Like the wild harmattan fire, it starts small and turns into something big and scary that can hardly be curtailed. It starts like a joke but, eventually comes to full potential and engulfs everywhere, it's beauty in full display showcasing the wonders of colours like rainbow in a cloudy sky, especially when it serves the intended purpose without destruction, loss of life or properties.
Just like the above description of harmattan fire so is cryptocurrency. If you have been following the unfolding and development of events in the cyber and financial world, you would understand that cryptocurrency has taken the center stage playing the lead without announcing or begging for space.
Since the rapid takeover of the world's technology, moving from the analogue method of doing things, computer and internet becoming the bane of sending messages and other transactions, there has been attempts to create a valuable and generally accepted medium for values that can equate the value of the known and already existing money that can be used for internet transactions in the confines of our comfortability without the usual stress of going to the bank. Not until 2008, according to Forbes, when the first cryptocurrency was introduced by a certain Japanese, some say they are a group of people named "Satoshi Nakamoto".
It was like child's play only few believed in it thus, taking it with a pinch of salt. It was small with less relivance attached to it, just like the philosophy of the fire that starts small like a joke and eventually turned wild. 2009,recorded a dramatic turnaround in the world of cryptocurrency when the software for storing, calculating, transacting and monitoring transactions was created, as stated by Forbes.
WHAT IS CRYPTOCURRENCY
There are a lot of people around the world today without the slightest idea of what cryptocurrency is, who still ask questions like what is cryptocurrency? Where is it used? How is it used? How can it be acquired? Can one shop with it? All these are frequently asked questions that needs to be answered for the growth and healthy of the cryptocommunity.
Cara McGoogan and Matthew Field, in the Telegraph described cryptocurrency as "digital money". Meaning currency that is associated with the internet that uses cryptography. Cryptography on the other hand which can better be explained as the process of converting legible information into an almost uncrackable codes to track purchases and transfers, as explained by Cara and Matthew.
Simply put, cryptocurrency is a recognized tender for transactions of any kind which can be carried out with the use of the internet.
A AND D OF CRYPTOCURRENCY
Have you ever wondered why it is "as simple as ABC", and D is not added... On a lighter note, maybe D is not simply, maybe D is difficult, maybe D is disadvantageous... On this ground I tag it A and D of cryptocurrency, which simply means the Advantages and Disadvantages of the phenomenon. Everything with an advantage must equally have its disadvantage, like a coin with two sides when flipped falls on the right side or the other way. So as we deal and transact we should bear in mind the positivities and negativities in the cause of transactions.
A OF CRYPTOCURRENCY
It can easily be accessed by anyone so long as you are interested and open to the internet.
Payments and transactions are made easy
It can be used for shopping anywhere in the world
It is not under the regulation of government or central bank
It encourages cashless policy thus reducing theft and robbery
D OF CRYPTOCURRENCY
It is not generally or widely accepted
It fluctuate and unstable
It is difficult to understand
Assets can be lost if the market crashes
It's a blind market, you deal with unknown people
The craze for cryptocurrency has just begun and it's on us big-time. The heat is STEEM-ing hot into our homes, you either watch or follow, which ever way you choose, wherever you belong or stand, we are all CRYPTOMINERS.
All sourced materials are duely referenced where used.
