Good day to the powerful CEO of this great platform in the person of Jeff, the team/moderators, and my ever gallant Uptrenndians. I will be debating on the motion before me which says Crypto-currency a new alternative or a new danger and I will like to tell you that I am picking the side that says is a new alternative.
What is Cryptocurrency?
Before I will be coming up with my points to prove to you my readers that cryptocurrency is a new alternative, there is a need to open up on what cryptocurrency really stands for. In its simplest term, cryptocurrency is a digital money or we can call it a decentralized money that is not controlled by any government and which can be run or transact through a computer network with every transaction been recorded in block. Now the combination of each block is known as the blockchain. Unlike the paper currency that is controlled by a centralized bank or any organization, cryptocurrency is back up by cryptography. What did I mean by cryptography, it is a way of communicating with each other using some set of codes which doesn't allow the third party to see to what is going on.
We all know that currency otherwise known as money allows us to purchase certain goods and aid selling of products, the same thing is applicable to cryptocurrency because it also gives room for buying and selling of anything. One major difference between cryptocurrency and paper money is the fact that paper can is different from one another from country to country but in the case of cryptocurrency, it is not like that and we have different types of cryptocurrency ranging from bitcoin to altcoin. According to experts, Altcoin are other forms of cryptocurrency aside from bitcoin which is the first cryptocurrency dated back to 2017. Since the invention of bitcoin, many cryptocurrencies has came into existence. For example, we have Ethereum, Litecoin, bitcoincash, EOS, ripple, tether, 1up, steem, hive, and many more. According to the research made by Financial Services Giant Deutsche Bank, cryptocurrency has all it takes to replace paper currency with the massive adoption, the paper currency look so fragile and with the whole world now short of labor cost, lots of social platforms are now coming up with the advantage of allowing their users to earn cryptocurrency for their activities online.
To justify my assertion on the opinion that Cryptocurrency is a new alternative, I will be using the following points to prove to my reader that Cryptocurrency is not a new danger but a new alternative.
Firstly, let us look at the concept of evolution, we are in a dynamic world where everything keeps changes. Looking at the evolution of currency, it does not begin with the paper currency we are using today, dated back into medieval periods, the means of exchange was traded by barter where you can exchange your yam for apple and as time goes on, people began to realize that what they are exchanging is not negotiable and they change to what seems to be the first official currency known as minted. The currency was made from the mixture of silver and gold before the introduction of paper currency, so the introduction of cryptocurrency should be a danger but a great alternative.
Another reason why we should see cryptocurrency as a new alternative is the fact that it gives
room for privacy, you don't have to go to public places like bank, POS stand and many more before carry out your transaction, all you need is your mobile phone or laptop and you are good to go with countless of transactions from the comfort of your room without anybody knowing if you have money or not. I will like to use myself as an example here, I woke up one day with no cash on me and I picked up my mobile phone to trade some 1up for cash and the person beside me was not aware of my transaction. Aside from that, there is what we called private key which is assigned to each wallet and it is only the owner of the wallet that has the right to it which implies that there is no room for a third party except the owner allows it.
Another reason we should see cryptocurrency as a new alternative has to do with a smart contract, smart contract allows transactions to take place between two parties without having a guarantor to stand for anybody in the deal. Gone are those days when people will be having a double mind before doing business with one another. According to experts in the space of cryptocurrency, Smart contract is the blockchain tech that stands in place of a lawyer because it facilitates and verifies every transaction that goes on through the blockchain.
Cryptocurrency is a new alternative because it can be used to purchase any goods online and can also be exchanged between two parties since one of the attributes of paper currency is acceptability, cryptocurrency also possesses the same attribute and with this, we can see it as a new alternative and not a new danger. Many people all over the world are now aware of its usage and this has lead to its mass adoption.
Durability has to do with time, that is, something having a long life span and as well staying in a good condition. This is another attribute of paper money that cryptocurrency has, it can remain in the wallet as long as this world exists. Another big advantage it has over paper currency is that it can never spoil with time because it is digital in nature.
Speed of transaction
This is another reason why we should see cryptocurrency as a new alternative looking at the speed of transactions from peer to peer. I could still remember my first experience with sending bitcoin to a friend using Paxful, the transaction was not up to 1 minute before my friend received the bitcoin to his wallet. Cryptocurrency can be sent to any part of the world within a second with not area limitation.
Another big reason we should see cryptocurrency as a new alternative can be seen from the hygiene aspect, bringing it down to the ongoing pandemic, report has it that the paper money can also be a carrier of the virus meaning if someone who has contaminated the virus directly handover it to another person, such a person is liable to the virus but looking at cryptocurrency as a new alternative will help to contain the spread of the virus and any disease that can spread from peer to peer. This can be seen in the way China and some Asia countries are adopting the use of cryptocurrency.
Unlike paper currency, cryptocurrency is very portable and easy to carry about. What did I mean by this, carrying paper currency worth of 10 million in any local currency will be too obvious and not easy to carry about. Another thing here is that it is too risky but cryptocurrency as a new alternative to paper currency is very portable and easy to carry without people having a trace of it because all you need is your mobile phone where you have your wallet install. Lots of people in our society today have digital currency equivalent to billions in local currency on their mobile phone protected with their private key, there is no way people will know this except they show it themselves.
One of the thing that gives any currency value is limited supply, cryptocurrency also come with limited supply and that is why it is very good to be an earlier adopter. Every digital currency has a total of supply and amount of the token in circulation the moment people begin to earn the token/coin. The rate of mining bitcoin has reduced drastically with series of halving taken place and this has earned the coin the value it deserves as a currency.
Scalability as a concept means a system has the ability to handle larger data and that is another great advantage that comes with the use of cryptocurrency, the blocks that record every transaction in cryptocurrency blockchain have the strength to handle thousands of transactions within a second. This is enough to tell us that cryptocurrency is a new alternative and not a new danger. You don't have to worry about the size or volume of your transactions because cryptocurrency scalability has come to cover the space.
Lastly on why we should see cryptocurrency as a new alternative is the fact that it is profitable. Man in a quest to survive always want to go for something that will bring some profit back to his pocket. Cryptocurrency also allows traders to trade their coin/token in a quest to make a profit. There are thousands of legit exchange sites where individuals can trade their coin/token against or for another coin/token and make a good profit depending on how professional or resilient they are. We all see how bitcoin has skyrocketed to the rate of USD since it was created and people who spear some money on it back in 2009 were all smiling to the bank today.
I will be using two projects which are bitcoin and our native token here on Uptrennd which is 1up to further justify my assertion. Starting with bitcoin, it came into existence dated back to 2009 with little adoption and according to research, about 10000 btc was available at the rate of $50 with nobody available to buy it and with time, when the Bitcoinmarket.com was launched, the rate improves to $0.003 to 1 btc and 8 years later, bitcoin rose up to recorded it all-time high as 1 btc was trading to $19,783. The rate of mining the coin has now reduced series of times with mass adoption which has now make btc to be scarce. We can now see here that it is a new alternative because one of the characteristics that come with money is scarcity. Different stores in developed countries are now taking bitcoin for payment over the purchase of any goods, lots of bookmakers also offer their users the chance to bet on any sport of their choice with bitcoin. This alone is to tell us that cryptocurrency is a new alternative and not a new danger because the world is now going digital and people are beginning to see the good side of it.
Coming down to our native token here on Uptrennd which is 1up, the first question people who are new to cryptocurrency always ask is if they can exchange it for fiat. Many people still believe it is like a virtual coin earned playing some games like subway surfer but Uptrennd has shown to people that they can easily convert their points on the platform to 1up token which they can also trade on their listed exchange site or sell directly to legit vendors. Looking at the concept of scarcity, 1up is not an exception with the first halving. Uptrennd platform has been a means of survival for many people during this Covid-19 pandemic.
Cryptocurrency possesses all the attributes of paper money in terms of portability, limited supply, acceptability, durability and many more, this is to tell us that it is a new alternative and not a new danger. Like I said earlier, the world is now going digital and everybody has to accept this fact, with cryptocurrency as a new alternative, we can sit at the comfort of our home and connect to millions of people over the world. Unlike paper currency, we are in control of our assets and don't have to worry about rushing down to any bank.
I know with these little points of mine, I have been able to convince but not to confuse you that cryptocurrency is a new alternative to paper money and not a new danger.
Cryptocurrency & Blockchain
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.