Greetings everyone, welcome back to my blog. I always love to participate in all contest organized in this community and today I will be writing on cryptocurrency contest organized by @cryptoloover
The full concept of cryptocurrency can be understood with the evolution of money. Money simply is a medium of exchange, a store of value and even a unit of account. Inherently, humans have developed a long way to a system where one can exchange certain amount of money for goods and services from the old barter system where one exchanges one thing in the place of another which deemed to have equal value.
Cryptocurrency having same attributes of a store of value, a medium of exchange and a unit account is considered as "money". This cryptocurrency is converted into fiat currency using cryptocurrency exchange platforms like Binnace, Roqqu etc.
Having been on this platform for over 18 months and still counting, I have learnt alot on cryptocurrency. To me, The word cryptocurrency can be broken into two for proper understanding, crypto meaning unseen or hidden and currency meaning a medium either money or item used to facilitate transactions. Therefore, cryptocurrency is simply a medium of payment( like our well known fiat currency) that is untouchable. This medium of payment makes use of complex set of mathematical codes as system known as cryptography, to encode the transactions made. The only difference between our fiat currency and cryptocurrency is that the former can be touched while the later can't be seen or touched. Cryptocurrencies include bitcoin, ethereum, tron, Steem, hive etc.
Using Steemit platform which makes use Steem cryptocurrency it has features of
- Decentralization: this implies that cryptocurrency is not controlled by anyone either government or individual, and there's enhanced security as no one can go to any place to steal your money expect you gave permission to it.
- Transaction anonymous: this implies that there's privacy increase in cryptocurrency. Cryptocurrency transactions doesn't involve the sender and receiver's name or location but just involves set of random arrangements of numbers and letters.
- No Intermediary: cryptocurrency transactions only occur over peer to peer network where only the reciever and sender are involved and no middleman.
- Accessibility: once there's internet connection, no matter the location of the person on can access any cryptocurrency.
- Irreversible transactions: once any transaction is made it's permanently stored on the blockchain and it's impossible to reverse so that's why one has to be careful why inputting any cryptocurrency address.
Generally, transacting with cryptocurrencies like fiat currency, cryptocurrency has speed of transaction, makes international trading easier, better transaction process, lower transaction fees, sole control etc.
Yes I know, in converting Steem into my local currency Naira I have to make use a cryptocurrency exchange platforms. The platform I make use of is Roqqu. To achieve this, I will make use of the following steps
First step
Open the cryptocurrency exchange platform, then click on the Steem token, click on recieve coin to copy the Steem address with which I will use to recieve the Steem token
Second step
Click on sell option then Input the number of Steem I want to sell, this will give me its equivalent in my currency Naira.
Using current price of Steem
1 Steem = 154 naira
7steem = 1078 naira
Third step
Click on sell button to convert it to fiat currency
Forth step
After selling , the Steem is automatically added to my crypto portfolio from which I will proceed to withdraw it into my fiat currency bank.
To achieve that, I will click on send money to send it to my bank account which I will use my ATM(Automated teller machine) to withdraw
With my explanation above on cryptocurrency, I think I fully understand steemit blockchain and having been on this platform for a while now, I don't think there is any other thing confusing me.
Overall, steemit platform makes use of Steem cryptocurrency as it's medium of exchange, and it has features of decentralization, anonymousity, no intermediary, easy access, Irreversible transactions and on that note I would like to invite my friends @akareen, @bossj23 and @jannatmou to participate in this contest