Steemit Crypto Academy Contest / S2W2 – Cryptocurrency Adoption by @lhorgic.

Introduction

It's a new week with new opportunities. Last week was really interesting,no doubt this will more interesting. I find the topic fascinating and engaging. I see It as the continuation of last week's topic, this is the reason why I feel it's important to make my entry and contribute my own quota to the discussion. Without mincing words,I will love to get down to the days business. Enjoy this ride with me.

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

I believe it will be pertinent to fisrt understand what the term adoption means before attempting to discuss the topic before us.
Adoption means acceptance, the act of accepting with approval; favourable acceptance. This is according to English Dictionary.
To expanciate more on the above given definition,it means for something to be adopted there must be generally approval because that object or subject was never a part,so before it becomes bonafide,there must be an approval by some authority which then makes it generally accepted.

Cryptocurrency as we know is one of the newest innovation in the financial realm although it has been around for sometime but it is safe to say that it is still in it early stage and as such still has alot to put forth if given a warm embrace.
I love the fact that we trying to analyse how cryptocurrency adoption can be fully implemented using business as our viable tool.

I believe integrating cryptocurrency in our business can fast track the adoption process and this is because the use of cryptocurrency has a lot of benefits which business men and women can take advantage of if only they understand how it works. I believe they will be able to save more and bypass some avoidable expenses.

Businesses deal with money and we have been able to establish in our last contest challenge that Cryptocurrency is a type of money although digital. So if cryptocurrency will see a very remarkable adoption globally then it must go through the corridor of business where it potential can be seen and harnessed.

No one would love to continue with a system that seem to be very stressful while there is another that is seemless and effortless. Man is designed to love comfort. Cryptocurrency has solution to the financial challenge that business men and women face. The use of crypto will step up the game of many businesses,there is absolutely no doubt about this.

Some countries around the world have adopted the use of this currency and have been using it as a medium of exchange and for facilitating business and all manner of trade. I even read sometime ago on one of my social handle that ATM points are now being created for Bitcoin related transactions.Thus is a welcome development,I must say.

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

In my opinion, I would say cryptocurrency is here to shape the financial realm just like I stated earlier. I think it's pertinent to mention some of the benefit which the use of cryptocurrency has.

The use of cryptocurrency in our day-to-day business transaction will help break the barrier of distance especially when you're transacting with someone staying very far from your location. I.e Nigeria - USA.
We had several issue in the past of how we faced a lot of difficulty trying to pay someone outside our location for their service. The use conventional bank even worsened the whole thing because of their outrageous charge. But with the use of cryptocurrency,you send the fund directly to their wallet without issues.

Transacting with cryptocurrency is far more cheaper and seemless
Business men and women who run daily transaction will bear me withness that they are being charged outrageously when using the conventional system for their transaction, that is why you get debit again and again from your bank and sometimes you look at those debit and wonder if you deserve such charges from them or simply milking you. Thank God for cryptocurrency.

Transacting with cryptocurrency eliminates every middleman that use to be a stumbling block to the free flow of financial activities. The middlemen can be a bank. For example,I want to pay Mr.Alex a sum of $500 for the service he rendered and am not there with him,because I don't operate with cryptocurrency,I will have to look for a bank that will help me forward the money to him. Now the bank which I consult will then charge me for carrying out that service because the bank is not a charity organization,they are only playing their role as a middle man. But if am conversant with Crypto,I would only request for the Mr.Alex' wallet of I.d and then send directly with little or no charge as the case may be.

With these few points,I believe the general adoption of cryptocurrency will do us a lot of good and solve many financial related challenges that we have coped with for a very long time.

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

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I am afraid to say that this is one of the downside of cryptocurrency. As much as we want to see the general acceptance of this system,we can not shy away from volatility which seem to be a major threat to business. It should be something that should be considered because the effect of this can make a strong and established business man a pauper in an instance if the crypto market moves against him. One might loose his capital and profit at the same time and could even waste much time trying to gain ground as most will be compelled to wait for a very long time to see the asset appreciate again if he decides to go by the HODL rule.

I believe there is a solution to this and the solutions is in two phases. The first is that,the business man can decide to use both the conventional system to keep a substantial part of the his fund for emergency while the other can be converted to crypto for the day to day transaction with business partners. The second is to embrace the use of stable coin whose value is pegged and not subject to outrageous volatility like other cryptocurrency. When the fund is stored in stable coin,there would be no cause for alarm.

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

There are several limiting factor which seems to bring fear in the heart of many and this largely hindered the general acceptance of this of this financial system.

• Fundamentals (News)

If you have business with Crypto,fundamentals should not be a new term to you. This has a way of influencing the market greatly. A word from a man,group, organize or country could disstabilize a market that had been running smoothly for a period of time and this has a way of bypassing technical analysis because it is obviously stronger than technical analysis. This factor here has instilled fear into people because they don't know what will become of their money if converted to crypto for daily transaction for their businesses.

• Regulation.

Cryptocurrency is not regulated and this has limited it adoption by people,business men to be precise would not love to put their hard earned money into something they know is not regulated or backed by some sort of authority and this is because cryptocurrency thrives on a blockchain decentralized system where there is no central authority who controls it affairs.

• Cyber Hacks and Threats

The cryptocurrency industry is known to have a very high flow of money and that is the reason why so many have eyes on it. There have been continuous threat from hackers to invade this system from time to time. Some have succeeded in the past and this has in a way instilled fear and lack of trust in the people who should have embraced it.

• Ignorance

I consider this as one of the major limitations it the adoption of cryptocurrency currency. People condemn what they don't know and not ready to know. There are times you need to drop the usual and try out something new before you can be able to compare and contrast without bias. So many have condemn the use of crypto because they don't understand how it works. We would see remarkable increase in the adoption level cryptocurrency If only we can banish ignorance. I won't fail to appreciate platform like steemit, binance, coinbase and the likes that are doing a great job in enlightening people about cryptocurrency and even rewarding them for learning. With this in place the knowledge will be everywhere.

• Risk

If we must be sincere with ourselves,then we would agree that crypto is a risky game. You need knowledge to thrive in it. So many are lazy to learn how to stay afloat using this medium of transaction. They only concentrate on the fact that it risky and decide not to make a move. Life itself is risky and not taking risk is a risk in itself.

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

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Without taking much of our time,I would like to go straight into the pros and cons of using cryptocurrency

Pros

• Trust and confidence.

This system has a way of building trust and confidence in the heart of your customers or partners towards you. With this system you can never fail to deliver when it comes to payment and transactions of all kind. They believe dealing with you would be more efficient than dealing with other folks who don't use this means.

• 24/7 service

There is no time out with the use of Cryptocurrency. You transact any time,any day. I have seen banks and most financial services around complain of network issue and could not carry out a simple transaction and this is because most of those banks operate on servers, a typical blockchain operate on network.

• Smooth and quick transaction

This point cannot be overemphasized. This is one of the edge that crypto has over other financial system. Using crypto for transaction is smooth and seemless. In split seconds you can get a payment worth millions of dollars which would have been a major headache if you had used other conventional style.

• Cheaper Charge

The use of cryptocurrency can save business owner form unnecessary charge when transacting or no charge in some cases. And this in a way makes the business run smoothly without complications.

Cons

• Transactions are irreversible

This is one of the major downside of using cryptocurrency for transaction. Any mistake made in the course of making payment by transfer is irreversible. You can't reverse the payment. This is why one need to be very careful when sending to an address.

• Adoption challenge

Since crypto is not generally accepted, a business man who uses only this option might suffer low sale because people who doesn't like the idea will not patronize him

• Volatility

Just like I've mentioned before,it is an issue. Volatility make the market really unstable causing sharp change in the prices of these crypto asset and this in a way affect any business built on it.

• Loss of asset or fund

Since cryptos are not stored in the bank but in wallet,one could loss the key which gives one access to the wallet and this could ruin the business when it occurs.
So much have been said. I will like to wrap it here

Conclusion

We can see from the whole write up that there is really a need for adoption and crypto will do us alot of good as business men and women. It has the answer to so many of the financial challenge we many business men are facinh although it has it own disadvantage but you will bear me witness that the advantages far outweighs the Disadvantages. Thanks for your time.

Regards:
@lhorgic♥️