Greetings dear friends, how are you doing? I welcome you to this weekly iTeach Contest which entails us to talk on "How Cryptocurrency differs from Traditional Currency". I will appreciate to see you read through my opinion
DISCUSS CRYPTOCURRENCY AND HOW IT WORKS, INCLUDING A TECHNOLOGY USED IN CRYPTOCURRENCY
Cryptocurrency is described as a digital currency that is built using blockchain technology which doesn't cooperate like the physical currency we spend in our everyday life. it can't be touched but can be seen only in crypto wallets, and in local currency bank accounts represents wallet. Cryptocurrency is a digital asset while Traditional Currency is a Physical asset, they both are used in exchange of goods and service, the both are used in our day to day life but doesn't have the same value.
Cryptocurrency is short cut as "crypto" because they are protected using a cryptic algorithm, it is known virtual money that exists on a blockchain, but this made them vulnerable as a lot of hacker are out trying harder to hack crypto wallets and accounts and mesmerise with the assets therein. This is why they are protected using some high-level cryptography to ensure maximum and strong security.
Satoshi Nakamoto is the one that brought about cryptocurrency in the year 2009 and have had a lot benefits along wit it. Cryptocurrency runs on a decentralized app which enables everyone to safeguard their assets rather than storing them in a bank or leaving to the hands of the authorities, you are totally a boss of your own, therefore no one can control or access your account and wallet.
IN WHAT WAY DO YOU MOSTLY USE CRYPTOCURRENCY? EXPLAIN
Here are some few ways i use cryptocurrency, see below!...
For Trading - I recently want to learn how to trade cryptocurrency on most apps like binance and Kucoin, so in this case, I heard that crypto assets are used in making trading possible, this is done with ease, its just financial issues that has made not to be able to pay for lectures.
I know someone reading this post can help me pay it. ($20 - 15k) Thanks.
Financial Use - I make use of my cryptocurrency to purchase goods online. I use it to support the world smile project that is ongoing in the world today. sometimes I convert the Cryptos in my wallet to a physical currency through vendors and it's then use it for any exoenses in mind.
Storing As Stable Coins - I also make use of cryptocurrency for storage use, whereby I buy some cryptos and store them to avoid falling., then when I have gotten enough returns from this, I could be willing to invest more and make more profits.
WHAT ARE THE DISTINCTIVE DIFFERENCES BETWEEN CRYPTOCURRENCY AND TRADITIONAL CURRENCIES? WHAT'S YOUR CHOICE BETWEEN THE TWO AND WHY?
There is a big clear difference between cryptocurrency and traditional currencies, here are some distinguishing differences;
| Cryptocurrency | Traditional Currency |
|---|---|
| Cryptocurrency is a digital asset which gives us the accessibility to spend tokens on the blockchain network | Traditional currencies are digital assets that can be spent in everyday activity. |
| They run on a well decentralized application and are well secured using cryptic algorithm. | Unlike traditional currency that is being monitor and controlled by the authority. |
| They are assets that are globally accepted, the crypto exist all over the world and can be spent by anyone | The traditional currency is not spent by everyone in the world rather is been spent in a particular country. |
| Cryptocurrency can be too risky and it has the ability of losing value in a twinkle of an eye | Traditional currency as been controlled by the authority is stability and does not decreased or increase in value. |
| Cryptocurrency assets are kept in a safe wallet where every individual has his or her own key | Traditional currency is kept in the bank and this has the full control of the authority. |
| Cryptocurrency will always require data to buy or sell coin | Traditional currency requires no data be be able to make use of your money. |
My Choice between Traditional currency and Cryptocurrency is certain that i do go for cryptocurrency. I have been using crypto and it have been bettering my life, it's safe, easy and reliable to use, it doesn't really invlove stress. I buy and sell crypto coins when i feel like. It is the best way to save, i advice this to everyone.
SHARE YOUR ADVICE WITH THE AUDIENCE ON THE ADOPTION OF CRYPTOCURRENCY AND A FEW THINGS THEY SHOULD WATCH OUT FOR
Cryptocurrency is tend to be moving fast into the financial world, the crypto market now has a capitalization of 1 Trillion Dollars, which has in competition with the stock market, Cryptocurrency is currently been adapted in almost all countries, sooner enough the world will be filled with crypto.
When the adoption of cryptocurrency is enabled in most parts of the world, the security will increase thereby becoming more tight and hard to decrypt, crypto is very risky and it's assets can be easily stolen if the the keys given are not well stored, and this can not be retraced, any asset stolen cannot be recovered because you are the controller of your keys and account.
Crypto can be so volatile that is why it should be considered when adapting crypto as your store room. They can easily lose its value in a second, that is why in business arena it is considered very well before usage.
I have given my best advice to whosoever that have choosen to use crypto, its safe, easy to use and fast. But the risk are to be considered before using it as a huge investment for business purposes.
Thanks to the organizer of this contest, i invite @joymm @chukwu10 and @obrisgold to join this contest.
10% To @Smilenigeria
Cc:
@fredquantum