cryptocurrency actually means...
Cryptocurrency
Cryptocurrency is a digital currency that can be used in trading of goods and services which uses online ledger with strong cryptography to purely secure transactions made online, and it allows a secure online payment which are broken down in terms of "vurtual token". Cryptocurrency functions using a technology named blockchain, Blockchain is therefore, a decentralized technology distributed across various computers which tends to manage and record transactions. Further more, blockchain is maintained by a network of different computers which makes it very hard for the bad guys/ scammers to hack.
Expertise and investigators through their research believes that blockchain technology will make a break in or interrupt various and si many industries, organisatio, institutes, finance and law. There are good number of times Cryptocurrencies had faced criticisms where they are been abolished to stop their illicit activities, volatility of exchange rate etc. And many at times too have cryptocurrency been praised for their unreliable, portability, indifference, resistancy to inflation and so on.
Cryptocurrency have a rate of value which are not always stable, it sometimes raises and fall. There are lots of profit when you buy cryptocurrencies and stock then later in the future when the coin will be appreciated it will yield out a pretty good returns. In the world of cryptocurrency, Bitcoin is the first to exist in the blockchain and after since the existence of this coin there have been more other Cryptocurrencies which you vmcan explore using Coinmarketcap where the rate of all Cryptocurrencies are shown.
How Transactions Are Made In cryptocurrency
As secured cryptocurrency can be, their network technology also performs transactions very fast with no fees charges. Unlike the counterpart banks which often requires middle men 's attention to help carry out various transaction, which can be vulnerable to scam.
Cryptocurrency transactions are made easier whereby every user is a boss to his/her account, thereby monitoring activities that happened within the blockchain. Cryptocurrency has provided us with a search engine named "block explorer" which enables us to confirm transactions, monitor our daily activities on the blockchain system.
Advantages / Disadvantages of Cryptocurrencies usage?
Every advantage of a thing must surely and certainly have it's disadvantage, and here's below is some of my highlights;
Advantages
Here are some real good benefits attached to using cryptocurrency÷
Transactions made on cryptocurrency are normally fast and straightforwarded: A crypto coin for instance, can be transferred from one digital wallet to others, strictly through the use of computers and smartphones.
In the future ahead, blockchain tends to put an end to intermediaries like online goods and services distribution, banks etc. Which implies that no payment processing fees will be required.
Gradually, cryptocurrency payments are increasing in the large range of use amongst organisation, company, sectors like pharmaceutical etc.
With the help of blockchain, history of a specific cryptocurrency is traced to stop people from squandering the coin that doesn't belong to them, thereby making copies or cancelling the transactions.
In most dApps like steemit, it creates socialization amongst users.
Disadvantages
Here also are some disadvantages of using cryptocurrency;
People get tricked to investing into platforms that isn't genuine nor legal which may later on result to loss if investment.
Deleting of currency and lost of virtual wallet could be possible when online scammers will lead you to store your cryptocurrencies remotely/control.
Exchanges of cryptocurrency are exposed to cyber attacks, which may result to unfixable loss of one's investment.
Value if cryptocurrency like Bitcoin, Litecoin etc can change anytime, that's why people find it a bit difficult to invest in the platform.
Brief Risk Of Trading Cryptocurrencies
Source
As a Crypto investor you would want to be, you are adviced to first understand the risk before trading . Below are few risks of cryptocurrency;.
Volatility: Changes which could be unpredictably irresolute in market can lead to fast and sudden change in price.
There could be susceptible means to hacking: No matter how hard we try to avoid technical bug and hacking, theres still can't be any accurate or perfect way to keep it way.
HOW YOU WOULD LIKE TO SEE CRYPTOCURRENCY IN THE FUTURE?
Trading aspect:
In the future, I would like to see cryptocurrency been accepted all over the world, and for government or any private institution to put an end to the disagreement and criticism behind cryptocurrency trading but rather will officially recommend, appreciate and encourage the use of crypto coins. Like the traditional currency is rampant and regularly used by individuals , that is exactly how I want people to value cryptocurrency, fit it to be used to no boundaries or limitations.
Security aspect:
I know the fact that cryptocurrency has a high intensed security measures that makes it difficult for fraudster to break in. More security measures should be added where by an individual's account cannot be by any means hacked by securing the blockchain technology.
Cryptocurrency value:
The more value it adds to the system, the more interesting it becomes which will indirectly draw in the attention of users.
Conclusion:
Soon enough our general laugage settings will switch to cryptocurrency. Cryptocurrency is highly secured, easy, affordable and portable to use. So I really appreciate professor @stream4u for a such exclusive lecture, it have driven my reasoning deep into the crypto world.