Steemit Crypto Academy Contest / S2W2 – Cryptocurrency Adoption by @negro-bby

Good day everyone, my name is oluwatimileyin and I welcome you to week 2 of the Steemit crypto academy engagement challenge, this week, we are to discuss the Adoption of cryptocurrency.

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

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

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

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

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

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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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Well, what do we mean by adoption? Adoption simply means embracing an idea or welcoming an idea and you are ready to partake in it.

So cryptocurrency adoption in the financial market means the financial market could welcome the same idea and the same strategy of cryptocurrency in their method of banking or any financial-related activities, the financial market has been a centralized mode of banking where investors pass through the central authority before processing their funds, but in the case of cryptocurrency adoption, this might not be necessary as investors could directly go on to invest without third party involvement.

Just like I have always implied, crypto is the new world, and as well the future, if we could take a look at the financial platform that have adopted cryptocurrency, they seem to be doing fine and perfectly better, and they as well love the innovation and changes, it is in my opinion that all business activities would have like to join the crypto movement, some might just be stalling on it a bit due to less information they have about it or little knowledge.

Cryptocurrency can boost investment in many ways, the crypto market is always up and running every time, every day, so this means transactions keep coming every time, unlike the other method of banking where they only open from Monday to Friday, or might as well go on holidays, the crypto world is not like that, it is always in business, no break, since they are running on automatic contracts, this is more like a new world that is fast building up, and I believe the adoption of crypto would fast build any other investment as well, and this will as well bring lots of opportunities to other financial business.

And as well, the idea would boost other investment platforms as others can easily make transactions from all over the world, since the BTC is the same in all countries at the same value, this means someone in Africa can easily make payment in BTC to someone in London with ease, and not having to look for any intermediaries for price conversion and others, so in this case, The adoption of cryptocurrency in business will make it easy for both the businesses and the users of it.

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

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Just like I have discussed earlier, the adoption of cryptocurrency will make business faster and easier as there won't be any intermediaries.

Fast Payment - Cryptocurrency being used as a day-to-day transaction would be the best to happen to all mankind, as we know that crypto transactions are running on automatic contract, so this means transactions would be faster, and within seconds users would have purchase whatever they want and be done with it.

Secured - Cryptocurrency being used as a day-to-day transaction will be more secured as well, as we know that only public addresses are shown when making transactions, so in this case, it is extremely difficult to hack into users' data, and as well transactions can't be compromised in the crypto world due to no intermediaries, and the open ledger.

Widely Accepted - Crytpo would have been nice if one could easily purchase assets of any kind from all over the world at a crypto price, so in this case, no need of worrying over conversion or country-to-country transactions delays, as transactions can be globally made in crypto assets.

Always Running - What also made this interested is that the crypto market is always active and ready to go, there is no break, and the transaction can always be through at any time, any day, so I believe blending this into our day to day activities will be perfect turn out for most businesses.

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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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Yes, this should be a great concern to business owners, the crypto market is not stable, and the price fluctuates from time to time, so this might be highly risky to business owners as they might be selling at losses sometimes.

The crypto market is highly volatile, whereby at times when transactions are delayed, the price of an asset might have changed, and when eventually, the market would be unable to pass through at the price of execution, which I believe is the reason why all investment platforms can't base their investment strategy on crypto due to the volatility risk.

One thing about crypto is that it changes from time to time, so in this case, business owners have to be very careful not to lose their money to market, as we can see in the case of bitcoin falling in the recent days, so this means if a users had made payment in BTC at the price of 29,000 and the company still hold on to that for days, the price of BTC is now 23,000, this means the company has made a great loss due to the cryptocurrency transaction, whereas this would not have happened in the normal conventional banking.

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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 my opinion, I believe the following points can make cryptocurrency adoption easier for business owners.

High Volatility - The volatility in the crypto market is a great concern to investors and business owners, so in this case, there gets to be a certain price where the market purchase can be executed, and this means the investment could be shifted from time to time.

For example, let us assume I want to purchase an asset at the price of $29,000 which is equivalent to 1 BTC, so if there is a scenario whereby the assets price stays the same, and the price of BTC is now $24,000, that means I should be ready to purchase the assets at the equivalent crypto of 1.2BTC instead, so in this case, the volatility has been dealt with, and both the business owners and the users get to smile at the end of the deal.

Illegal Purchase - Cryptocurrency is being known to be autonomous, and also the annonimity is still a great concern for the world at large, so in this case, business owners get to be afraid of dealing investment in crypto to avoid liquidation from investors, where some users get to purchase an asset that is currently restricted due to their age or country, so to tackle this, there get to be an introduction of Know Your customer in the crypto strategy, that is, in this case, for any transactions to be passed through, the business gets to have users identity first and be sure of who and how the purchase is being done, so as to avoid illegal purchase all over the country.

Mistakes Reversible - The adoption of cryptocurrency in the business world would be some sort of strategic, we know that when dealing with cryptocurrency, one has to be extremely careful so as not to make transactions to a wrong address or incomplete address, as crypto transactions can not be traced, so to tackle this, the companies can introduce a scan method instead, where all transactions made doesn't necessarily need to be typed into address, so in this case, they get to provide some bar codes and ask users to scan the address and be done with transactions instead.

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

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Pros Of cryptocurrency adoption

• Faster Trasanctions - With the adoption of cryptos, transactions get to be fast and both ends get to be done with other deals in a minute.

• Security - the adoption of cryptocurrency will bring more security into businesses, as the transactions are recorded in an online ledger, this means it is safe as both ends are end-to-end encrypted.

• No compromise - The transactions get to be plain in this case, both users get to see the right amount users have sent and also the right amount the other user has received.

• Widely Acceptance - with cryptocurrency adoptions, users can make transactions from all over the world, where users around the country can easily purchase an asset without necessarily needing to convert to the local currency of the other company.

Cons of cryptocurrency adoption

• Volatility - High volatility is a great concern when dealing with the crypto market, so this as well might be dangerous to business owners, as the asset price of crypto changes from time to time, which means the business might be selling off at loss instead.

• Mistakes are irreversible - This is one of the major setbacks of crypto, where all transactions been made are automatic, so in case a user made mistake with their transactions, it's impossible to track it back, so this might be a major setback for its adoption in business platforms.

• High Maintenance - To get developers to set up a crypto platform is costly and requires a high skill programming, this is not like any activities that are easy to handle, so the adoption of crypto might be costly as the maintenance is quite difficult to handle, whereby it is extremely costly and not for small business.

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Conclusion

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The adoption of cryptocurrency will be a game-changer for most investment platforms, so in this case, transitions will be faster, and also crypto is widely accepted which means users all over the world can easily make transactions from one country to the other.

The crypto adoption would surely boost most market activity, the only major setback is the high volatility in the crypto platform where I have explained how the volatility could be tackled.

Thank you for coming, I invite @icon-monday, and @weasell, to participate in this contest.