> What is expected in the Contest Discuss the adoption of cryptocurrency in the financial market and how businesses can be boosted through cryptocurrency transactions. > What is your opinion on cryptocurrency being accepted globally for our day-to-day transactions. > Do you think the high volatile nature of the crypto market is a concern to business owners? Discuss. > What other factors are currently limiting the adoption of cryptocurrency and how can this be solved? > Discuss the Pros and Cons of cryptocurrency adoption by business owners. | Discuss the adoption of cryptocurrency in the financial market and how businesses can be boosted through cryptocurrency transactions. | --- | Cryptocurrencies can be easily can be easily defined as an indisputably highly volatile assets that have the a fast changing the aspect of financial businesses and even the global markets also it has a strong repulsion from federal bodies and religious heads or clergy men because of it different know side effects. ![download.png](https://cdn.steemitimages.com/DQmWSXC9KHih8GeXsc6b8jRwtBzz8aCoAzCTsfqEnvdh4Rt/download.png) [Source](https://www.finyear.com/What-are-the-obstacles-blocking-the-mass-adoption-of-cryptocurrencies_a41865.html) Although some wise country like ***El Salvado*** and ***Central African Republic making them the first Africans to adopt crypto into their country, just as different online pay system, software or application for example PayPal have accepted the use of crypto currencies for transaction and exchange's. Therefore, you will accept the theory that all businesses and organisations that have accepted/ adopted crypto currencies are really making large profit because of it awesome features for example; • It's hard to hack (it's security), • It's Accountability, • It's Efficiency, • Authentic (not modified) and • It's Accuracy etc. Crypto currency has made business more secured and authentic in nature, which has helped traders and business owners reduce chances of getting in bigger risk of getting hacked or theft of data and information #### What is your opinion on cryptocurrency being accepted globally for our day-to-day transactions. cryptocurrency transactions and these are explained below. #### ✓ Though Transparency and through Zero risk of error To be sincere so many Bank managers and Center financial institution staffs are not trustworthy at all. Most of these staffs had illegally stolen most of their customer's funds because it is handled its is control by a center node which is actually in charge of approving of transactions For example, many banks have taken a lot of customers the money, funds and asset because they can manipulate their accounts and have access to them at all times easily. They also take funds in account of a dead person after some period of time and this is really bad for business owners, that's why crypto currencies would be beneficial to traders and business owners their account can never be manipulated because there are no center nodes in charge of any crypto trader wallet or it's transactions. Due it's security it extremely difficult to manipulate or alter a Blockchain data or information and therefor all this fraudulent activities of this centralized financial institution like the bank would come to an end. ![InShot_20220619_050851568.jpg](https://cdn.steemitimages.com/DQmPxpzAzsv4557kmRUyEUNGz7VtAMAmvZ2wMWvdfC9zici/InShot_20220619_050851568.jpg) #### [source](https://bfsi.economictimes.indiatimes.com/amp/news/financial-services/2021-global-crypto-adoption-index-people-are-adopting-cryptocurrency-in-vietnam-india-the-most/86171766) #### Reduction in the risk of conveying a high volume of money. Most traders who are not technologically inclined do carry large sums of money in their hand and walk from the current destination to their house or their bank account, some of this traders carry million of dollars around and this is really risky for to them. Some traders go using bullion van/vehicles in their small cars or by sending their sale girl or boy on motorcycle cycles. This is really risky because they can be easily stopped and all the cash would just disappear into thin air with the theives. And adopting to crypto currencies would really give an extra hand in fighting anti security in the organization or business effectively and efficiently. | What is your opinion on cryptocurrency being accepted globally for our day-to-day transactions. | --- | If the crypto currency is legally adopted as a global medium of transaction and exchange's, with this account owners can peacefully sleep in the home, with the assurance that the assert are safe and sound from any foreign body or any third party person or black hat hacker (cybercrimals). It also been helpful to us all on our day to day activities for example, instead of going to the bank withdraw and put in money in to your account in the bank but with crypto currency you just need use your phone to and receive funds from any location you are. The entire public and government agencies have to be enlightened on the prors and cons of crypto currencies, and they should be properly directed on how it works For instance, if I should make sells of my crypto, because it would be beneficial to all both the citizens and the federal government for when I buy some foodstuff from the old man that is selling in a small shop who doesn't know anything about crypto and I also pay most of my bills like electric bill which is owned by federal government offices that is fighting against crypto, in that case they all benefits. | Do you think the high volatile nature of the crypto market is a concern to business owners? Discuss. | --- | The most important thing is that every crypto trader or user needs to really understanding the formate in which crypto operate, most especially on how it's high volatility can change price in seconds. No matter how good crypto currencies are the still need Assistance and special guardiance from a professional before any on can embark on a cryptocurrency journey. Therefore if the market has much buy order it advised that the organization or business should be accepting USD pegged currency l and crypto Currencies and when it goes otherwise, that's to say if it the market goes red due to much sell order the organization should permit the use of tokens or USDT to reduce chances of losing their asset Then every business owners should be properly informed on how and why The should be careful of the volatility nature of crypto asset Finally, most businesses are and how it could make you a millionaire or a begger overnight. | What other factors are currently limiting the adoption of cryptocurrency and how can this be solved? | --- | ![images (8).jpeg](https://cdn.steemitimages.com/DQmbEf4Nw74wgLT1KJfzHp79G7VLVkKfSm5fNVKH1nVe5Zw/images%20(8).jpeg) #### [Source](https://academy.aax.com/en/countries-adopting-cryptocurrency/) ✓ Government rules: The Government officials of most countries for example the Republic of China government did imposed some rules against the use of crypto currencies in their country and the suppressing fact is that china used to be known for the capability of handling large amount of Bitcoin mining on the world in fact they were rated as the number 2 county when you talk of Bitcoin mining. But now the federal government of china have restricted the use of crypto in most institutions in their country because so many take advantage of crypto encryption to steal and send evil and corrupt money without been caught by anyone and this money could not even retrieved even if found. Also in my country the federal government and his team has officially banned the use of crypto currencies in all financial institution in the country most especially the bank, so therefore the federal government offices is one major factor limiting the global adoption of cryptocurrencies. > The only way out still depends on the federal government and other arms of government to relief the ban been set on crypto currency in their different countries and let crypto currencies be fully adopted by it citizens, although it will take a really enlightened government to do that but I believe if there's a way to restrict criminals use of crypto currencies I believe different countries would quickly adopt to crypto currencies ✓ Environmental effect: The act of mining crypto currencies like Bitcoin really takes a lot of power, energy, resources and time to successfully accomplish, infact most Chinese claimed that before crypto was banned that crypto affected it's environment change because it had consumed alot of computerrised power and energy especially when it comes to Bitcoin mining. So therefore this is another reason that government officials are adopting to crypto currencies or it's mining. > If crypto mining consumes a lot of time and energy, I guess the developer of minner should find a way to reduce the power consumption or they can find an alternative source of energy that will be used to power the it mining easily, efficiently and cheaper. | Discuss the Pros and Cons of cryptocurrency adoption by business owners. | --- | #### The Pros ✓ Lower cost of transactions : The cost of transferring, buying or selling of crypto currencies are quite lower than cost of sending or using centralized financial institution like the banks and this helps traders reduce cost or extra expenses and gain more money. ✓ Faster transactions: Making transaction's via crypto Currencies are much more are faster than using financial institutions like the banks, because you don't need to be questioned by any banker or security man and you also don't need to stand on long queue Just to make transaction using a centralized institution, also in crypto Currencies trading there are no limit on which you can use for a transaction for example if I wish to use 2 billion to by any asset u can do that fast and easily with out any extra disturbance from any human. #### Cons • High volatility movement of Crypto asset: The most dangerous aspect Of crypto market remains that it very risky because of it price instability due to its instable nature, so therefore high precautions must be followed to avoid losing crypto asset due to a big dip like we are seeing now. • Crypto transactions not revisable: Cryptocurrency transactions not reversible which means that when crypto transaction is done it cannot ever be undone or redone, So therefore when a mistake is made in transaction that mistake can never be undo so they the trader who makes a mistake remains the loser or the trader loses his asset for life.

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