Is Cryptocurrency Really Relevant?
The relevance and popularity of cryptocurrency are based on what it was developed for. Not all cryptos are equal. Ethereum, for example, is popular amongst software developers because of applications like non-fungible tokens (NFTs) and smart contracts that automatically execute when predetermined conditions are met.
The most popular cryptocurrency across the board, however, is Bitcoin. Bitcoin was developed in 2009 by someone using the pseudonym Satoshi Nakamoto. Bitcoin is credited as the original crypto and sparked the creation and integration of other cryptocurrencies into the world economy.
Unlike other crypto’s tied to specific fiat currency, Bitcoin has developed beyond needing financial backing, so the value of a single unit far outweighs that of any fiat currency.
When Bitcoin first burst onto the scene, you could buy one for around $500 as of July 2021; however, one Bitcoin is worth upwards of $32,000.
Where Can You Spend Cryptocurrency?
Physical Stores
Although not all physical retailers support payment in Bitcoin or other crypto’s, there is a massive global trend amongst big business names to accept Bitcoin exchange for goods. These stores will either scan a QR code or wallet key when you check out.
Online Retailers
Online retailers are specifically kitted out to support payment with cryptocurrency. Many e-commerce stores link directly to reputable Bitcoin wallets like Coinbase and Luno. This makes the payment process easier and faster than paying with cash. While the pool of online retailers that accept cryptos is not as vast as you may like, there is significant demand for more stores to support crypto functionality.
iGaming Casinos
Did you know that it’s possible to enjoy roulette, blackjack, poker and even your favourite online slots with cryptocurrency? Cryptocurrency and gaming are two worlds that have been developing independently over the years. Now, however, the two worlds have collided, and the result is astounding.
We see a revolution in iGaming that has allowed people in countries where gambling is prohibited, to participate in it due to anonymity and absolute security. Another progression of security is in the gaming transactions themselves. Blockchain technology provides online casinos with traceable records of legitimate wins. This reduces the chance of fraud.
Benefits of Using Crypto’s
Because of the complexity of blockchain records and power-intensive methods of mining cryptocurrencies, they are generally safer to use than cash. To mine crypto’s, you need top-of-the-line graphics cards and processors in addition to a more affordable way to generate power due to how much energy complex computer systems use.
Cryptocurrency requires no disclosure of identity. Even though blockchain works on a meticulous record of who the last and next owners of each Bitcoin are, there is no need for personal information banks are known for using and sometimes losing. With crypto, your most sensitive personal details will remain secure.
Payments made with cryptocurrency are faster than any bank transfer and require no financial intermediaries to facilitate smooth transactions. Cryptocurrency also carries no transactional fees, so your money stays yours.
Conclusion
Cryptocurrency has provided the world of personal and professional finance with the security, affordability, and convenience that traditional banks operating on fiat currency never could. Whether you are playing roulette, investing in stocks, or shopping online, it’s time to go crypto.
