Thanks to @v4vapid for this special competition. To know more, just click here
I thought at first to write this post only for the sake of the contest, but then I realised steemit is not all about the money, it is all about the growth of the community. This is the reason why I will like to expansively write this post for those who do not even have an idea of what cryptocurrency is to also learn, it is an opportunity to learn and that is what steemit is for.
All the explanations I will be giving is going to be in a lay man's language so that everyone who has little or no knowledge will gain.
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First let me explain what the term "BLOCKCHAIN" means.
BLOCKCHAIN
blockchain to my best of knowledge can be simplified as being a Mango Tree which is situated in an open field and no particular person has control over it, but anyone can go to the mango tree to pluck its fruit and enjoy. Now let us compare this mango tree to another mango tree in an enclosed area which was planted by the owner of the compound for him to have a central control over it, anyone who wants to pluck the mango will have to seek the permission of the one who planted it first before enjoying the fruit. The difference between the two mango trees is that one can be accessed without restrictions while the other one can only be accessed I'd one goes through the right channel.
So Blockchain is like the mango tree planted in the open which can be accessed by everyone without restrictions. A good example of blockchain is STEEMIT.
Let us also explain it from the name, BLOCK and CHAIN, it simply means it is a connection of different blocks. Now consider your account is a block and my account is another block, @v4vapid is also another block, with each person having login details to his or her account and no other person can login to the account except if hacked. So a connection of all this blocks is called a chain of blocks other wise called BLOCKCHAIN
I know a lot of us have been seeing things like:
the steemit blockchain
And we also join others in using it, but we don't know the meaning, now I believe you have an idea of what it is. Now let us take a look at what "CRYPTOCURRENCY" is.
CRYPTOCURRENCY
Now let me use the principle of the mango tree again here. I will like to use the mango tree that is controlled by the owner of the compound where it is situated. Let us assume the mango you get is the money you want and the tree is the bank where you keep your mango, while the owner of the Mango tree is the Bank Manager.
If you want to make any transaction, you will have to go through your bank which helps in monitoring your account just like you going to the owner of the mango tree to get mango. Have you ever imagined that there might not be any reason for you to go through the owner of the compound before you pluck mango, just like making transactions without the interference of your bank. That is what Cryptocurrency is like.
Cryptocurrency is a currency which has been encrypted in your blockchain account, you can use it for business transactions, pay bills online, get assets and you can have a lot of it without any bank complaining you are going beyond the stipulated amount for an account. You can have as much as you want and you can make transactions easily without interference by any bank. So Cryptocurrency is like the mango you can pluck without disturbance or any center control.
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Having defined all this, now let me go into the real deal which is to explain what Cryptocurrency holds for us in the future.
CRYPTOCURRENCY LEADING TO DYSTOPIA.
According to Wikipedia, Dystopian can be defined as:
an imagined place or state in which everything is unpleasant or bad, typically a totalitarian or environmentally degraded one.
Now the question will be:
how will cryptocurrency lead us to a state of negativity?.
1)No central control: Because there is no central control, everyone is a boss on his own, a lot of illegal activities will begin to happen. There is no money laundering agency to access people's account to know I'd what they have in their account is what they have worked for or they have gotten it through ill means. We have a lot of internet fraudsters who carry out a lot of illegal transactions without anyone knowing what they have done and how to trace them.
2)Laziness: Believe me, it is only a matter of time before we all realise that cryptocurrency is pushing us to a state of dilemma, no one will want to work again, what everyone will keep thinking for now is how to mine cryptocurrency or invest in it and get profit. Let us for instance someone who invested in a cryptocurrency with just $5 and after just a month realised $100; do you think such a person will want to work again.
3)Unfaithful Governance: we now have the government who is suppose to monitor the mining and distribution of this cryptocurrencies to ensure it works out smoothly also involving in the large purchase and investment just for their own selfish interest. A lot of research big men have now set their sight on cryptocurrency and all they want is for Cryptocurrencies to be for them all alone and become the central distributor defeating the purpose of Blockchain Technology.
All the corrupt government officials will now have an avenue to keep whatever money they launder and more pain and suffering will be witnessed by the masses.
4)Increase in criminal activities online: I heard of recent how some cyber criminals hacked the wallet of some people who have bitcoin in their wallet, I also heard of how some people created their own I. C. O website where they can supervise people who want to invest in cryptocurrency. now imagine someone who has labored and toiled to earn the money he used in investing in bitcoin and at the end of the day, he got into the hands of those who duped him. Then can see say cryptocurrency has made things better or worsen it.
I just love the way I keep writing about cryptocurrency, but I will have to stop here so as not to keep this post too long and keep it under 2000 words.
Nice write up. Upvoted