Steemit Crypto Academy Season 4 Beginners' course - Task 5: Bitcoin, Cryptocurrencies, Public chains

2개월 전
Greetings everyone
Today I would be presenting my home work task 5, for prof @nane15 which the lesson what all about cryptocurrency,Without wasting much time I will be start my work immediately.

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


CRYPTOCURRENCY.


This is usually known to be a grouping of a binary program that has been specially created a halfway on the blockchain,Which is also serving as a joint where users has been making all their transactions activities and also keeps all the users transactions information that has been performed in their account.The cryptocurrency happens to be a decentralized exchange where users are having a fully control over their assest in account,They can perform transactions any time and it do not need the approval of the third parties,In the decentralized exchange it is always managed via agreement from all users in the exchange,Unlike the centralized exchange where users with higher reputation are always found of managing the exchange.The cryptocurrency is also known as an electronic storage structure that is very protected by the cryptography and also all the listed of transactions made by the user,In other to confirm ownership of the user coins.

In the year 1983 a man named David was able to come out and brought about the concept of a user utilizing the coding process for swapping their assest in account.So in the year 1995 a lot of people were still not having the experience to make sure there is always an insolation and a safety of users in the system,After so many working days looking for an answer to this difficulties worrying the users in this system,They couldn’t get the answers until this man called Satoshi Nakamoto pop up,Which happens to be the developer of Bitcoin and also an impersonate,In the year 2007 he was able to get an answers to this difficulties.After he launched the Bitcoin,Which happens to be the first and mother to all the current cryptocurrency we have on market,It was able to get the attention of a lot of investors and traders to be investing in Bitcoin,After a successfully of the Bitcoin on market,It has pave way for many cryptocurrencies to be created on market,Currently we over 5000 cryptocurrencies on market such as steem,lite coin,cardano etc thanks to Bitcoin.

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How does the Cryptocurrency Work:


The cryptocurrency operate on a decentralized exchange network,All the activities that goes on in the system is controlled by the users itself,No mediators are engaged in their transactions activities.The users are free to run any transaction each time they want and it is very fast and simple with a very low transaction fee.The cryptocurrency always operate on the internet web,But whenever the user wants to trade on market it can’t be done on the internet but rather it must be done in cryptocurrency exchange wallet.All the cryptocurrency assest of user is usually stored in the automated wallet,Users can move their assest in wallet to another wallet without the engagement with the mediators and it transactions can be done each time.In the cryptocurrency exchange each time the user want to run transactions, it must be approved and the mining can used to do that,The transaction is not accomplished till it is listed in the blockchain before the transaction can be carried out.Each time a user run a transaction activities it always listed in the blockchain and also this transaction details has been viewable to user on the exchange anytime.

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CHARACTERISTICS OF CRYPTOCURRENCY.


  • It is a decentralized network system where users are a fully owner of their assest in wallet.User can run transactions anytime they want without the involvement of mediators,This is make it very protected since information are not shared with anyone.

  • In cryptocurrency transaction activities is immutable,That is transactions are unchangeable placed and also all the user transactions details can be view by anyone,So it is very hard other users to substitute.

  • Transactions in the cryptocurrency are very less expensive,When compared to the bank transactions fees is very high and you do pay all transactions activities carried out.Such sending or withdrawing funds some charge may be deducted as transactions fees.

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Advantage of Cryptocurrency


  • When users make transactions they experience a low charge which help all cryptocurrency to become very cheap for user with low capital to also impart.

  • Users can also analysis chart on the market in other to purchase more cryptocurrencies to trade and get an excellent profit,Users must be very careful with their analysis before trading before they fall victim of loosing.

  • Because cryptocurrency operate on a decentralized exchange,It is attainable anytime this make all transactions activities very fast and easy since no third parties is engaged.

  • All users has their assest well secured from hackers and also user has a seclusion in their wallet when transactions are made.

  • All the transaction made in the system are been listed in the blockchain and it very difficult to substitute,This also help users to settle misunderstandings on a transaction details.


Disdvantage of Cryptocurrency


  • When user misplace their keys to their wallet it is very difficult for them to operate,Because it can’t be retrieved once it is missen and this will make your account inaccessible.

  • Users who have invested in cryptocurrency can also loose because prices on market is not always constant,It changes in market each and every day or time.

  • This system has a very high volatile,Due to this it is always recommended for users with lot of experience to be utilizing this system to avoid loosing their to fraudsters.

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HOW I WOULD LIKE TO SEE CRYPTOCURRENCY IN FUTURE.


As in this current days cryptocurrency have been getting more popular and gaining the attention of a lot of people including myself.Some countries has put restrictions to this cryptocurrency,So his citizens can’t be utilizing the cryptocurrency due to fear of fraud,But myself has started trading on this cryptocurrency and making a lot of profit from my trading.So I can boldly say the cryptocurrency are not fraud and it also going to make all transactions activities to be very simple and quick with less fees.

Personally i see the cryptocurrency to be a very great currency most people will start utilizing more often in the next future.Satoshi was the developer of the first cryptocurrency that is Bitcoin in the year 2009,The Bitcoin happens to be the mother to all the cryptocurrency we have on market.After Bitcoin was successful and people started investing to make enough profit.This has opened up for other different cryptocurrency to be introduced in market,Each time people are developing new cryptocurrency and now we have over 5000 cryptocurrencies on market

In my opinion I want to see cryptocurrency to be capitalize and often used in trading by all countries around the world,There shouldn’t be any limitations to some other countries,To also join and earn enough profit,Even though cryptocurrency keeps on getting. attention by other countries like ghana,Nigeria,camaroon,India etcI believe as time goes all countries will start making use of the
cryptocurrency,Once the cryptocurrency is a decentralized system it is also very easily to ask a different user to join,Because all users will like to be a full control over their assest.In this world there are danger in every thing or every where and also there are risk in cryptocurrency,Before a user will encourage in cryptocurrency he or she must have an experience about cryptocurrency before the trading starts to avoid access loosing of profit and this is all about the cryptocurrency.My greatest wish is to see all countries around the world to start using the cryptocurrency,This is also going make transactions very faster and less transactions fees,This is how I want to see the future of cryptocurrency in some other days.


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Greetings @jelilu67, thank you very much for being a part of SteemitCryptoAcademy this fourth season and for your efforts in this 5th task of the fixed courses for beginners.

Your grade on this assignment is as follows:

ParametersGrading
Presentation Style (Markdown Usage)1.6/2
Following Standards (Guidelines)1.8/2
Quality of Content (Subject Matter Mastery)1.5/2
Spelling and Grammar (Writing Fluency)0.7/1
Originality1.7/2
#club50501/1
Total8.3/10

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Remarks:

Very good explanations, try to organize them in a better way by making paragraphs shorter and easier to read. In the first part you were able to order them in a better way. Then it was more or less okay.

Leave spaces after punctuation marks such as "," and "."

Improve the presentation a bit, give it a little more effort.


Thank you @jelilu67 for your effort in carrying out this publication, I hope to continue reviewing your future tasks.

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Thanks 🙏 😀

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Thanks 😀🙏

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Thanks 😀🙏