[Cryptocurrencies] - Steemit Crypto Academy Season 4 - Homework Post for Task 5.

Namaste to my dear friends this is me from India . Hope or I think that you all are doing good . So today I am here with my task- 5
And I answer the question of my choice in all the questions which is about Cryptocurrencies .
So let's start today's question is -

Q.1- What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Future?

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Cryptocurrency :-

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The word crypto is derived from an Greek word (kryptos) means hidden. While currency is the thing that is used as a medium of exchange for goods and services. It is normally accepted by the persons as a means of value of transfer.

Occasionally currencies are issued by the government of country in form of coins ,papernote or tokens l. Cryptocurrency is therefore, a hide money or currency. Has a shallow definition though.

Cryptocurrency has a broad way it is an electronic or virtual currency which may be used to pay for goods and services just like the normal currencies like rupees of India. Unlike normal currency, Cryptocurrency is virtual encrypted by cryptography and decentralized.

Cryptocurrency runs on an clear source of decentralised digital distributed ledger system called blockchain. Cryptocurrency are governed by a peer-to-peer network of computer on the Blockchains. Bitcoin is the first known cryptocurrency.

All transactions which is made in cryptos are recorded , assigned a unique cryptographic alphanumeric indication number called Hash on the blockchain.

Every block on the blockchain represents a separate transaction. A copy of the transaction data is then distributed to other person on the network.

All these things happens without the intervention of a third party this is called decentralisation.

Decentralisation is a unique feature of Blockchain and that is associated with cryptocurrencies.

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Types of Cryptocurrency:-

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Cypto-Coin :-

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Virtual currency is any currency which is managed, stored or exchanged on digital system of computers with the help of internet. price high and down on daily bases .

Stable-coin :-

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Stable coins are virtual or digital sometimes referred as coins sometimes as tokens,that is designed to keep their value. That have price swings that are generally smaller than BTC.

Shit-Coin:-

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shitcoin refers as a cryptocurrency with little to no value that has no purpose in market
Alt coin :-
altcoins refers as all crypto other than Bitcoin. Some of alt coins conclude mining-based on cryptocurrencies.

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Characterstics of cryptocurrencies :-

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The price that is spend in Transaction is cheap with instant payment out
Decentralised process is not controlled by any authority.
Decentralized system offers 24 hours Transactions without any extra fee.
No need any authority to approve your funds .
User needs Public key and Private key. a public key is for the account address and the Private key use for sign the transaction.
The Big characterstic is Cryptocurrency also P2P platform and all you need to do is that to get an account.

Cryptocurrency update can be check on COINMARKETCAP for daily updates. you can check supply and circulating supply.
Cryptocurrency providing privacy to all one which makes it transact easily without being accountable to someone.

As compared to stock exchange Its not Like there you need to complete your transactions in 9AM to 3 PM its available for 24*7 Hours.

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Advantages and disadvantages of Cryptocurrency:-

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Advantages:-

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1- chances for high profit
2- low transaction fees
3- Protection from fraud activities of middlemen
4- Instant transactions worldwide transactions
5- Absolute anonymity
6- Inherently secure

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Disadvantages:-

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1- High chances for large losses
2- Highly instability– market fluctuations
3- Risk of cyber attack or hacking
4- High demands of energy
5- Account keys recovery is not feasible
6- ability for tax evasion

In my point of view future of Cryptocurrency is :-

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Cryptocurrency is so gaining wide adoption the globe over, from outlets to establishments and a few countries square measure acceptive cryptocurrency as methodology} of exchange and a payment method.

If we glance at our ancient national economy associated it's several flaws one might simply see why cryptocurrency might gain even additional world wide adoption as our world is heading toward an era of additional advanced technology.

If we glance at our system these days we'd simply see that the longer term is in blockchain technology and it's redistributed nature, no body desires to be in an exceedingly system wherever your each move is monitored and controlled by somebody, decentralization offers man what it's most wish that is freedom affirmative monetary freedom.

we have a tendency to all wish to be in total management of our assets and being free from the privacy invasion of the centralised national economy these days.

Decentralized network of cryptocurrency has given America what we have a tendency to all wish and solves the issues current in our ancient national economy by giving America everything our blemished system might ever provide America and far over it ever might, a quicker transactions, a lower fee in concluding transactions, a secured group action, full management over our assets, being assessible to anyone from the globe over while not restrictions, elimination of the Intermidiaries and far additional.

With the large edges that cryptocurrency offers i feel it's solely a matter of your time before everybody key in on that and see however it solves our issues with reference to finance.

Even the richest man within the world Elon Musk perceive that {the solely|the sole} thanks to curb corruption and produce concerning transparency is thru decentralization as he brazenly admitted to being willing to allow a pair of of his total we have a tendency toalth around $6 billion finish|to finish} world hunger if only there would be associate open end redistributed nature on however this cash would be distributed to modify full transparency that we square measure urgently lacking in our systems these days.

The wealthiest, smartest and therefore the extremely intellectual ones of the world's population perceive that blockchain technology with it's redistributed it is the answer to a lot of issues we've these days particularly within the space of finance because it creates transparency and curbs corruption as a result of it'll be open exposed for all to check and no government will hide it's knowledge or info as everything are exposed on the blockchain ledger. folks like Mark curban, Elon musk (aka the justice father), Micheal Saylor simply to call some understands that cryptocurrency is that the way forward for finance.

I have being during this cryptospace for very little|a touch|a bit} over a year however in my little time here even an easy minded fool might see that cryptocurrency is that the future, in person i'd like to see cryptocurrency in time take over fully the standard national economy and becomes not only one of the means that of exchange however the sole means that of exchange by fully eradicating enactment currency and it's blemished system with a redistributed blockchain technology wherever anyone might participate within the monetary market with relative ease and privacy while not anyone intrusive into our account for wicked purpose.

I really believe and would wish cryptocurrency to be our legal means that of exchange within the future. I see world big countries with time adopting cryptocurrency that we have a tendency to induce a worldwide monetary revolution and offers America all what we have a tendency to crave for, Decentralization.

Conclusion

Thanks Professor @stream4u for this lecture. It was a great lecture about Cryptocurrencies. I have shared my point of view Through this lecture.