As you can see from my title, I am not an expert on cryptocurrency and my knowledge is minimal. As a result, I conducted extensive research on the subject so that, even though I am not an expert, I can still share my thoughts based on my findings.

I encouraged everyone to keep reading because this post might teach you a lot, particularly if you're new to cryptocurrency. I will make every effort to use basic terms or phrases that anyone will understand.

I was first exposed to the world of cryptocurrency a few years prior to 2017. Many of my friends in the Philippines were already mining and buying bitcoins, and although I did some online free mining, it was just for satoshis, which aren't worth much when converted to fiat currency.

In 2017 I was introduced to #steemit and learn about #SBD and #STEEM. Only during this time when I did appreciate the value of cryptocurrency or digital money, I mean how important it is to acquire, save and hold for future use.

Because of #steemit I learn about simple trading and little by little was able to differentiate cryptocurrency from fiat money. And having said that, let me share with you my answers to the homework task initiated or laid down by @levycore.

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What is the fundamental difference between Cryptocurrency and the conventional financial system?

Before going into the differences I just would like to emphasize that both cryptocurrency and traditional money can be used to buy goods and services.

Although not all countries are accepting cryptocurrencies as payment for any product or services being availed of yet what is interesting here is that cryptocurrency whether it is a bitcoin, ethereum, SBD, etc. can be converted into traditional money (euros, dollars, pound, and even Philippine peso) anytime you want, so that means empowering you to buy anything out of your digital currency.

As to the difference between the two, cryptocurrency which is a form of virtual currency is not backed by a central government or is not being controlled by banks, in contrast to traditional money, which is a legal tender issued by a country’s government, thus makes it under the control of a central authority or the central bank.

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In effect, cryptocurrency being a decentralized global digital currency is free from government interference. It can’t be controlled because it came directly from the blockchain technology.

Another difference between cryptocurrency and the conventional system is that cryptocurrency operates around the clock meaning there are no holidays or weekends which most banks are exercising, meaning they are close during those days which makes depositors unable to transact.

Why is a decentralized system needed?

I would say a decentralized system is important because of its ability to operate without a single point of failure meaning free from possible hackers. So your money is 100% secured or safe.

Another thing is that a decentralized system provides financial freedom and independence which is very useful to every individual who is engaged in businesses being free from the control of the government. Because of such a system, they will have access and full control over their funds.

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What affects the value of cryptocurrencies?

The value of cryptocurrency depends upon supply and demand. Meaning the value increases when it becomes popular while a low demand will lower its value.

I think this is the reason why #steemit has this campaign to promote and invite new members because the more people who are active on the platform the higher we could expect when it comes to the value of #STEEM and #SBD.

As I mentioned above, the value of cryptocurrency is affected by its supply, the market’s demand for it, its availability, and even the presence of competing cryptocurrencies could affect its value. It is not dependent on the economy of a particular country.

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Why can't everyone be a miner?

The reason here is simple, mining cryptocurrency requires a greater amount of money, I mean the cost of running the computer all day is even greater than the amount of money you could make from mining. In short, it is very expensive.

Why can cryptocurrency transactions be called more transparent?

Because every transaction can be traced on the blockchain. Blockchain is supposed to be a transparency machine, as a result, it offers an opportunity to look through the history of all transactions unlike in the conventional financial system wherein only banks can see the transaction history in customer accounts.

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Explain how the development of cryptocurrency in your country?

A long time ago the Philippine government was very skeptical about cryptocurrency. It used to block any cryptocurrency business to enter the country and refused to give them permits to operate.

But recent reports show that the Philippines is one of the world’s fastest adopters of cryptocurrency. This means that the Philippines is at par with Nigeria and Vietnam.

In fact, our very own Bangko Sentral ng Pilipinas (BSP), had launched recently a new security framework that aims to protect cryptocurrency from being used in money laundering. Not to mention the presence or availability of ATM networks in the country, I can say that our country is slowly adopting cryptocurrency.

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In fact, we already have this mobile wallet called coins.ph where we can do virtual currency exchange and electronic money transfer. It is considered safe and trusted and already has more than 10 million customers or users.

In conclusion, cryptocurrency gains popularity among investors so rapidly. Although it doesn’t mean it’s the right investment for you and me. For it involves a lot of risks, it’s like a game of chance.

For me, one has to be very equipped with substantial knowledge about the ins and outs of cryptocurrency to be able to effectively invest with less hassles or stress.

So if you are comfortable with the risk you might be able to successfully gamble on crypto, so go ahead and invest wisely.

Keep safe everyone and God bless!

Big thanks to @baa.steemit for the gif footer and for the following for the support: @steemcurator01, @steemcurator08, @booming02 @steemitphcurator, @steemingcurator, and to all who in one way or another had helped and inspired me in my journey here on #steemit.