Steemit Crypto Academy Contest / S2W2 – Cryptocurrency Adoption by @shylock2002

Anytime we hear adoption of cryptocurrency in the financial market, it simply refers to the approval of cryptocurrency when it comes to the financial market, that is it can be used as payment. We all can testify with me that after the innovation of cryptocurrency in the past years it is doing well in the financial market. Currently, we see a lot of people patronizing the cryptocurrency market, and also the number of transactions that are made each day on the financial market keeps increasing.

As we speak a lot of companies are currently operating digitally, with the fact that we are in a modern world, everyone is going digital. In my opinion, before any company can be able to grow to profitable and beneficial they must take the advantage of the current financial realm lot of people are using. To my understanding and research I perfectly know that all company that accepts or approve cryptocurrency for payment has a great future, I believe for any company to be more effective they must always be willing to approve any form of payment, with this they can grow their business very well.

Cryptocurrency gained a lot of attention in the world after the first cryptocurrency was created (BITCOIN) in the year 2009, after the creation of BTC that was when cryptocurrency was been adopted by a lot of people, and also numerous cryptocurrency has been created on the market as we speak and they are also doing very well on the crypto market. So I encourage companies to accept or approve all sort of payment method and they should accept cryptocurrency, when you check companies that accept cryptocurrency for payment is doing well and it has a very fast transaction process, as we speak some companies such as Starbucks, US telecom firm AT&T, Tesla, technology giant Microsoft do accept cryptocurrency and we can see these companies are doing well.

Cryptocurrency happens to be a decentralized system where users are free to run transactions without the involvement of third parties, so a company that accepts cryptocurrency has a very fast transactions system because users run their transactions without any involvement of third parties.

HIGH SECURITY AND PRIVACY.

When it comes to cryptocurrency transaction activities, they are well ensured and been kept personal. Whenever users try to run transactions their true identity is not shown rather only their address is shown. Because cryptocurrency operates as cryptography it makes it very difficult for hackers or scammers to attack.

TRANSACTION SPEED.

Since cryptocurrency operates as a decentralized system where users all free to run transactions anytime without the involvement of third parties, this makes transaction activities to be faster when it comes to cryptocurrency.

AVAILABILITY OF LIQUIDITY.

When it comes to cryptocurrency transactions users are free to make any transactions they want without any shortage, unlike the conventional currencies, it is sometimes very difficult for users to make a huge transaction.

FAST AND EASY PAYMENT.

When cryptocurrency is been used for payment of goods and services, it is very fast and also has very less transaction charges. So users are always using cryptocurrency for paying for their goods and services and will begin to have more clients.

Cryptocurrency being accepted globally is one of the things crypto users do wish to come through in our financial realm one day. So before cryptocurrency was created we were utilizing a centralized system where transaction activities involve third parties, so cryptocurrency was purposely created as a decentralized system in other to eliminate all these third parties when it comes to transaction activities.

Accepting cryptocurrency for our day-to-day transactions will serve as an opportunity for countries some as, Tajikistan, Kyrgyzstan, Turkmenistan, Afghanistan, Uzbekistan, and Pakistan with a lower currency to begin to utilize cryptocurrency as their federal currencies.

Accepting cryptocurrency for our day-to-day transactions helps to eliminate all the third parties when it comes to all transaction activities and this will help speed up and also protect all transactions, transacting with cryptocurrency has a very fewer transaction charges.

Accepting cryptocurrency globally is also another way of joining people around them together, with the fact that we all will approve or accept the same currency when it comes to transactions. You all can testify with me that every country has its conventional currency and it can only be spent inside the country and can’t be spent in other countries, So I believe when cryptocurrency is been accepted globally users all free to carry out transaction activities in any country.

Yes, I strongly believe that high volatile nature of cryptocurrency is a concern to the business owner, that is why some business owners find it very difficult to accept cryptocurrency due to fears. Since the cryptocurrency market is volatile that is it does change every second, so business owners are not willing to put up with any threat, because business owners who are soft-heartened can stand it, so they rather not accept cryptocurrency in their business.

The cryptocurrency market's high volatility is usually caused by the mass media, the nation's rule and demand, and supply on the market. Because the cryptocurrency market is volatile investors or crypto are unable to predict the foreseen the next direction of the market, but as we speak numerous crypto experts are making sure we market can be predicted.

Due to the volatility of the cryptocurrency market Investors can easily make a profit or loss asset anytime. As we speak the crypto market is currently in the bearish season and a lot of investors are losing their capital, especially LUNA investors, same as some crypto investors have taken the advantage to purchase more cryptocurrency and keep them in their wallets and sell them anytime the cryptocurrency market enters the bullish season to take enough profits.

HIGH VOLATILITY.

One of the major problems limiting the adoption of cryptocurrency is its volatility, that is the market is not stable it changes every second, users can make profits from the market anytime, likewise, they can lose their assets anytime, this is what limiting the adoption of cryptocurrency since they do not want to take any risk, investors who invested in the LUNA token are currently not happy due to a 99% dropped, so cryptocurrency will be very difficult for others to adopt but I believe with everyone will adapt to it.

SOLUTION.

When it comes to the volatility of cryptocurrency is something that is not new to crypto users. I think there should be a limitation to the volatility of the cryptocurrency, that is there should always be a limitation when it comes to the rise and fall in the price of the cryptocurrency. This will help reduce the amount crypto investors will lose when the market is in a serious bearish.

SECURITY PROBLEMS.

One of the problems limiting the adoption of cryptocurrency is security problems, because cryptocurrency is decentralized users are free to join anytime without any limitation, this mostly leads to fraudulent activities such as hacking and scamming, and because of the encryptions, anytime users mislead their keys they capital is also lost, backing up or getting back your keys is very difficult.

SOLUTION.

From my understanding, there should be some limitations to the crypto market, or show the identity of every user when it comes to transactions activities, Backup passwords, or retrieving passwords. Showing the identity of every user when it comes to transactions will help to fish out all fraudulent activities and there must be another chance of users getting their password back whenever they mislead them.

THE MASS MEDIA.

One of the major problems limiting the adoption of cryptocurrency is the mass media, most some mass media such as radio stations, newspapers, television, and magazines sometimes give or produce negative news to the public which always put anxiety for people from investing in cryptocurrency because they might lose their capitals.

SOLUTION.

There should always be rules and regulations for the mass media when it comes to giving out information to the general public, there must always be encouraged to give out positive information to the public, this will help people to have some courage to invest or adopt in cryptocurrency.

PROS.

• Whenever it comes to transaction activities cryptocurrency is very fast and secured. So anytime users carry out transactions ( sending and receiving) the asset gets to the wallet or account within the shortest time.

• Anytime users make a transaction it has a very fewer transaction charge compared to the conventional currencies, so business owner accepting cryptocurrency always has a fewer transaction fee because it removes third parties.

• Transacting with cryptocurrency has no limit, users can freely send and receive any amount of cryptocurrency from other users across their countries.

• There is always availability of liquidity, when it comes to cryptocurrency it is always convenient for users to carry out transactions anytime, unlike the conventional currencies was sometimes denied from making some transactions.

CONS.

• When it comes to transacting with cryptocurrency it can not be reserved, so anytime a crypto user tries to make invalid transactions they might lose their capital because it can not be reversed.

• Due to the high volatility of the cryptocurrency market crypto investors or business owners can easily lose their capital whenever there is a serious dip in the market, as we speak the crypto market is in the bearish season and business owners are losing their capital.

• With cryptocurrency wallets anytime a user misleads their password or keys, they find it very difficult to get them back and they can not be gotten back so users may lose their funds forever.

• Because cryptocurrency is digital, users can easily lose their funds to online hackers or scammers. They sometimes give a clickable link for users, so anytime they click on it they will get all the details of the user's wallet.

Because cryptocurrency is highly volatile users must always be willing to accept what happens in the market, I will also encourage soft-heartened people to stay away from the cryptocurrency market. Also, all business owners must accept cryptocurrency for payment of goods and services, because it will help to make their transactions very fast and efficient.