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

Assalamu AlaikumMy Dear Steem Friends,This is @kawsar from Bangladesh.

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TODAY IS SATURDAY, 18 JUNE 2022.

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Today I will participate in Steemit Engagement Challenge Season-2 Week-2, and today I will Post in the Challenge "Cryptocurrency Adoption" organized by @crypto-academy. Today we will discuss a new post about cryptocurrency, in fact crypto academy is a community to me that I will probably never forget in my life. Because I learned a lot about cryptocurrency and blockchain from this academy. In a word, as far as I know about this, the contribution of this crypto academy is more.

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What is Cryptocurrency:

Cryptocurrency is basically a combination of two words, it is a kind of virtual currency. This coin can only be used, not touched. Cryptocurrencies are managed on the basis of blockchain networks, which are of a decentralized nature. And so it is much more transparent, all the transactions that have been done in cryptocurrency are recorded in blockchain and these transactions can be viewed by anyone at any time.

And the biggest advantage is that the cryptocurrency operates a Pear to Pear network, allowing one user to transact directly with another user. There is no third party interference, meaning that transactions are usually made directly from one user to another. There is no need to approve or mediate any transaction to complete the transaction.

So the assets that a user has are completely under his control. There are no other controls here, so I think a lot is believable and acceptable. And some are protected by cryptography techniques. Since there is no third party intervention, transactions can be done very quickly and there is no problem in transacting. In addition, the cost is much lower than other payment methods and thousands of transactions can be made every second.

Cryptocurrency Satoshi Nakamoto was started using blockchain technology in 2009 by one or more individuals. Bitcoin is the world's first cryptocurrency. The first bitcoin cryptocurrency was successful, but now many more cryptocurrencies have succeeded. And so day by day cryptocurrency is becoming much more popular.

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

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Adoption of cryptocurrency:

We must know that Bitcoin is the first cryptocurrency in the world. Bitcoin is said to be the mother of all other cryptocurrencies. Since Bitcoin is the first cryptocurrency, other coins rely heavily on Bitcoin. So we see that when bad news comes on Bitcoin, we see it in the whole cryptocurrency market. When the good news comes on Bitcoin, then other cryptocurrencies start pumping.

If we want to discuss cryptocurrency adoption, we must first understand what cryptocurrency adoption is. Cryptocurrency adoption is a process of adopting financial markets. Acceptance of cryptocurrency in the world economy. There are still many countries in the world that have not yet adopted cryptocurrency. As far as I think this cryptocurrency will control the future financial market today or tomorrow or in the future.

Simple cryptocurrency transactions are so easy, cryptocurrency offers a lot of benefits to a user by transacting these cryptocurrencies. For example, because a user transacts through cryptocurrency, he can only transact using an Internet connection and does not require an intermediary to complete the transaction directly from one user to another. It also has complete control over its resources due to its decentralization. Also all these transactions are recorded in blockchain. So anyone can watch these transactions anytime, anywhere.

And since these cryptocurrency transactions allow the user to transact so transparently and securely. So in the future ordinary people will be attracted to cryptocurrency. As the number of users grows day by day, so will the future. Then it will be seen that the transactions are done through the central banks at present, much more transactions will be done through this cryptocurrency. Since there will be no third party, it will have complete control over itself.

And if it can control the financial markets of the whole world, then the whole world will benefit a lot. Because we now see that to send money from one country to another we have to suffer a lot, it takes a lot of time. But because of cryptocurrency, there is no problem in sending money from one country to another. That is why there is no separate rule here. So I think the day is not far away when cryptocurrency will control the financial markets of the whole world.

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How businesses can be boosted through cryptocurrency transactions:

In fact, I think cryptocurrency transactions can greatly increase business. Because if I give a simple example then the matter will be much clearer. We often see that many companies are more concerned about their payment methods. There are so many types it's hard to say.

For example, in our country, if I want to buy something from outside the country, then I must take the card from the bank. And if I want to use that card in dollars, then I have to do dollar endorsement with passport. Then I can make global payments and globally I can shop. That means I have a lot of trouble here. I haven't got a passport yet, in which case I can't do it.

But this problem can be solved very easily through cryptocurrency. I don't need to do any KYC to trade in cryptocurrency or I don't need any hassle to account with anything extra. It is very easy to create an account and it is so easy to manage a transaction, I think anyone can use cryptocurrency transactions only if they can use the internet.

In that case if the company accepts cryptocurrency payments, then it will be seen that from many countries of the world will be able to make payments to that company through that cryptocurrency payment method and its business is growing a lot. There are also many more benefits to septocurrency that companies can take advantage of. Then I think they can improve their business.

Fast transactions
We must know that with cryptocurrency we can complete a transaction very quickly. Because when a user completes a transaction from one user to another, no one needs to approve to complete the transaction. That is why it is very easy for a user to complete a user transaction, in which case it does not require much time.

No third party hassle
We must know that if a transaction is done through cryptocurrency. It only happens between one user and another, there is no third party interference. That's why a trader can complete a transaction directly with his customer without the need for an intermediary.

Low transaction fee
In fact, considering the fact that the current centralized payment methods are robbing us, I think I have my own experience. And the transaction fee for one's own cryptocurrency is so low that I think it would be a little too much for a user or a trader. There is a small fee to be paid for each transaction due to cryptocurrency transactions.

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

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I would be much happier if cryptocurrency was adopted in our worldwide transactions, which would be my personal opinion. In fact, I have many reasons to be happy. If the subject of global financials is dealt with through cryptocurrency, it will be of great benefit to all of us and because of this everyone will be able to control his own wealth. Control of his assets does not have to go to anyone else.

In fact I personally work in three freelancing marketplaces, the amount of dollars I earn from that freelancing marketplace, I have to pay three times the charge until it is transferred to my fiat currency. In fact, they cut off these charges from me step by step and even though I feel very bad, since I have no other means, I have to accept it. But if these payment methods could be done through cryptocurrency, it would be very beneficial for me personally. Then I would have saved a lot of dollars now, dollars that I would not have had to pay fees. I would get them.

They take a lot more time to complete a transaction even if they charge a high transaction fee. Seven days after I withdrew, I received payment from there. But if this payment method was done through cryptocurrency, I would get the payment very fast. That would have been very beneficial for me.

So if the payment method of cryptocurrency is acceptable in the world, it will actually be very beneficial for everyone. There are several reasons for this. We know about the benefits of cryptocurrency, which we will discuss in detail below in this post. In fact, when people fully understand, trust and appreciate these benefits, it will be seen that all the people of the world will accept cryptocurrency as their payment method. This is my idea about the future of cryptocurrency.

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

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We do know that the cryptocurrency market is highly volatile. The price of cryptocurrency fluctuates a lot. And since the cryptocurrency market is so volatile in nature, it can be a source of concern for business owners. That's what I think. In fact, many times traders can see that he invested $ 100 there and he fell asleep at night. But I woke up in the morning and saw that $ 100 was only $ 60. But then the businessman will express a lot of concern and he may become very frustrated. In that case traders can do this cryptocurrency transaction in a very conscious way.

We know that there are stable coins in the cryptocurrency market. And these stable coins do not fluctuate much in price, meaning they are equivalent to USD. As there are many stabilizers in the market, it is the most popular. USDT, BUSD and USDC. And if he uses them in his business, then the volatile fluctuations of cryptocurrency should not make him worried. So I think if he wants to do cryptocurrency transactions, he can do it with this stable coin.

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

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In fact, there are a number of reasons why cryptocurrency is being restricted, and those factors are hindering the acceptance of cryptocurrency in today's world.

Government obligation:

There are many countries in the world today that have made it a rule through their governments that cryptocurrency cannot be used in those countries or that cryptocurrency is still illegal. And for all these reasons, the common people of that country do not know or use this cryptocurrency well. Because he has to obey the rules of that country. There are citizens of that country who do not have the knowledge to express their will, but they will just think that cryptocurrency is forbidden, then things will not be very good.

But if the issue of cryptocurrency is analyzed very well and there is an idea about how it works, then I must think that it should be adopted by every country. This is because it is controlled in a completely decentralized manner and its transactions can always be viewed by anyone sitting anywhere. So I don't see anything like making it illegal.

And because of this obligation of the government, it is not being accepted in all the countries and since it is not being accepted in all the countries, the traders of those countries cannot accept this payment method in their business if they want. In that case, there is a cryptocurrency limitation, because no one can use it if they want to, because of government restrictions.

Environmental factors:

I mentioned earlier that cryptocurrency started with Bitcoin. Bitcoin is a cryptocurrency that has an effect on Bitcoin, but it also naturally affects other cryptocurrencies. And we know that bitcoin mining requires a lot of complex puzzles and technology. Also a lot of energy is required. And these are a threat to our planet. Due to which many are not accepting this mining process.

I heard a news that a very big car company accepted Bitcoin as a payment method and then the price of Bitcoin went up. But later on Bitcoin is posing an environmental threat to mining. That is why the company has said again that Bitcoin will not be kept as a payment method. Since bitcoin mining is harming the environment. So we will not keep it as a payment method. And then again the price of Bitcoin started going down. This aspect of the environment is in many cases hindering the adoption of cryptocurrency as a payment method worldwide.

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Discuss the Pros and Cons of cryptocurrency adoption by business owners

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In fact, anything has its ups and downs. And so while cryptocurrency has many advantages, in some cases it can have some disadvantages. We must be aware of that. So at this stage I will discuss some of the advantages and disadvantages of cryptocurrency.

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Pros of cryptocurrency:

Fast transaction
Cryptocurrency allows transactions to be completed much faster than other central banks. There is no need for anyone to approve the transaction. And so from one user to another user can complete the transaction very quickly. This allows a user from any end to complete the transaction via the other end cryptocurrency.

Security
Cryptocurrency gives us a much higher level of security, giving us a private key when creating an account here. If we can keep that private key safe, then our account is under our control, that is, there is no third party, so no one has control over our assets. I have complete control over the resources, if I have the private key.

Privacy
Cryptocurrency is completely private. Because we do not have to give any personal information to create an account here. For example, it could be our name, mobile number, email address, our NID or passport ID. There is no need to give these. We can create an account here without providing anything here. So here is my complete privacy.

No third party intervention
Cryptocurrency operates in such a way that there is no third party intervention, meaning there is no intermediary. When a transaction is completed between one user and another user, there is no intermediary and the amount of assets in your account but no one has control. In a word, there is no controller.

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Cons of cryptocurrency:

If you lose the private key:
Since it is decentralized, if we ever lose our private key then we have to lose the assets in our account. I will never be able to recover this wealth. Because it is decentralized in nature. Since no one is controlling us, no one has anything to recover from.

Sending Asset to the wrong address
If we ever send our assets to the wrong address by mistake, it can never be recovered. There our property will be gone and the property I send by mistake will be lost from me. I will never be able to bring it back, because no one is controlling it.

Price fluctuations:
In fact, cryptocurrency fluctuates much more than what we see in the market. But it is much more of a problem for newcomers. Because if someone invests here and the price fluctuates so much. In that case if the price goes down, the newcomers will be disappointed so of course there is a lot of research to be done on cryptocurrency before investing here.

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Many thanks to everyone for reading this post carefully.

𒆜🆃🅷🅰🅽🅺 🅴🆅🅴🆁🆈🅾🅽🅴𒆜
@kawsar

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I invite to participate this contest: , @olabillions, @victoh78 , @solexybaba, @patjewell