WHAT IS CRYPTOCURRENCY AND HOW YOU WOULD LIKE TO SEE CRYPTOCURRENCY IN THE FUTURE?
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Currently, cryprocurrency has been so popular around the world, many people knows about it, but it's being understand by some people. Well, cryptocurrency are digital asset whereby payment are being made online with it. Many online platform accepts cryptocurrency as means of payment or method of payment. Using cryptocurrency for online payments can be very cool, transaction are very fast and it cost low fee.
Making use of Cryptocurrency, its does not rely on third party or know anything about institutions or government, that is one of the reason transaction are more faster unlike bank, that sometime have sever issue or downtime. Cryptocurrency starting existing in the year 2008, that was when it was invented by Satoshi Nakamoto, but in the 2009 was when people started using cryptocurrency. The first ever cryptocurrency invented was Bitcoin, this was invented by Satoshi Nakamoto*. One of the reasons cryptocurrency was invented is because, they are finding a way where individuals can have full control of their money, without involving any third party or government.
Cryptocurrency can be used to send or receive payment all over the world and with a low fee and fast transaction, Come to think of it, when sending money from your to someone who is out the country, it would take time for the person to recieve the money or confirm the transaction. Cryptocurrency is not used for just sending and receiving money, but one can purchase cryptos and stock it, when the value of the coin rises, he or she can sell it off and take the profit that will come out. Cryptocurrency values are not stable, it rises and fall. There are particular period to buy crypto and also time to sell it off, for those who knows about technical analysis.
Today, we have lots of cryptocurrencies and their values, more are yet to be created. To view this cryptocurrencies and as well their worth, you have to visit Coinmarketcap. This site displays all cryptocurrencies and their values.
Transactions on cryptocurrency are very secured because, it makes use of cryptography. All transactions are recorded.
ADVANTAGES OF CRYPTOCURRENCY
- Transaction are very fast
- No high fee involved
- Does not rely on third parties or banks
- It makes use of cryptography and that makes it to be secured
- Do not have exceeding limits transaction like bank that has maximum transaaction to carry out per day. Using cryptocurrency, you can transfer as much as u can.
DISADVANTAGES OF CRYPTOCURRENCY
Cryptocurrency values are volatile or unstable, when invest on crytocurrency and eventually the price on the markets falls, that will lead in loosing huge amount of money.
Transaction are not reversible, once you run your transaction and maybe you made mistake, you cannot reverse it.
Using cryptocurrency, a bad guy or scammer can easily make payment or transaction without being noticed or maybe trace it.
Password or keys are not reversible, once loose it, its gone and this will lead you to loose all your crypto asset. So is good for the user to secure his or her keys very well.
There are many things in cryptocurrencies that needs to be improved Like, using cryptocurrency as means of payment, like buying and selling of goods and service online is not accepted in many countries. Some country banned individuals from making use of cryptocurrency as method of payment, so in my opinion, i will like cryptocurrency to be the means of payment all over the world.
Cryptocurrency is only used to purchase goods and services online not physical, for example, i went to a nearby restaurant to by food, i can only pay with cash not with cryptocurrency, so i will also like that to improve in years to come. Cryptocurrency also does not have any regulations guiding it, you are just on your own and transactions are not reversible once you make mistake during transaction, i will also like it to improve in future.
Finally, cryptocurrencies are volatile, it goes up and comes down, for me i will like it's value to increase more higher in years to come rather than fall.
CONCLUSION
Using cryptocurrency all of the world as means of payment will be very cool, because when carrying out transactions, it's always fast and fees are low. Thanks to professor @stream4u for this wonderful lecture.
#club5050 😀
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