By
Temitope Olatunji
April 26th, 2024
This article will provide you with the most basic information on cryptocurrencies and their features.
It is undeniable that there is a sudden increase in the number of crypto users. As a matter of fact, the crypto community is getting bigger and bigger than we could ever imagine. If you are still confused about how it works, here are some crypto basics you should know.
What Is Cryptocurrency?
Cryptocurrency is basically your digital cash. You do not have to worry about bringing a bulky wallet because you can instantly buy anything you want with cryptocurrency. Since it uses cryptography, all transactions are secured and verified. It is also difficult for hackers to crack the codes because it is made with random letters and numbers.
What’s amazing about cryptocurrency is that all transactions are recorded in a public ledger called the blockchain. It is basically a ledger accessible to anyone. Even if it is accessible to anyone, no one can edit or alter any information.
Another great thing about cryptocurrency is that it is also decentralized. This simply means that it is not controlled by the government or any banking institution.
You can even buy multiple Birkin and Gucci bags with it!
Does It Really Work?
Yup! It does work. In fact, there are a lot of huge private companies who are now slowly shifting into using cryptocurrency. In addition, crypto is like a debit or credit card. The only difference is that it is not under any banking institution.
It might not be obvious but there are a lot of cryptocurrencies in the market – not just Bitcoin. Each has its own function. Some of these are:
- Litecoin (LTC)
- Monero (XMR)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Tether (USDT)
- Cardano (ADA)
- Polkadot (DOT)
- Basic Attention Token (BAT)
- EOS (EOS)
- Tezos (XTZ)
- Bitcoin SV (BSV)
- XRP (XRP)
- Dash (DASH)
- Zcash (ZEC)
The Advantages of Using Crypto
Less Failure
Since it is based on decentralized technology, it is less prone to failure. This is because it does not rely on human calculations compared to when making bank transactions.
Little to No Scams
Since the transaction is between two people, it is difficult for third-parties to steal your information. There is also no way for the receiver or sender to steal funds because your e-wallet or Bitcoin address is made up of random numbers and letters.
Transparency
Because of the blockchain technology, all of the transactions you made is recorded in this ledger. Well, you do not have to worry about your information because only your transaction is recorded.
More User Control
What’s amazing is that crypto is also considered as a personal asset. With this, you have complete control over your property without the help of any third-party or middlemen.
Fast Transactions
Since there is no third-party involved, the transaction is much faster. As a matter of fact, it will only take minutes to finish a transaction. This is also the reason why the gaming community is slowly embracing the use of cryptocurrency.
More Bonuses and Rewards
If you are into placing bets at online casinos, you will receive tons of rewards and bonuses by simply using crypto. Aside from increasing your chances of winning, you will also have an upper hand compared to other players.
Anonymity
When creating crypto transactions, you do not need to provide any of your personal information. All you need to provide is your Bitcoin or e-wallet address. There are also some sites with QR codes that you can just scan.
With total anonymity, you have the freedom to buy anything you want. What are you waiting for? Buy your own Bitcoin and enjoy the privileges of using cryptocurrency.