WHAT IS CRYPTOCURRENCY AND HOW YOU WOULD LIKE TO SEE CRYPTOCURRENCY IN THE FUTURE?
source
Cryptocurrency can be defined as a virtual/digital payment system, whose transaction is not subjected to the dictate and verification of any Bank, but rather operates on a Peer to Peer system, that allows people to receive or send payment anywhere and at anytime through a decentralized platform called blockchain.
Cryptocurrency system/blockchain, does not require any third party, as the transaction process is basically between the sender and the receiver. In other words, transaction is initiated and completed between the sender and receiver through a decentralized cryptocurrency blockchain, unlike the traditional banking system, whereby the banks acts as a third party between the sender and receiver during transaction processes. The traditional banking system requires the individual to visit the bank before executing a transaction, but cryptocurrency which operates a P2P network, requires a direct end to end transaction between the buyers and the sellers, without any mediator in the course of transacting
Cryptocurrency blockchain allows the user to send or receive cryptocurrencies, transact instantly with cryptocurrencies at any point in time,and in any location conveniently, without being subjected to any bureaucratic bottleneck or regulations as seen in the traditional banking system, that allows the Banks, who acts as mediators/third party to scrutinize the identities of the parties involved in a transaction, before such transaction can be completed or effectively executed.
Cryptocurrency does not recognize or confine its use only to a central server, authority or single person, but operates a decentralized system, where information/data and transaction are operated on several servers, with every users having access to monitor or control their respective transactions. Example of Cryptocurrencies are Bitcoin, lite coin, ethereum etc
HOW YOU WOULD LIKE TO SEE CRYPTOCURRENCY IN THE FUTURE?
source
Reduction in the High Mining Cost: Mining Cryptocurrency is very tasking and highly expensive,due to the fact that it requires a huge amount of energy, owing to its reliance on several computational power and electricity inputs. This has greatly discouraged investors from indulging in Mining cryptocurrency , and also the mining process tends to have adverse effect on the environment. Moreso, in areas where there are no regular power supply, it may be very difficult mining a coin or expensive getting an alternative electricity to do so. However, i hope with great optimism, that in the near future, more researches should be done to reduce the high cost of mining and also to create a better and cheap source of power supply, in order to reduce damages done to the environment.
Lesser Volatility: In as much as Cryptocurrency is less volatile than the physical currency, it will also be nice to see its value in physical cash improve greatly in the nearest future. It will definitely be a great milestone, seeing the Cryptocurrency coins, having more of a stable value in the future, instead of the sometimes fluctuating or unstable price value.
Recovering Lost/Misplaced Users Keys: Due to the need to ensure account safety/security by preventing hacking, the early researchers/developers of Cryptocurrencies made huge effort to develop a very strong hacking defense mechanism,as well as create an untraceable source code.Hence, in situations whereby a user losses his/her wallet keys, it becomes difficult and extremely impossible to recover them, which invariably result to loss of his coins as they will remain locked.However, it will be a great achievement if researchers are able to develop an App or Software in the future that will make it possible for Misplaced/lost keys to be recovered, as it will encourage and enhance more acceptability of Cryptocurrency as well as facilitate Crypto asset investment .
CONCLUSION
In conclusion, i see Cryptocurrency as the future of the world economic exchange, basically because of his numerous advantages over the Physical currency, which are, its ability to perform larger volume of transaction at a go, its convenient and very fast procedure of executing transactions, its transparent nomenclature(being an open source), its low charges on transaction, its resilience to inflation and its protective/highly secured mechanism against any form of hacking/information manipulation etc, will definitely make it more acceptable in the nearest future
Many thanks to professor @strean4u and @awesononso for this amazing lecture. Cheers.
Thank you for your post! I do agree with you, I also see Cryptocurrency as the future of world economic exchange!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit