Steemit Crypto Academy Contest / S2W2 – Cryptocurrency Adoption by @sikan-eyen

How time flies... We are already in week 2 of the second season of the Steemit Engagement Challenge.

I will try my best to contribute to this subject in the best possible way i can.

Week 2 centers on the adverse effect of Cryptocurrency adoption in the market and business world in the positive or negative light.

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

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Cryptocurrency is a new and important invention in the business industry and market. The blockchain technology presents itself as the bedrock for cryptocurrency and its activities.

Cryptocurrency adoption across the globe has experienced a spontaneous spike bringing an increase in the market generally.

Cryptocurrency make use of cryptographic methods to facilitate information to ensure hitch-free transactions. It is thought to be an invention in the virtual currency and also in the financial industries comprising the business enterprises. It is with intends that the birth and longevity of cryprocurrency will over time extinguish the normal printed currency to make available a peer-to-peer means of exchange.

There have been tight comparison made between money and cryptocurrency and at the end concluded that cryptocurrency shares almost a great likeness to money. According to coinmarketcap, the cryptocurrency total market value as at 2017 at $31 Billion has now gone over $700 Billion in just one year.

In 2009, Satoshi Nakamoto introduced the first cryptocurrency to hit the market, Bitcoin and accounts for most of the cryptocurrency value.

Cryptocurrency varies between one country and another country owning to the economic and technological factors.

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Cryptocurrency is fast growing and wise business owners are taking advantage of this opportunity by involving cryprocurrency in their businesses.

Businesses can be boosted through cryptocurrency transactions in the following ways:

• Payment methods; In this 21st century and even more in this changing times, many people do not fancy walking about with physical cash anymore as they prefer cashless transactions. This was spiced up more during the COVID-19 pandemic.

Businesses that accept cryptocurrency as mode of payment attract more customers, this on the other hand leads to increased sales.

• Easy access to funds; One can easily access his/ her funds without government or interference from the bank, making transactions seamless.

• Cryptocurrency investment; Business gurus who buy and trade cryptocurrency in the form of investment in different digital currencies hit it big, they earn more and such enough funds to grow their business.

• Business reputation; Businesses who have embraced cryptocurrency have gotten edges over other businesses that do not engage cryptocurrency into their business. The reputation of such business is rated on a high note and gives the business a higher calling against competitors

• Customer privacy; There is protection of user transactional information. Customers most times love to be discrete as much as possible. Cryptocurrency transaction gives this maximum protection as their information are not stored in comparison to the traditional method.

• Security; Cryptocurrency transaction offers security to its customers because the technology is almost impossible to scam.

• Low transaction cost; If there is anything customers want, it is to spend less on their day-to-day transactions. In cryptocurrency transactions, the business owners transact directly with customers, no middle man to incure additional charges/fees. Customers operate on reduced cost.

• Market availability; Unlike the traditional systems that have slated times to perform transactions, the cryptocurrency market is ever open, there are no time restrictions as to when transactions can occur, availability of the cryptocurrency market at all times contribute to to the growth of the business.

PS:- This list is not exhaustive.

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

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In my opinion, cryptocurrency being embraced with open arms globally for daily transactions will be a huge plus to the financial industry and to individuals as a whole.

I remember years ago how i got so embarrased with my regular credit card payment system.

I had walked into a mall, did my shopping and proceeded to the point of payment, only for payment to be declined due to technical issues arising from my bank, this situation did not only put me at risk but made my day futile as i had to wait for hours for the system to be rectified.

With cryptocurrency transactions, this kind of set back will not occur, no third-party verification is required therefore transactions are processed in a matter of minutes or seconds in one with authentication and processing.

Also, other issues associated with traditional banking institutions such as; network failure, transaction limits, bad machine, hacking will not be encountered with in cryptocurrency transactions. There are no limits on transaction purchases and withdrawals, moreso, user information is stored in individual's personal wallet and not on a centralized hub.

In conclusion to my views, crytocurrency ought be accepted globally for day-to-day transactions.

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

To be honest, my answer is YES.

Fluctuations in the cryptocurrency market is anchored by the influence of demand and supply, government regulations, investors stand and also the media.

My reply is two-faced.

While many business owners lost their investments due to the high volatility in the cryptocurrency market, many other business owners sieze this opportunity and utilize it by buying in the dip, with hopes for possible high returns.

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

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These factors include; Fear, borne out of the instability of the cryptocurrency market value and risk of what effect the downsides might have on the health of the economy in the long run. Measures should be put in place while researching to adopt the best systens as much as possible.

Media; the media also plays a phenomenal role to the adoption of cryptocurrency. Sour and unpredictable news instills confusion and sends out the wrong message to the public audience. The media should instead sustain positive and beneficial news about cryptocurrency to build trust.

Absence of regulations makes cryptocurrency assume a illegal outlook. Guiding regulations should be put in place to also build trust.

Security issues inhibits cryptocurrency adoption to a far extent. News on crypto theft recorded which are nearly impossible to trace is not encouraging, this leads to market relapse. There should be a tight check on security protecting user's fund.

Difficult user interface for wallet and Applications is also a holding factor to the adoption. Interfaces ought to be friendly and easy to navigate even to a new user.

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

Explained below are the pros and cons of cryptocurrency adoption by business owners:

Pros;

• Speedy processing of transactions in split minutes as there are no intermediaries to obstruct or interfere with transactions.

• The low to no fee rate is a plus to business owners, this feature attracts more people to transact with that particular business in which they do not need to spend extra.

• The fact that payments are mobile is very advantageous, one does not need to walk up to the business premises to perform a transaction.

• Zero limits on purchases and withdrawals feature is beneficial to business owners as customers are free to transact, send and receive payments without fear of limit restriction.

• Peer-to-peer feature removes the requirement for identification of users.

• Cryprocurrency market is always and readily accessible.

• Anyone is free to use cryptocurrency unlike the traditional banking system where one has to be subjected to tedious documentation processess.

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Cons;

• The high volatility of the cryptocurrency market value leads to huge recorded loss.

• A cryptocurrency payment transaction once performed cannot be corrected, it is permanent.

• Its level of unpredictability makes the cryptocurrency market a wild forest to possible investors.

• Over time past, cryptocurrency have been said to have connections with terrorist attack.

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In summary:

Cryptocurrency adoption globally is a big move in making cryptocurrency taking over the future, what do you think? Let us engage in the comment space.

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Thank You @crypto-academy for the ability to learn and relearn in the steemitcryptoacademy.