Steemit Crypto Academy Contest / S2W2 – Cryptocurrency Adoption by victoh78

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Steem engagement challenge season 2 week 2

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Hello everyone and welcome to another day on my blog, today we would be discussing on a very subjective issue which is the adoption of cryptocurrencies in the modern day world and it's implications to the global environment.

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The main aim of the creation of cryptocurrency was that one day in the future they would replace the conventional currencies we use for everyday business transactions.

The adoption of cryptocurrency would mean the legalisation of cryptocurrency around the world, as we are well aware they exist various parts of the world which she cryptocurrencies are a form of Ponzi scheme, hence in order for cryptocurrencies to be adopted by all that legal restriction must first be lifted.

The adoption of cryptocurrencies would therefore mean that indivduals can now freely make payments via Thier Prefered cryptocurrencies.

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How this would affect business activities

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The adoption of cryptocurrency in business would exposes business to a new way of receiving payments through cryptocurrencies and as the world is expanding we find out that an increasing number of today's youth are fully in support of cryptocurrencies hence businesses which accepts cryptocurrencies as a form of payment would receive an increased number of customers.

It would also make the process of sending and receiving money faster and cheaper, presently due to the rigid banking system we are unable to send money easily from one country to another hence it becomes difficult paying for goods and services in other countries but through the adoption of cryptocurrency this barrier in trading becomes almost none existence due to the fact that crypto currency is not limited to any given country.

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My opinion on cryptocurrency being used for day to day activities is pretty optimistic it is something I would love to see happen in the future but presently I due to the Volatile nature of cryptocurrencies I don't see it as something I would like to use in my day to day activities.

Crypto currency is a poor store or value this is because the price of cryptocurrencies is never the same at any given time hence it would be difficult when using cryptocurrencies to estimate the worth of goods and services.

Nonetheless I am optimistic that in future crypto prices would stablise therefore making it ideal for day to day transactions.

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The volatile nature of cryptocurrencies has always been an issue of concern by so many, it has lead many governments to outright restrict its citizens from engaging in such dealing as they exist a very high tendency for individual to lose financial resources.

Due to the volatile nature of cryptocurrencies it becomes a cause of concerns for any business owner who wishes to accept payment in cryptocurrencies, u like conventional currency like the dollar where we can easily say a Tesla is worth $40k but it becomes difficult when we want to give a definite price tag to Commodores in cryptocurrencies we can't definitely say a Tesla is worth 1btc cause within the space or a week btc might lose 20% of its value and then we would be selling the Tesla at a lose.

Volatility is the down fall of cryptocurrencies without bthe volatile nature of cryptocurrencies many would have adopted it as a means of settlement of debt.

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Other than the elephant in the room which is the volatile nature of cryptocurrencies they exist other minor problems such as.

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Scalability

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The issue of scalability comes in play when dealing with a decentralised network due to the fact that with decentralisation brings about complication decision making and this in turn makes networks ofetn slow.

Solutions

This was solved with the various consensus mechanism we have today, the disagreement which occurs on a decentralized network which bring about slow network can be solved by various consensus mechanism such as proof of history, proof of work, proof of stake and various other methods

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Energy consumption

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Most cryptocurrencies require huge amount of electricity for thier operations and this comes at a serious price to the environment, in as cryptocurrencies have Alot to offer to the society the fact that it would also Demage our environment through high electricity charges is something that has been frowned upon by many.

Solutions
The issue of electrical bills could be solved through the sue of green and renewable energy which are in abundance and an increased consumption does little of no effect to the environment.

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Pros

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Decentralisation

The use of cryptocurrency offer users a certain privilege away from the prying eyes of government institutions which seeks to regulate all individuals transaction.

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Cheap
Crypto curencies offers way less transaction fees when compared to those that banks charges. The fees are just a fraction of the total amount in which an Individual would pay to a bank.

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Fast
Crypto transaction are relatively fast as we all know this well depends on the consensus mechanism in okay but majority vote all cryptocurrencies have very fast transfer rate.

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Cons

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Volatility

The idea of an ever changing price makes it very difficult for indivduals to make any concrete long term plan, it becomes hard to invest in as we never know the future directions price might take.

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Usage.
Due to the privacy in which cryptocurrencies transaction offer many criminals nowuse this form of payment to launder thier illegal money.

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Asset lost.
It becomes very easy for individuals to lose cryptocurrency assets as one mistake made in while transfering money might lead to this money being lost and they exist little bit no means of retrieving this missing funds.

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This brings me to the end of my post I hope all those who have read this have been able to gain something from my view point of cryptocurrencies.

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_{I invite @ronindboss @mato445 and @solexybaba to participate in this contest}

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