Steemit cryptoacademy contest/s2w1 - How Cryptocurrency has shaped the financial realm, what is it's future by @jammyroberts.

Good day my fellow steemians, I really appreciate the new improvement in the steemit cryptoacademy, thanks to that improvement I can now participate in the crypto learning aspect in steemit, to be precise the blogging aspect.
Let's get to business, we all given one topic to discuss and learn from which is,

How cryptocurrency has shaped the financial realm, what it's future ?
Cryptoacademyteam

To fulfill this object I have drafted an outline;
• Meaning of cryptocurrency
• Origin of cryptocurrency
• Types of cryptocurrencies
• Comparison between cryptocurrency and conventional currencies
• Innovations of cryptocurrencies and it's downside
• How major problems of cryptocurrencies can be handled
• Future of cryptocurrencies.
• Conclusion

Note : Reference to past post and YouTube
Let's begin;

Meaning of cryptocurrency

Cryptocurrency can be simply defined as a virtual currency that is simply meant to be a medium of exchange, it takes away the limitations of paper/coin money, credit cards and many other mediums of exchange. Cryptocurrency are widely known but some countries have not yet legalized it yet, but am sure in time they will because cryptocurrency is the new evolution in human economy interms of money and I hope we will see this change.

Features of cryptocurrency

• It's decentralized
• It works using cryptography
• It has a public ledger
• It's built on a blockchain

_{[Source]
(https://www.youtube. com/watch? v=8NgVGnx4KOw)}

_{Checkout video for wider understanding}

Origin of cryptocurrency

Cryptocurrency was first invented in the late 1980's, what actually lead to this invention is still what has lead us to develop other things and thats simply comfort.

First form of trade that ever occured was trade by batter which wasn't a very compatible system, this then gave rise to the invention of money which came first as gold or other valuable metals and as time goes paper money was invented, as always a new invention came to place which is the digital currency and now the bitcoin which is more faster interms of transaction and highly secured. That's the sequence in which money has developed. We are in the current era of cryptocurrencies, over 5,000 cryptocurrencies has exited already, and as time goes on it will soon be a legal tender for trading. See all about money in the link below; Money | 10% payout to STEEMALIVE | #club75

Innovations of cryptocurrency and it's downside

Innovations

• Secured transaction
The transaction are being secured using hash and this makes it hard for hackers to penetrate.

• Protection of inflation
It has a fixed number of that currency that exist, thereby making sure that the issue of inflation never rises.

• little to no transaction cost
The transaction cost that exist are little, due to the elimination if the middleman ( bank).

• 24 hours access to money
It's been held in the power of the owners through their keys and transaction are allowed 24 hours there is no time for closure.

• No limits to fund transfer
Has no amount to big to be transferred at once.

Source

Downside

• Illegal activities
• Volatility
• Tax
• Data loss
• No cancelation policy
• Miss management.

Comparison between conventional currency and cryptocurrency

[Source]
(

)

_{checkout video for wider understanding}

How major problems of cryptocurrencies can be resolved

• No cancelation policy
No cancelation policy is a good but when a person is in a hurry he might miss the later if a person's name and end up send it to the wrong user and this can't be cancelled or retrieved in anyway unless the other user decides to, simply because it's a decentralized platform, so I really think that a transaction should have some minutes to hold transaction while the user cross checks them.

• Miss management
The owners of this currency can make mistakes when it comes to management and this can affect investors who invested in that cryptocurrency, instead of higher returns it will be a great loss. I really hope every cryptocurrency owner should prepare or recruit a good management team in other for investors achieve their aim of investment.

• Data loss
Cryptocurrency are been controlled by the keys been given to the owners and by any chance if does keys are gone there is no getting back, so that coin will be lost in that account for ever and no way to retrieve it. I do know it's what makes it special but no retrieving ever is a little bit harsh, there should be like a way to store it online safely (the keys) with your own password.

• Volatility
The volatility of the cryptocurrency is to high, the market switch trends to frequently making it unable to determine a certain price. I will like for a way to stabilize cryptocurrency a little just similar to that of digital currency.

• Tax
There is not a legal procedure for tax payment of crypto earners, there should be one.

Future of cryptocurrency

In my perspective;

The future of cryptocurrency is very high it's acceptance is growing a d this a good thing because as time will go on it will become a legal tender and will be legalized everywhere in the world,

Source
am really sure because the crave for comfort has gotten us this far and will also take us through and we are getting there just look at the contents online concerning money it's all shifting digital and cryptocurrency is digital and worth a lot of valuable and currency needs that amount of value, and an easy way to carry it around, just like in the origin of paper money [the link is above], it came as a result of portability so will cryptocurrency also just like bitcoin [BTC].
Thanks for reading, bye.

Conventional currency	Cryptocurrency
It's centralized	It's decentralized
Limits to transaction of funds	No limits to transaction of funds
Doesn't have 24 hours access to money	Has 24 hours Access to money
Physical substance/cash (paper or coin)	Virtual cash (digital)
Highly accepted	Growing acceptance