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Introduction

Good day everyone, I’m excited to be a participant in this fixed course which is about Bitcoin, cryptocurrency, public chains. Thanks to prof @stream4u for his wonderful lecture on the aforementioned topic, his lecture helps us in understanding all about cryptocurrency.

Entry Question:

• Define Cryptocurrency?
• How will you like to see cryptocurrency in the future?

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Cryptocurrency

Cryptocurrency can be said to be a collection of binaries that are built to be a medium where the transaction takes place, which also stores records of each transaction done in a form of a ledger.

Cryptocurrency can also be seen as a decentralized mode of exchange that does not require any central authority to run, the system state is maintained through the distribution of consensus.

Cryptocurrency can also be said to be a computerized database system that uses strong cryptography in other to secure its transactions records to be able to create and verify the transfer of coin ownership, In 1998 Nick Szabo theorizes a cryptocurrency which is to be called “bit gold”, which is a virtual currency but it was never created, then by 2008 Satoshi Nakamoto who is known as the father of bitcoin writes the white paper which is detailing coin, after that time the first coin was created 2009 by Satoshi Nakamoto, about 50 bitcoin was mined.
After the creation of cryptocurrency, it takes a while before it was acknowledged by the masses, after the creation of bitcoin in 2009, by 2010 the first-ever transaction takes place as 10,000 bitcoin was used to order two pizzas after then bitcoin became a coin that is accepted nationwide.
And after the creation of the first cryptocurrency which is Bitcoin, now we have over 6,000 cryptocurrencies that are used as a medium of exchange, the crypto market still experiences different versatility in rising and drop, which makes different crypto coins adapt to the fluctuation in market price, helps in the creation of more stable crypto coin.

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Types of Cryptocurrency

We now have as much as 6,000+ crypto coins, I will be listing out some of them:

• Bitcoin
• Litecoin
• Ethereum
• XRP
• Steem
• Bitcoin Cash
• Dogecoin
• Binance Coin
• IOTA
• EOS
• TRON

Each of the coins listed above is unique in its way and they all have different uses and market demands. To get more information about all the coins, then you have to log in to a webserver called coinmarketcap, just type www.coinmarketcap.com, it will bring you to their home page.

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Characteristics of Cryptocurrencies:

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• Trustless: Cryptocurrency is trustless because you don’t have to trust anyone blindly, thinking that you are safe in their hands just like our local banks where you have to depend on the third party all the time not even knowing when your transactions will come through, in cryptocurrency you don’t have to worry about the other party because each party of the system validates the other party transactions without putting your trust on anyone.

• Immutable: By the word immutable it can be seen as when something is done then it can’t be reversed back, in cryptocurrency when the transaction is done, then it cannot be undone again, the transaction records are all made public so it can’t be changed.

• Decentralized: All cryptocurrencies are run as a decentralized system, this makes the system more dependable because they are no fear of having a third party controlling your transactions, they run a faulty tolerance system which makes it more reliable.

• Minimize cost: Cryptocurrency tends to minimize cost, unlike our normal operation banks where you are been charged for almost everything you do with their system, like deposit, withdrawal, and so on.

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Advantage of Cryptocurrency

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• Cryptocurrency runs a peer-to-peer focus which eliminates the need for identification for both parties, which means your information is safe within the system, no need to have fear of being tracked down by criminals.

• Transactions on cryptocurrency is quick and fast, has no lagging system.

• All transaction done on cryptocurrency is recorded in a public list called blockchain, with makes it impossible for the interference of a third party while your transaction is going on and also makes it much safer.

• Cryptocurrency has a potential for high returns, which makes it more possible for users to make more profit most of the time.

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Disadvantages of Cryptocurrency

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• It has high volatility and also has a high rate of users making a large loss.

• It makes it easier for crime to be committed like running a black market on the system.

• It is easy for your crypto coin to lose value because when the majority of users move to a new crypto coin.

• It can also be vulnerable to cyber-attack, which can cause a huge loss to your investment

How will you like to see cryptocurrency in the future?

As the world changes lots of things change along with it, an example of this is the normal local banks we operate, I believe years back almost every individual runs almost all their transactions through their respective banks but now that we have a decentralized system which assures us of secrecy and more of safety, most organizations are now running their services through cryptocurrency.

This shows that in the future the growth of the cryptocurrency will be unimaginable to the extent where a country will be running its industries through cryptocurrency.

The potentials that crypto coin shows since the creation of the first coin which is Bitcoin makes it more acceptable all over the world and that makes the mainstream companies across the industries take interest to the extent where some of these companies even invested in cryptocurrency.

This shows how much potential cryptocurrency has and also shows how much it has grown since 2009 when Bitcoin was first created, now we have over 6,000 crypto coins that are running fine, also in the future more Cryptocurrencies will be created which will make cryptocurrency more acceptable all over the world.

Conclusion

Over the years we've seen much blooming into the cryptographic money system, as we have many people and investors plunging into the crypto market day by day, most especially the huge whale coin such as Bitcoin with 1trillion dollars of market cap, this shows the world is evolving and moving into a blockchain system, most companies do accept cryptographic money now such as Tesla and others, I believe it's the future , when am been question for personal opinion kn cryptocurrency. Special thanks to @stream4u for his explanation on this course which also help me to further understand the course.

Cc;

@stream4u