Hello Steemians,
I hope you all are doing great in your life and learning from @cryptoacademy. It's a great platform for the growth of beginners. I am honored to be a part of this platform. Before I proceed with the task, I want to thank professor @stream4u for his efforts to make us learn a lot.
(1) What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Future?
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Crypto currency is defined as the token or digital coin which is not used as physical currency but used online to buy or sell goods and services. Such as Bitcoin, the very first cryptocurrency. Satoshi Nakamoto was the one who was introduced in 2009. Examples of cryptocurrency : Bitcoin, etherium, steem and dogecoin etc.
Crypto currency works based on decentralized blockchain. They're usually now no longer issued through any crucial authority. It is physically exchange in buying and selling goods and services. Moreover a person owning any cryptocurrency has the complete power of control on it and if that subjective person wants to transact his cryptocurrency can easily make a transaction through blockchain. It is a platform where you can easily made transactions.
Crypto currency is the non-physical currency in which no third person or party such as a government and central authority is involved due to its decentralized structure. As you have seen in state banks or local banks involved in the transaction as they have controlled all of your money when you are going to make any transaction.
Some of the cryptocurrencies are shown in below picture
- Crypto currency can also be simply defined as the online digital payment of buying or selling goods and services. which is not dependent on any bank in making any transactions. and you can't carry it on hand it is purely digitised online.
Characteristics:
Cryptocurrency is immutable as when you done the transaction you cannot cover it back or in simple words you can undone what you have done.
Cryptocurrency is based on decentralized structure as it is in control of no other parties.
It is volatile in nature as it's price fluctuates from time to time.
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Pros and Cons:
Crypto currencies are secured in transferring amount as it is use public and private keys.
It takes a few minutes for transferring amount from person to person.
It does not rely on banks to make any transaction at any time between two people without the involvement of any third party such as the government or any credit card company or bank.
It has a potential of high return.
When you make any transaction from a bank or card you have to pay some fee but here you don't need to pay any fee or charges in making a transaction.
The nature of Cryptocurrency is somehow anonymous which allows other users to do illegal activities easily.
It has a chance of huge losses due to its volatile nature.
Crypto currencies are non-refundable.
A user can easily be involved in the activities of black market.
It is a digital technology and can breach cyber security by hackers.
How You Would Like To See Cryptocurrency In The Future?
In this growing world. Crypto users are increasing day by day as it comes to the knowledge of every person. It seems that after some years it becomes legalised by the government and as everything is happening online such as marketing, selling, purchasing and paying. In such a way that everyone will be paying their fees and transactions will be made through cryptocurrency. Everyone will have the crypto token through which everyone will earn profit and become investors. But still investment in cryptocurrency for the future is highly risky but more profitable when it comes to see the numbers of Cryptocurrency increasing day by day such as Bitcoin, Ethereum, cardano and solana etc.
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Conclusion
Cryptocurrency has a bright future if it becomes legalised by the government or government allow to every citizen of subjective country. But still no one knows if it banned by the government as it is highly risky.
@stream4u