Steemit Crypto Academy Contest / S2W2 – Cryptocurrency Adoption by @cutlass

(Edited by me)

Hello everyone my name is Oshoke and in this post, I will be taking you through an overview of what cryptocurrency is and how it has impacted our financial world

Discuss the adoption of cryptocurrency in the financial market and how businesses can be boosted through cryptocurrency transactions.

The cryptocurrency has been a very big topic in the financial industry, we could liken the adoption of the cryptocurrency to the likes of the technological revolution which I don’t believe there is anywhere in this world that has not embraced technology, its no longer a question of if cryptocurrency will get adopted its a question of when it will get adopted how quick or fast the adaptation would be.
Cryptocurrency has been around since 2009 and has served as an alternative to the conventional normal currency we have which comes with a lot of limitations and can prove to be very frustrating at some times, we can say that the amount of knowledge about crypto that was available then is nowhere compared to how it is in this recent days, the whole world now knows about cryptocurrency and how solid it has been and till date
The most crucial factor that one can say is delaying the total adoption of the cryptocurrency as a main financial medium for exchange to my opinion would be information, if we check the stats most local merchants that are just around us are mostly accepting cryptocurrency, especially in my side of Nigeria most shops owned by young people are secretly accepting BTC or used as a method of payment because they already know about it but shops owned by old men or unenlightened individuals will instantly reject this form of payment because they are ignorant of how it works
Fast forward a few years from now when the information about cryptocurrency has been widespread and is known the rate of cryptocurrency adoption would have been very rampant and many business will adopt this means of payment for essential reasons like

• Fast
• Secure
• No third Party
• Low Fees etc

HOW CAN BUSSINESSES BE BOOSTED BY CRYPTOCURRENCY

One of the most common things marketers face is the unpredictability of a conventional banks, say for instance a seller sell a merchants to a buyer and the buyer can only pay using transfer, now the transaction might fail for a various number of reasons like exceeded daily transfer limit, Bank undergoing maintenance etc and due to this the seller might have to cancel the purchase and retrieve his goods hence loosing that profit from the sale or even loosing the customer. With cryptocurrency one never has to worry about transactions failing when a seller makes a purchase his funds will immediately arrive at your wallets as we do have cryptocurrencies that have TPS of up to 10,000, hence customers or profit we occasionally loose as seller due to bank's excuses would be no more if the business owner adopts cryptocurrency
Secondly with cryptocurrency one can make purchases of goods and services from all around the world without having restrictions like we do withconventional banks that one would have to fill some paper works, one can easily send money to any part of the world and purchase goods for his bussiness without a hitch
Another reason i strongly believe crypto would have a good impact on bussiness is because of its transparency, when a transaction is carried out in cryptocurrency one can easily go online to the blockexplorer to properly confirm the said transaction hence reducing the chances of one loosing his market or capital to fraudsters

What is your opinion on cryptocurrency being accepted globally for our day-to-day transactions.

If or When cryptocurrencyis accepted world wide i believe it will make a lot of impact in a lot of aspects, like having to pay for coffee you take to work daily but in this case it would be for a very negligible fee , I believe the acceptance of crypto globally would revoltutionalize the financial sector.
With the introduction of cryptocurrency as a global payment system we would begin to experience things like bussiness growing as a result of smooth payment system and we as consumers would also flourish as a result of hicccup free payment system where transactions are processed on-time. In my opinion a lot of individual growth would be seen noticeably between those selling and those consuming products on a day to day basis, little charges lost to the system will be avoided and most cases you will be saved from issues like limit exceeded etc

Do you think the high volatile nature of the crypto market is a concern to business owners? Discuss.

Yes, As long as you are in the cryptocurrency space how the market fairs is always going to be your business even if you are only dealing with stable coins, If crypto is very volatile this imminently means that the market is very unstable and as a bussiness owner your customers might be traders which means they deal with all sorts of cryptocurrency weather stable or not and if the market is favourably volatile (bullish) this would mean profits are being made which will also mean your bussiness customers would be in a happy place emotionally or would have additional profit to make purchases from your bussiness
We can use the instance of bussiness owner that accepts all sorts of coin that can be exchange on a particular exchange, now lets say a customer make a purchase of a Fan for 100$ paying with BTC worth of a hundred dollar, over the next few hours BTC dumps by 10% this would eventually mean that the bussiness owner has possibly lost his profit for selling that goods or even part of his capital,So the volatility of cryptocurrecy to a bussiness owner is as important to a a business owner as it is to a cryptocurrency trader cause as its volatility affects everyone the bussiness owner will not be left out if he accepts cryptocurrency as a form of payment.

What other factors are currently limiting the adoption of cryptocurrency and how can this be solved?

Below are a few problems limiting the adoption of cryptocurrency alongside there possible solutions

• KNOWLEDGE ABOUT CRYPTOCURRENCY

In my own opinion is one of the most biggest hurdle we have to cross before we can attain the level of adoption in crypto we are looking for, people will only embrace things with open arms if they know or have enough information or knowledge about it, the first step to adoption i believe would be enlightenment
They are many places or many business owners you would meet who will tell you they are not into crypto or they don't know about crypto now talk more of having it as a payment system, i believe in places like mine the major factor is that most business owners are oblivious of how crypto works, sure they have heard of it but never seen a practical application of it.

SOLUTION

Mass enlightenment activities should be carried out like organizing seminar on the benefit of cryptocurrency to businesses or about cryptocurrency generally
Course related to Cryptocurrency should be taught in insitutions
Free shows should be organized to tell people about cryptocurrency from the comfort of there home

• GOVERNMENT POLICIES

This has got to be one of the top challenges cryptocurrency faces, most governmental bodies are worried over the new decentralized finance as they have no control over it and no share whatsoever so they normally try and place policies that will hinder cryptocurrency from flourishing in there country, for instance in Nigeria the CBN has placed a total ban on cryptocurrency hence no one is allowed to use the crypto openly talk more of accepting it as a method of payment

SOLUTION

The only viable solution in this case would be for users to show the authorities how much positive impact the cryptocurrency adoption will have on the economy, of course no good leader will hinder something beneficial from his followers

• VOLATILITY

This might not really look like an issue but those who have knowledge about cryptocurrency are usually aware of how volatile it is so they advice others just coming in to be careful and end up scaring them. The cryptocurrency is indeed very volatile and one can end up loosing or gaining money and this volatility is a problem which might be exciting to others but also terrifying to other

SOLUTION

If one who is not very familiar with the crypto world is just starting out it’s always very crucial we inform them about stable cryptocurrency like the Fiat pegged stable coin USDT and the like of Bitcoin which are unpredictably volatile

Discuss the Pros and Cons of cryptocurrency adoption by business owners.

PROS

NO AUTHORITIES

Unlike our traditional currency the asset in your possession are 100% yours no one with exception of you can approve a transaction or restrict/freeze your asset hence a business owner can carry out any or many transactions with out worry of bank and excuses

LOW TRANSACTION FEE

When a business owner wants to sell goods especially one’s on different ends of the world with cryptocurrencies all one needs is just wallet address and no matter how far away the transaction will be executed no need to close down businesses go to bank and deal with paper work, all is done instantly without hassle

SCALABILITY

Cryptocurrency is a very fast medium of payment and in cases of business owners like those that own drive through stores, purchases made are meant to be confirmed almost instantly, with cryptocurrency this feat can be easily accomplished and a lot of business transaction can be made without a hitch hence saving the business owner from loosing potential customers due to slow or no payment

CONS

PRIVACY

Since the payments can be made without trace backs, consumers who stole money can easily make purchases with stolen assets without trace backs, or in the case of something going wrong between a business owner and a consumer there is no way either can be tracked from the payment system

VOLATILITY

The volatility can be a big downer for business owners if they do not deal only with stable coins, they is always a chance that the amount a consumer pays this minute will not be the same in a few minutes time if its not a stable coin. As the price fluctuates one can loose profit from this market fluctuations

IRREVERSIBILITY

As a business owner dealing with cryptocurrency as a method of payment, every once in a while you are likely to make purchases or carry out transactions using cryptocurrency hence, on one or two rare occasions mistakes are bound to happen maybe you will accidentally add an alphabet to the address hence you get your money sent to a wrong address and when this mistake happens, there is no such thing as reversing the transaction. In cryptocurrency each transaction carried out either to a wrong address or a dud address the cryptocurrency is to be assumed lost forever

CONCLUSION

In conclusion I would like to add that the adoption of cryptocurrency on a global scale would do more good than harm as we have seen many people became successful as a result of adopting cryptocurrencies, I believe business owners most especially would benefit the most from this.