Blurttradinghub || Season 1-Week 2 || Blockchain and Cryptocurrency Assignment Post for Prof @zology69 | by @vectorshore

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Hi everyone, firstly, I want to thank prof @zology69 for the wonderful lecture he has taken us on cryptocurrency and blockchain. Indeed he has explained it to my understanding and I am really grateful for that.

I remember some years back when I had my first experience with cryptocurrencies, I was o my hearing these terms and names, but never understood or knew what they meant. For me, everyone involved in crypto should know these terms and names.

Anyone who doesn't know what these basic terms mean, doesn't really know about cryto and is missing the basics about it even if he or she is a good trader and can read the market. Once again, I thank @zology69 for this wonderful lecture.

Now to answer his questions.

Q1. In your own words, discuss cryptocurrency and Blockchain

Well, cryptocurrency simply put, is a digital currency which has its transactions recorded on ledger know as a blockchain. This blockchain carries and records every transaction on it with unique identifiers which uniquely identifies a particular transaction.

In other words, each transaction has a unique identifier known as a hash, and that hash cannot be the same as the hash of another transaction.

Cryptocurrencies has made carrying out of transactions really simple and easy. With cryptocurrencies, anyone can have any amount or value of asset and can be used or controlled in whatever way the he or she likes without the permission of the banking systems.

The banking systems set a limit in that people can have only a limited amount of asset and they also control how those assets can be used or how the transactions can occur, but with cryptocurrencies, this limit is lifted, hereby allowing everyone in the cryto system to trade and use their assets the way they like, with lower transaction fees.

In the new future, cryptocurrencies will totally overtake the banking systems. Transactions in the cryto systems are very fast and reliable. Charges are very low compared to that of the banking system and it now adopted as a means of payment in some countries which also in the near future, other countries will adapt to that as well.

Q2. How is crypto and blockchain making life easier today? Discuss giving real life examples.

Transactions carried out using the cryto systems are very fast. More and more people tend to use it as a means of global payment. Banking systems when they carry out cross-boarder transactions charge a very high fee which is sometimes even greater than the actual amount the sender is sending to his or family in the other country.

With cryptocurrencies and blockchains (which records transactions), it is really easy and stress free to make cross-boarder transactions and at very low fees.

As a real life example, I would be using myself. In 2019, I taught myself graphic design by watching graphic design videos and tutorials from YouTube. After about 3 to 4 months, I began to promote my skill to friends and also on social media.

I got quite a good number of contracts from friends in my locality which I was contented with, but a time came when I had a though and it was, what if I get a client outside my country? How would he pay me for my service? As at that time, I only had a very small experience with with cryptocurrencies. After doing some research, I discovered the most suitable way for international payments with low fees was the cryto.

That made me to create my first bitcoin address, and unused the app 'LUNO'. Fortunately for me, after sometime, I got my first cross-boarder client. He saw one of my self promoted posts in a Facebook group and he requested I design a logo for his small company. I told him I was a Nigerian, and due to international transfer charges and the time to which I would get my payment, I only accept cryptocurrencies.

He was totally fine with that. I also told him he would pay after he is satisfied with my design and after I send him the files of his logo. He confirmed the files I sent to him via email, and then I gave him my bitcoin address.

He made the payment, and shared me a screenshot of it and said I would receive it in a a few hours. After a few hours lo and behold, I received it in my luno bitcoin wallet. I was really happy.

In essence of what I am saying, crypto has made transaction to be easily performed without including the bank for international transaction affair. It's is safe, fast, reliable, secure and attracts very lesser fees.

Q3.What is decentralization. What are some advantages of decentralization?

Decentralisation means the carrying out of transactions without any third-party. It also means that no nobody is in control of your personal crypto assets and you can use them do whatever you want whenever you want, and that you can also acquire as much as you want without boundaries or limits.

Advantages

• No third-party is involved
• It is secured
• It is fast
• Full control of individual cryto assets
• No boundaries, no limits.

CONCLUSION

Cryptocurrencies are the future of mankind. They will replace the banking systems in the nearest future and will ease transaction made by people, both locally, and international wise. It's is fast and reliable means of payment which is adopted by many countries and other countries too are as well begining to adopt it.

Thank you once again prof @zology69 for this great lecture, and I hope to read from you or prof @chiomy again next week. Thank you for your continuous support.