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

Greetings to you my lovely friend.

With a great joy in my heart toady, I am plead to welcome you to my post. This week is another week of our engagement challenge which is the Week 2 Season2. Today, I have discussed about cryptocurrency adoption in the financial market and how our businesses can be boosted through cryptocurrency transactions which is part of the questions that was asked in Steemit Cryptoacademy community.

Without wasting your time here my presentation is ready for you to degest below.

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

The adoption of cryptocurrency has been increase tremendous which can be easily recognized and Identify by the following ways; estimated number of users, transaction volume and market capitalization. As at 2017 the market value of cryptocurrency reached it's peak of more than $800BILLION DOLLAR. Hower, as at the time of writing this post, the cryptocurrency market value peak is at $1.135 trillion which show how the adoption of cryptocurrency has gone so far.

From $800B in 2017 to $1.135 trillion in 2022. As cryptocurrency volatility keep on rising that is how the price of cryptocurrency will keep on affecting the market cap badly. If we are to start looking at the adoption of cryptocurrency in the financial market by the number of users it will be very difficulties for anyone to that. But I believe if we are to check on the extemated number of cryptocurrency users on just Bitcoin, Ethereum, Steemit in the crypto market we will be seeing more than 40million users with a unique addresses (active addresses).

It's no longer news that today many businesses has started accepting and adopting cryptocurrency into their businesses as a means of payments. Among these businesses we have gaint companies such as Tesla, Reddit, Microsoft, Expedia, CheapAir.com and many others that are now looking for means of adopting cryptocurrency. However, aside these giant affomentioned companies that I have mentioned there are thousands of local businesses around us that are accepting cryptocurrency such as Bitcoin, Ethereum, USDT, STEEM and others.

Without much saying, the adoption of cryptocurrency is usually the topic of every countries nowadays and I believe that in a short time to come the adoption of cryptocurrency will be fully embrace. Hower, there some factors that has to do with the adoption of cryptocurrency which i have mentioned few of them below.

• Economic factors
• Technical factors
• Social factors

The three factors listed above, are the ways that businesses can be boosted through cryptocurrency transactions. Let's take a look at them one after another.

Economic Factors

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The economic Factors that is associated with cryptocurrency adoption is that there would be business opportunity, transactions fee will be low and it will serve as alternative banking system etc that will smooth the flow of business.

Technical Factors

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One of the technical Factors that is associated with cryptocurrency adoption is that people will have control over there fund, transaction will be faster, the use of blockchain technology will be increase and anonymity of data.

Social Factors

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Cryptocurrency adoption, will bring about global attention that is the world in general will start trading cryptocurrency.

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

My opinion to this is that one of the great change that can come to the world as a whole is when cryptocurrency is generally accepted in the world. Cryptocurrency will bring a lot of changes to the world in terms of business and financial institutions cryptocurrency will do more better in those areas which that the world is facing difficulties.

As at some years backed, it was very difficult for people to send money to there loved ones abroad but today with cryptocurrency all those are now things of the past. Sending money to your loved ones now is very easy as long as that person has a cryptocurrency wallet address.

To this I think that when cryptocurrency is being accepted globally, there will be so much changes in our financial institutions and many people will love it. And also once cryptocurrency is accepted globally, the issues of cryptocurrency becoming so volatile will reduce to minimum because millions of people now use cryptocurrency globally for day to day transactions.

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

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Yes, i do think the high volatility nature of the crypto market is a major concern to business owner. Volatility is the reason why business owners are more cautious about cryptocurrencies.

The price of cryptocurrency is highly volatile and it's affecting the crypto market. Currently as at the time of writing this post the whole cryptocurrency is facing a dip fall in price which business owners are very cautious of accepting cryptocurrency.

However, there are several reasons for the high volatility nature of crypto market which are liquidity, market size, and the number of people's that are participating in the crypto market. Business owners see all this as a risk and trait to their business because from the origin of Bitcoin it's has been falling so dip and the price hasn't been stable for once. With this business owners believe that cryptocurrency might not remain stable just as conventional cryptocurrencies is stable so in that case, business owners see cryptocurrency as a currency that can rundown their businesses.

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

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There are several factors that is currently limiting the adoption cryptocurrency which I have discussed about few of and also how there can be solved.

• Volatility:

Volatility is the number one factor that is limiting cryptocurrency adoption. Let's take for an example, when bitcoin was created in 2009 it had no useful price, until around may 2010 Bitcoin started having price value of which it later went up to $1 and then rose to $150 to $200 as at 2011, and also rose to about $3000 in 2023. Then suddenly in 2014 Bitcoin then fell down to around $210 which was trading at around $3000.

This is exactly what we are currently facing right now as at early last year Bitcoin was at $60,000 and today is around $15,000 which is very bad for holders.

Solution:

The volatility that is associated with cryptocurrency should be check and reduce and also there should be a limit at which cryptocurrency can fall and stop its falling further.

• Regulations:

Regulations is another major factor that is currently limiting the adoption of cryptocurrency. I don't know if there is any government that will love to accept something that they can't have controlled over it. Currently USA which is seen as the number one country is finding it so difficult in regulating cryptocurrency which is also what other nations are finding so difficult. However, steps has been putting in place to regulate cryptocurrency.

It's because of the issue of regulations that is making government to ban cryptocurrency stopping citizens from investing in cryptocurrency which is affecting the crypto market as a whole.

Solution:

Hmmm let me take a little breath here. Okay I have done that. The current limitations that is facing cryptocurrency regulations is that even those that are the major player of cryptocurrency haven't come up with a clue on how cryptocurrency can be regulated so with this I think that all major player of cryptocurrency most especially those that own cryptocurrency and those that operate on a cryptocurrency wallet should gather together discuss the way forward on how cryptocurrency can be regulated thereby mapping out the way forward. This is not something that one person can do.

• Scalability:

Scalability is hasn't been fully adopted in some crypto Project. Some cryptocurrency projects still find it difficult to perform huge transactions within a second so as to ensure that cryptocurrency is highly scalable.

Solution:

All cryptocurrency transactions should be perform in a second.

Discuss the Pros and Cons of cryptocurrency adoption by business owners.

Pro of cryptocurrency adoption by business owners

Business owners accepting cryptocurrency can offer them a lot of opportunities which are mentioned below.

• Access to quick transaction speed. We all know that cryptocurrency transactions are very fast and straighforwd. For instance, you can transfer your Steem from your Steemit wallet to your Binance exchange and within a minutes you will receive it on your Binance exchange.

• Cryptocurrency transactions are all recorded on a blockchain so it can ber very easy to trace a transaction history.

• To intermediate (third party). Every transactions will be between the business and her customers which can cut off transaction fees.

• Cryptocurrency is now a digital cryptocurrency that is becoming globally use and there is a tendency that it will become the future of money.

Coin of cryptocurrency adoption by business owners

• One of the disadvantages of cryptocurrency adoption by business owners is that you can easily lost your crypto wallet to fraudster or forget your the key to your wallet.

• The price of cryptocurrency change rapidly which can fall at anytime.

• Cryptocurrency market is face with the issues of regulations of which the government can come up with a laws that can hider the price of cryptocurrency from rising.

• You can easily be scam by scammers who often post fake link for aidrop when you click on any of they link.

Conclusion:

As the day keep on going that is how cryptocurrency is becoming popular day by day which is a signed that through cryptocurrency is the future of money even with it high volatility nature that is associated with cryptocurrency.

I am inviting @simonnwigwe, @preye2 and @nancygbemi to also join me and partition this contest.

Thank you for reading