A cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computer systems. This decentralized structure allows them to function outside the control of governments and central authorities.
Cryptocurrency can be acquired through mining or purchased with money or from other cryptocurrency exchange. Cryptocurrency like bitcoin, etherum and etc has skyrocket so much that they are used as a trading instrument for transactions and cross border transfer.
How does it affect global society?
Cryptocurrency as a digital currency has made an huge affect to the global society. Since it has become a medium of exchange use to verify and secure transactions. It has help in inflation control globally and so many investors are using this currencies as an asset and adding them to their various portfolio.
Cryptocurrency has affected the political, cultural, economical and social lifestyle of man kind. Years back, Government agencies were trying to restrict the use of cryptocurrency, but now so many countries are already diverting into the new technology. Cryptocurrency as an digital/electronic money can be transferred in any part of the world at no cost and be traded with the aid of crypto signals.
Look at the world today, it evolving everyday, tech companies and technologies are advancing everyday, so as the world economy which is also changing. Everything around the world is going digital and most currencies are moving into electronic savings. Number of investors are exceedingly high due to that electronic assets will be valued more.
Has it been affecting Nigeria society?!
In my country Nigeria, it is no news that cryptocurrency is a big deal, when it comes to adoption of it. Nigeria is one of the leading countries because cryptocurrency has made a huge opportunity and a lot of people don't want to miss out on it, whereas they are looking to purchase and trade with it more.
The central bank of Nigeria (CBN) release a statement that appeared to be a ban on the use of cryptocurrency in the country, which was the end of crypto in Nigeria. The ban had effect for a while so many bank accounts were blocked due to cryptocurrency transactions. But as time goes on the usage of cryptocurrency in the country bloomed and flourished whereas users where able to get new ways to buy and trade with the aid of peer to peer transactions (P2P), cross border transactions etc.
Cryptocurrency has made a lot of impact in our society and I'm proud to say I'm a living testimony. #Hive and #LeoFinance blockchain has done a great deal for me over the past few months.
Here's my entry to the
@steemflow/contest-details-at-bottom-0sc0s1i6nlrefsi81e4s3dmt74jyevbd
All appreciation goes to #LeoFinance Community, @steemflow and @bhattg