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

in hive-108451 •  7 months ago 

Good day, comrades!!

I hope you all are doing good. I will like to write about the assigned task, Cryptocurrency.

(1) What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Future?

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What is Cryptocurrency?

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Cryptocurrency is a decentralized and a digitalized token that can be found only on phones and computers. Thus, cryptocurrency has no coins or notepaper, and it is virtual money that can not be held and is also not physically real. Therefore, it can not be counterfeited as it works in a blockchain database.

Bitcoin, the first decentralized cryptocurrency, has turned out to be the most valuable coin among the thousands of cryptocurrencies.

In 2009, a profound programmer named Satoshi Nakamoto claimed to have invented the first blockchain.

Cryptocurrency has the main point of fixing the problems of traditional currencies by putting the responsibility and power in the hands of the currency holders.

Cryptocurrency is designed to work as a medium of exchange whereby coin ownership records of individuals can be stored in a computerized database ledger through the use of strong cryptography to secure transactional records, control the creation of additional coins, and also verify transfers of coin ownership.

Cryptocurrency has no physical coins or notepaper as mentioned earlier, and it typically opposes the Central Bank's Digital Currency by the use of decentralized control.

Cryptocurrency is a global currency. Therefore, transactions can be conducted between countries without being affected by the exchange rate at any time and anywhere without a third party.

Transactions in cryptocurrency require private and public keys. The public key is used to access ones account when in need, while the private key is used at the time of transacting cryptocurrencies.

Examples of Cryptocurrencies

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• Litecoin
• Ripple
• Bitcoin
• Ethereum
• Stellar
• EOS
• Steem
• Tron

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How You Would Like To See Cryptocurrency In The Future?

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Cryptocurrencies have turned out to be the most spoken topic among the youth, and all I would like to see cryptocurrencies do in the future is that:

• In the future, I would like to see cryptocurrencies as a legal exchange currency for countries across the globe, so that people can use them without any fear of being caught, as we see now in some countries that have banned cryptocurrencies.

Also, when cryptocurrency is legalized, developing countries with small currencies will be able to make investments abroad through the use of their cryptocurrencies without any exchange rate.

• Governments have not been able to impose tax on our wealth in cryptocurrency and have also not been able to tax our assets. With this, I would like to see cryptocurrency become a legal digital token for exchange in my country, Ghana, which I believe is near.

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Conclusion

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Cryptocurrency has become the "talk-about" in the world as people are seeing its bright future.

This is what little I have learnt about cryptocurrencies, and I would like to explore more with the professors in the steemit cryptoacademy.

Thanks to professor @stream4u for providing these beneficial lecture notes.

Thanks for reading.

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