Hello crypto enthusiasts!
My name is Farouk Adam and I am back again with this homework task for professor @stream4u lesson - Steemit Crypto Academy Season 5 Beginners' course - Task 5: Bitcoin, Cryptocurrencies, Public chains.. I am going to talk about cryptocurrency and how I would like to see it in the future. Enjoy!
QUESTION
(1) What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Future?
Based on my knowledge, the word Cryptocurrency is a combination of two words, Crypto and Currency. The word “crypto” was derived from a Greek word “Krypto” which means secret or hidden and the word “currency” means a medium of exchange or a form of money in general use or acceptance.
I will define cryptocurrency as a digital medium of exchange widely accepted and it is strengthened by a cryptographic system based on a blockchain network. It can also be defined as a form of virtual asset built on a network and it is allocated across a lot of computers. Plenty of cryptocurrencies are decentralized (no central authority) and their technology is under blockchain. Cryptocurrency system makes the financial system of the world easier to operate generally. A lot of organizations, countries, and companies have accepted cryptocurrency as a medium of exchange for transactions.
Cryptocurrencies can be stored or traded on trading platforms, exchanges or wallets like; Tradingview, Binance, kucoin, Trustwallet, etc. Apart from trading and exchange platforms for cryptocurrencies, there are also platforms like coinmarketcap and coingecko among others that holds information like; rank, price and market cap of cryptocurrencies.
There are a lot of cryptocurrencies in the world currently but the biggest and most popular cryptocurrency is Bitcoin. The idea of Bitcoin was generated by an anonymous person named Satoshi Nakamotoin 2008 but it was officially launched on 3rd January 2009. Apart from bitcoin, there exist other coins like; Ethereum, Steem, Tron, Cardano, etc.
I will display their Ranks, prices, and market cap as seen on coinmarketcap.com using a table below;
| Cryptocurrency | Rank | Price | Market cap |
|---|---|---|---|
| Bitcoin | #1 | $48,372 | $914,641,736,727 |
| Ethereum | #2 | $3,943 | $468,745,837,322 |
| Binance Coin | #3 | $528 | $88,614,844,838 |
| Tron | #25 | $0.07907 | $8,042,621,249 |
| Steem | #321 | $0.4543 | $184,968,271 |
In the future, I will like to see cryptocurrency accepted as a global medium of exchange because I think it is essential. Cryptocurrency has the potential of shaping the financial system of the world because currently, the financial system is not in a good state.
Therefore, Cryptocurrency holders/owners are likely to become rich in the future because the world is gradually accepting cryptocurrency and soon, cryptocurrency will be used as a payment method in schools, restaurants, malls, factories, and many more. This will in turn increase the price and market cap of cryptocurrencies.
Positivity, more possession, and use case improves and pumps the prices of cryptocurrencies and I think this will be the case in the future. A good example of this is Bitcoin. When bitcoin was launched years back it didn’t value much and its price and market cap was low, but as time went by, more people and bodies adopted it making its price and market cap higher. Early holders/owners of bitcoin became very rich because of the price pump and this made a lot of people come into the cryptocurrency world. I will like to see a future where cryptocurrency is the general medium of exchange globally.
Cryptocurrency which is a digital currency is fastly becoming a global currency and I think it will change the financial state of the world in the future. I want to say a big thank you to professor @stream4u for this wonderful lesson.