In 2009, the world was first introduced to the concept of cryptocurrency. Ever since then, the financial industry has been completely shaken up by this new idea. More and more businesses are looking into accepting crypto as a valid currency. A growing number of people are becoming interested in investing in the market. In general, popular culture has embraced cryptocurrency as a valid investment.
Still, the phenomenon is relatively new. After all, while it has existed for over a decade, most of the wider population only found out about it recently, in 2020. So, in this article, we would like to go over what exactly cryptocurrency is, and how it can be used.
What is Crypto?
Certainly, based on the word itself, one can surmise the basest definition of cryptocurrency. For those who have not been paying attention to the rising phenomenon, cryptocurrency is simply a digital form of currency. What sets it apart from regular FIAT money is the fact that cryptocurrency is decentralized, and therefore does not fall under the prevue of any central authorities (banks, or governments). This means that crypto-based transactions are mostly untraceable. In other words, most transactions are entirely anonymous.
The biggest contender in the world of crypto is, of course, Bitcoin. Created in 2009 by Satoshi Nakamoto, Bitcoin has risen to the top of the heap, and is still one of the most beloved and trusted cryptos in the world. However, it is not the only one. The following is a list of the top 10 cryptocurrencies on the market right now:
1. Bitcoin
2. Ether
3. Tether
4. Binance
5. USD Coin
6. Ripple
7. Cardano
8. Dogecoin
9. Polygon
10. Solana
Of course, since the success of Bitcoin and many of its competitors, over the years the market has seen thousands (if not more) cryptocurrencies. Many of these are incredibly unreliable and volatile, and we would recommend you stick to the ones that are trusted and have endured to this day.
But, now that you know what cryptocurrency is, the natural question is “what can I use it for?” And certainly, that is a good question, as most businesses do not allow for crypto-based transactions. So, in this article, we are going to take a look at the ways in which you can use cryptocurrency.
Gambling
One of the primary uses for cryptocurrency is gambling. There are a ton of websites dedicated to sports betting and gambling that have begun accepting crypto-based payments. Especially Bitcoin and Ether. However, even lesser known cryptos get a chance to shine, if you delve a little deeper.
You see, a relatively recent phenomenon is the rise of crypto casinos. For those who may not be aware, a crypto casino is no different from a regular casino. Except the fact that they operate entirely on cryptocurrency. So, you can play all of your favorite games like poker, roulette, blackjack, etc. And all the while use cryptocurrency to place a wager.
You will often find that crypto casinos are open to pretty much any form of cryptocurrency, though the most popular ones naturally rise to the top. So, Bitcoin, Ether, Tether, Ripple, and Binance are the ones to look out for when gambling at a crypto casino.
Investing
Most of those involved in the world of cryptocurrency are simply investors. Crypto investing is not much different than typical market investing. It takes a certain degree of analytical skills, and a market savvy. Basically, one would have to analyze the market, predict which crypto is on the rise, and purchase units of said crypto. Then, when it looks like the crypto has reached the peak of its value, the trader sells their stocks and makes back more money than they invested.
Most trading markets are incredibly volatile, and this goes double for the crypto market. So, you must be keenly vigilant if you are going to choose to be a crypto investor. Luckily, there are many crypto apps, which you can take advantage of in 2023. These apps will provide you with constant updates on the market, and some may even feature tutorials on how to better your crypto trading skills.
The crypto market is one of the fastest-growing trading markets in the world, and is currently ranked as the third most popular, behind only the stock market and forex. Some experts are predicting that crypto should overtake these two in the future, though many are doubtful.
Online Transactions
While it is true that many land-based businesses have not jumped aboard the crypto-wagon, many online shops have done so. You could use cryptocurrency to make transactions online, whether from businesses that have embraced it, or from individuals looking to sell something themselves. Though, it is worth knowing, that when you use crypto transactions online, you should be fully aware of the person you are dealing with.
As we said, cryptocurrency transactions are entirely anonymous and untraceable. Sadly, some have exploited this in order to promise a product in exchange for crypto, which they then never deliver on. So, if you are going to purchase from individuals online, make sure that they are trustworthy.
But, many crypto-owners don’t just purchase stuff for themselves. In recent years, crypto-based donations have gone up. People use crypto to donate to people from less-fortunate countries, war-torn environments, and even local charities. Though, if you are interested in donating cryptocurrency to charity, there are things you ought to know. So, before you donate, be aware of the pros and cons of using crypto for charity.
The Future of Crypto Transactions
Many of you will be happy to know that quite a lot of businesses have begun embracing crypto-based transactions. Starbucks, Microsoft, Whole Foods, etc. have already put a system in place for crypto-based transactions. Other industry giants are also looking into the phenomenon, most notably Tesla. Many experts believe that it wouldn’t be all that strange to see cryptocurrency be embraced by all, or at least most, businesses in the near future.
