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

Hi everyone, I welcome y'all to S2W2 of the engagement challenge contest in the SteemitCryptoAcademy. For this 2nd week, we will be discussing on "cryptocurrency Adoption". So I will be discussing on this topic with the guidelines of the following questions.

Cryptocurrency invention started in 2008 and was completed in 2009 when very few people believe in it and bought it. Majority of people were skeptical and thinking it was a scam. Fortunately, as time was passing, more and more people began buying crypto currency and adopting it. With the gradual and steady rate at which crypto currency have been adopted ever since it's introduction to the world, it has gradually become a significant innovation in the financial sectors and the main goal is to offer a crypto currency which is not backed by the government but is a legal tender currency since crypto currency uses but Blockchain technology as a financial platform.

The adoption and acceptance of crypto currency really be increased in recent years which we can see and recognize it through it's market capitalization, it's transaction volume and it's estimated number of users in the world. In 2017, the crypto cryptocurrency reached its peak with about over $800B

The crypto currency finance sector has increased and evolved in this recent years until last year 2021 when it was highly adopted and it's totally market cap by then was about $3 trillion but it was unfortunate that some countries still refused to accept crypto currency as a legal tender due to it's very high price fluctuation

We see that it's gradually increasing steadily every year and many countries have whole heartedly accept it as a legal tender in their countries most especially El Salvador. This adoption will soon dominate big financial institutions like the central and world bank which doesn't allows peer2peer transactions between users and the transaction rate is much slower and expenses as compared to cryptocurrency transactions which will enable a much faster, cheaper and peer2peer transactions between it's users.

With the legal use of cryptocurrency, businesses can be boosted in several ways as seen below 👇

• Cryptocurrency Transactions are relatively very fast as compared to the banking transactions. So it will boost businesses as a result of its high speed transactions

• In the banking system, transactions are never secured because of its centralized nature. So businesses will be highly boosted with the adoption of cryptocurrency since it's transactions are highly secured as it's base on decentralized blockchain technology. Since it uses Blockchain technology, all it's wallet address will always be displayed on the Blockchain and it's transactions are kept private hence making it highly secured and boosting business

• With the Banking sector, it requires high charges when carrying out transactions. But with cryptocurrency, there will be little or no charges during transactions hence boosting and promoting businesses

• Banking sectors have different values and currencies in different countries hence making life difficult for business men when carrying out transactions in different countries because of change in value of currency. But with cryptocurrency, the value and price remains unchanged across all the countries which can boost businesses because business would be able to carry out their business transactions around the world without any change in the value of the crypto which might have affected them.

My opinion about using cryptocurrency for our day-to-day transaction is that it will highly benefit everyone globally just like it will also boost businesses and other activities. However, I have alot of points which o will be discussing my opinion in regard to this

• Transacting with cryptocurrency day-to-day will benefit the whole economy since it will require peer-2-peer transaction, less fee charges and the transactions are always very fast and transparent but highly secured

• Using cryptocurrency for our day to day transactions will turn to benefit us because we could carry out transactions 24/7 everyday including public holidays hence making life easier and smoother. Unlike the banking system where there are always restrictions and public holidays or weekends where banks are automatically closed.

• Banking sector always issue hard copy receipt to it's users which may be lost and never recovered again hence making life hard for people. But for crypto, it's receipt is always issued online through a timestamp with it's network hash address hence can't be lost forever because a user will need to go online and search for the timestamp hash address and then recover back his transaction receipt

My first advice here is that before going in for a business using cryptocurrency, you should only afford what you may loss and it doesn't affect that much. Why did I say so? We should know that cryptocurrency is simply control by laws of demand and supply. So at anytime, the price can be push up at thesame time it can be fall back. So a business man invest his all in crypto might turn to regret because of surplus loses at thesame time, he might turn to be a filthy rich man if his crypto investment go accordingly. However, we never know what might happen, so it is always good to invest just what we can lost and not be affected

Due to high volatility nature, cryptocurrency fluctuates in the market as it rise and fall constantly which is a great concern for all business owners who plans in adopting crypto as a payment mode for their business since the price of crypto will be changing and fluctuating from time to time as a result of the high volatility. This can be too dangerous for a business owner to buy a good at a certain price and might want to sell it at a lower price as a result of price fluctuation hence making him to encounter some losses

There are several factors limiting the adoption of cryptocurrency. So below, I will be giving a few factors and then how we can overcome it

• The first factor here is it's high volatility which is mostly control by the laws of demand and supply. This means users carry out their transactions according to the current market situation

• Cryptocurrency is not still accepted worldwide despite it's fast rate of adoption. Most of this countries that doesn't believe in cryptocurrency and haven't accepted it as legal tender in their country are mostly Asian countries and most of all China. This set as a measure drawback in terms of cryptocurrency adoption

• In Cryptocurrency, there is no policy placed by the government on how it should be traded since it's not a legal tender in many countries which is setting a drawback as far as cryptocurrency adoption is concern. Unlike the monetary policy banking system, the government always put in place all plans on how their currency will be utilize making it look very good and legal

I have only one possible solution which about the high volatility rate In the market since this is the major draw back of cryptocurrency.

Cryptocurrency should have a limited amount to be bought by buyers because I have noticed that cryptocurrency can be bought with any amount. This always turns out in a negative way hence causing high volatility in the market since a buyer can buy any amount of crypto and sell at anytime he wants. This is why the whales are in sole control of the crypto market and they decide on what can happen to the market at anytime

So once this rule is implemented, the whales will not necessarily need to have high influence in the crypto market again hence reducing the volatility of the crypto market

Despite the advantages of crypto currency adoption, there are also disadvantages. So let's have a look at the pros and cons of cryptocurrency adoption by business owners

In this article, we have discussed very well the adoption of Cryptocurrency in the Financial Market and how it can boost businesses, the adoption of cryptocurrency globally for our day-to-day transactions and it's negative impact, the factors limiting adoption of cryptocurrency and the possible solutions. Then I finally discussed on the pros and cons of cryptocurrency adoption by business owners

Thanks so much for your time everyone, I am inviting my fellow friends @tangwe-rene, @tenguhatanga, @wyzcekunited, @monjuapollonia, and @echamroland to come and participate in this amazing contest

My regards : @chiabertrand