Steemit Crypto Academy Contest / S2W2 – Cryptocurrency Adoption by @tamighty
INTRODUCTION
Time runs so fast. We are already in the second week of the engagement challenge. It has been an intriguing challenge altogether. The goal of the challenge is being achieved in my life. Thank you guys for bringing such nice topics that will boost interactive conversations between us. Last week it was the subject of cryptocurrency and conventional currencies and these week we move a step further.
Quickly, let me join this week's contest in this community; Cryptocurrency Adoption. Please follow me as I enlighten you on the subject.
Discuss the adoption of cryptocurrency in the financial market and how businesses can be boosted through cryptocurrency transactions.
Cryptocurrency adoption or adoption of cryptocurrency in the financial is simply the process of the introduction of cryptocurrency in the financial market where businesses and services transactions are done with the use of cryptocurrency. It is the acceptance of cryptocurrency into the the financial market as a means of payment for good ands and services.
Today, the financial market of each country runs with the use of conventional currencies. Many individuals are used to the use of conventional currencies in their businesses and they do not see or think of a better means of doing businesses. However, a better technology is here. Though still new in many parts of the world, the cryptocurrency technology is what the world had been waiting. It is taking over the financial market in no distant time but for now, it's adoptiom is still an issue.
Cryptocurrency which started with Bitcoin in 2009 has grown so wide. Many blockchains with better innovations have emerged after the invention of the father of coin, Bitcoin. Many of these coins are used to run one project or more. This is to say that investors who see the future of those projects and which to invest have to invest in the native coin of the projects.
Since the invention of Bitcoin and the other cryptocurrencies that have come into the cryptocurrency market, their had been many innovations different from the use of cryptocurrency to fund projects. The NFT, DeFi, DApps, Club Fan tokens and many others have been evolved and are being used in the businesses of many inventors. Many individuals have transacted using cryptocurrency as it is the only means available in getting the exact things they need.
With what I have mentioned above, it is clear that, cryptocurrency hasn't come to be second option in the financial market but to be the main currency with which business deals are close.
At the moment, there is really no competition between use cryptocurrency and local currency but their is a gradual move into the space of the financial market. This has started with some of the developed countries. Once the top countries like USA, China, Japan, and United Kingdom fully adopt the use of cryptocurrency in the financial market, developing and under developed countries will follow.
In essence, I am saying that the adoption of cryptocurrency in the financial market is not a struggle at all. It has begun gradually in some parts of the world, and it will soon spread across the universe. I see cryptocurrency being used for closing many business deals in the nearest feature.
Businesses can be boosted through cryptocurrency transactions in that first of all, because one is in total control of one's money, business transactions can be done at any time without a third party intervention which slows down deals and my lead to a change of mind in any of the parties involved.
In another way, coins that were acquired in business deals at a point when the value of the coin was down can have a rapid increase in value for a business man or woman. This will help the individual improve on the services or goods offered.
Furthermore, it enhance business deals across country bothers without having to get another currency or travel down to far places to complete business transactions. It eliminates the barrier created by distance in business deals. For instance, if a someone sees a good or services he needs in China today, the person has to get the currency of China in order to buy but with crypto, it is universal and can be sent to any place in the world.
For the business men and women, it increases the customers readily available to buy a product without struggling or doing many physical adverts to get customers.
What is your opinion on cryptocurrency being accepted globally for our day-to-day transactions.
Cryptocurrency being accepted globally for day to day transactions is one thing I have waited for over the years I have known about the technology of cryptocurrency because it will help settle all the problems we have with the use of money around the world. Like I stated earlier, the acceptance has started gradually. No one have to force it. It is only a matter of time it is accepted globally.
Acceptance of cryptocurrency globally means that the local currencies will be eliminated and the world will have only one currency. The middlemen in business transactions will be eliminated and one can transaction with people from all parts of the world.
At the moment, because of the different views of different country government about cryptocurrency, it is not even considered. It is seriously affecting the value of cryptocurrency assets. Like in Nigeria today, cryptocurrency activities are more or less banned making it difficult to directly convert coins to our local currency from many of the exchanges.
The acceptance of cryptocurrency globally will help the regulation of cryptocurrencies and help curb the issue of high volatility common to all of them. When cryptocurrency is fully accepted, a regulatory body can bet set to decide the volatility level of cryptocurrency assets.
It will also enable the easy sending of money across to business partners family and friends around the world without visiting a financial institution to do that. In essence, it allows easy flow of money across countries.
Global acceptance of cryptocurrency will also eliminate the superiority of one currency over the other which is experienced in the world today.
Do you think the high volatile nature of the crypto market is a concern to business owners? Discuss.
Image from tradingview
High volatility nature of the crypto market is a concern to not only business owners but also to investors and traders of cryptocurrency. It is a very big issue that crypto investors have to consider how to regulate.
I tell people today that crypto can make you wealthy over night and make your poor in a short while. Yes, this is what crypto can do to any body.
Imagine a business owner who just closed a deal of worth $25k in Luna before the fall from $98 down to $0.00000122 in May. The business man will be hoping that it will rise back when it all started to fall, to see it after few hours and it's in $10. He will almost commit suicide if care is not taken.
High volatility of cryptocurrency is a big worry for all people. If crypto volatility is not regulated by inventors, I am sorry to say that the world will never accept it and no matter strategy is used, crypto cannot take over the world financial market. I may have sounded controversial but I just said the truth. The way it is now, a country's economy can crumble as a result of the volatile nature of crypto assets.
You see why business owners will even kick against the adoption of cryptocurrency in many parts of the world. It won't help them to grow their business to full capacity.
What other factors are currently limiting the adoption of cryptocurrency and how can this be solved?
Many factors are limiting the adoption of cryptocurrency. I will list them below.
Ignorance of individuals and government bodies about blockchain technology.
High volatility of cryptocurrency assets.
Lack of technology or the infrastructures needed to use cryptocurrency by all.
Lack of regulatory strategies for crypto assets inventions.
Inventors and investors should do enlightenment campaigns for individuals and government bodies to let them know what the blockchain technology is all about.
The nature of cryptocurrencies should be made less volatile by inventors.
Inventors should liase with the governments to provide the technology and infrastructure necessary for crypto to run in all countries to enable individuals have access to cryptocurrency activities.
Crypto asset should be regulated. A body should be set to oversee the the extent of the rise and fall of cryptocurrencies and the invention of new cryptocurrencies.
Discuss the Pros and Cons of cryptocurrency adoption by business owners.
PROS
There is no limit to the worth of cryptocurrency that can be sent out of ones account to complete a business deal.
The speed with which transactions are completed is fast because middlemen which slow down transactions are removed.
Business deals can be completed and payments can be made from any part of the world without the need to travel down to distant locations.
Cryptocurrency markets can be accessed by all business owners from any part of the world. No restrictions is placed on anyone.
The low cost of cryptocurrency transactions can boost profit margins of every business owners.
Transaction made in the cryptocurrency space is permanently recorded in the blockchain. This offers business owners to be able to access this records any time they are needed.
A. Hackers who are part of the crypto space can do away with money of business owners.
B. Lack of digital skills by many business owners to use the complicated crypto platforms for transactions.
C. Lack of internet services in some part of the world to access the crypto market by some business owners.
D. The high volatility of crypto assets can make a business owner stranded and short of funds to make business deals.
E. There is high risk of crypto transactions as they are not irreversible when they are completed. Any mistake in the process of the transaction can lead to loss of assets. Assets lost are gone forever.
CONCLUSION
Cryptocurrency adoption in the financial market is a gradual process that have started. It is gradually getting being adopted for transactions in the developed world. Examples are the Fan tokens used to run football clubs. Anyone who wishes to invest in clubs like PSG, Barcelona, Juventus, etc has to buy the token of those clubs. The world will accept crypto in the financial market very soon. It is just a matter of time. However, for massive adoption to be possible, the inventors have to come together and do something about the high volatility of this crypto assets. It has resulted to many losses. Also, they should set a regulation for the amounts of cryptocurrencies that come into the market, making all to meet some general requirements for ease of their use for transaction.
Cc:
@pelon53
@fredquantum.
You have succinctly explain the adoption of cryptocurrencies and the factors that are still limiting its wide or large adoption.
Indeed, ignorance is one of the things that's causing cryptocurrency not being adopted in some countries. But these days, both government and citizens are being educated.
With time, there will be more mass adoption and cryptocurrency will be used for business transaction. Thank you for sharing with us.
I hope the mass adoption do not take long time because that is the only way Nigerian Govt can also adopt it.
Thanks for your comment
With the adoption of cryptocurrency in businesses, it will enable swift and seamless transactions.
That's tue.
Thanks for your comment.
Thank you @tamighty for giving your best in publishing this article, I called it your best because its awesome, your style of presentation, manner of speech, they are all good.
I believe you will continue to progress on the steemit platform.
Kindly drop a warm review on my contest post.
#steem-on 💙💙
Thanks for your kind comment.
I will surely drop a comment on your post.
You have done a very good work there. I learnt so much reading your post.
Thanks for sharing.
It would be very best if cryptocurrency accepted globally for us for day-to-day transactions. If it can be done then our lot of problems can be solved. But would you think that the banks all over the world will accept this matter. The answer is no because it is a biggest loss for them. Your post is very beautiful you explain well.
At last i invite you to visit my crypto adoption blog also.
Regards:
@malikusman1
Nice and detailed explanations there @tamighty
Thank you!