Contest Alert 📢: S4B Crypto Contest - Season 24
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Welcome everyone to another interesting discussion about cryptocurrencies. Another question -topics has brought forward for us to look into and come up with ideas that addresses the points raised in the questions. @waqarahmadshah regularly come up with crypto related questions aimed at understanding more about the Crypto space and keeping us fully engaged here in this community.
Now let me go ahead to make my contributions to the questions raised in this contest.
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Green cryptocurrencies are digital assets that that makes use of little energy resources from hydroelectric, wind or solar power, to reduce the negative environmental effects and encourage a habitable ecosystem. This is to say that green cryptocurrencies could have lower transaction fees and lower energy consumption for a friendly environment.
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Inflation has been described as the the state of the economy in which the prices of goods goods and services rise. As inflation affects the Fiat currencies, so does it also affect cryptocurrencies.
During a period of inflation, cryptocurrencies could help to combat inflation in the following ways:
Storage: Here crypto wallets are used to store cryptocurrencies so as to make it easy for you to ha access your money.
Cryptocurrencies are also scarce resources because they have no free supply. This makes their values to increase over time.
Crypto currencies are decentralized and so is not controlled by any authority.
These factors could help in combating inflation
Some of the challenges to overcome include:
The crypto regulatory environment
The human capital deficiency
Disparity in income
The high level of illiteracy:
Lack of information and communication technology resources
These are some of the challenges that crypto must overcome to gain massive adoption.
My humble submission is just as presented in this contest. I believe it would go a long way to add to the body of existing knowledge.
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