Cryptocurrencies – The Future of Finance?
Cryptocurrencies are a form of decentralized digital currency built on the foundation of a blockchain. Since blockchain technology is equipped with special end-to-end encryption, cryptocurrencies are a highly secure mode of the online transaction.
The crypto market is prone to fluctuations as cryptocurrencies are not regulated. So, crypto trading has ended up becoming a very lucrative source of income.
There have been instances where people have literally become millionaires overnight. The most popular cryptocurrencies include Bitcoin and Ethereum.
In this article, we will tell you everything that you need to know about crypto.
Origin of Crypto
It all began in the year of 2009 when the first cryptocurrency was invented – Bitcoin. The inventor of Bitcoin is Satoshi Nakamoto, whose identity is still unknown to this day.
At the time, the value of 1 bitcoin hardly amounted to a couple of dimes but a sudden boom was observed in 2017. Today, a bitcoin costs more than $40,000.
Almost every business is encouraging its usage among their customers. In Bitcoin, miners gain a small mining fee for processing the blockchain and providing computing power.
In other industries like retail, a discount is frequently used. Furthermore, we found that online casinos are taking a rather unique approach.
They are providing players with reload bonuses in exchange for making deposits via Bitcoin. There are comparison sites that aid with finding the best ones.
Additionally, they provide steps on how to claim and provide reviews on secure recommended operators.
Advantages of Crypto
Higher Rate of Privacy
As mentioned earlier, crypto has end-to-end encryption because it is built on blockchain. This aids in the protection of your privacy.
When you make a Bitcoin payment, it cannot be traced back to you unless you allow it to be. Every transaction is completely impenetrable to hackers and cyber security is almost guaranteed.
High Speed
When you use other methods of payment, the transaction usually takes at least a few working days to complete.
When it comes to gambling or sending crypto, this isn’t the case. Transactions facilitated by cryptocurrency are processed in less than a day.
Which Cryptocurrency Is the Best?
Ethereum is considered to be better than almost all the other cryptocurrencies. Transactions conducted via Ethereum are usually much faster because Ethereum is actually a general-purpose blockchain.
So, it has the potential to enable much more than just the transfer of money. Ethereum was the first cryptocurrency to facilitate Smart Contracts which is one of the most essential components of decentralized finance.
Many experts consider Ethereum to be the best because of its real-world applications. As of now, it is the second-most valuable crypto in the world after Bitcoin.
1 ether is currently valued at over $3,000. Russian-Canadian, Vitalik Buterin is a computer programmer who invented Ethereum in 2011.
Vitalik says that he created it with the intention of complementing Satoshi Nakamoto’s Bitcoin, not competing against it.
Bitcoin is considered to be more suited for peer-to-peer transactions, whilst Ethereum is used for Smart Contracts.
Which Crypto Wallet to Use?
In our opinion, Binance is the best crypto wallet you can use today. It was started in 2017 but has successfully garnered a robust following over a very short span of time.
The company was established by Changpeng Zhao and it is administered in the Cayman Islands. Binance lets you trade all kinds of cryptocurrencies and what makes it even has its own cryptocurrency called Binance Coin.
Currently, it is valued at close to $400. Nonetheless, the Binance Coin Price Prediction for 2022 is around $1300 which is a jump of over 300%.
What to Expect in the Future?
In the near future, Ethereum might surpass Bitcoin in terms of valuation. As long as decentralized finance protocols are gaining prominence, crypto will keep expanding its influence.
Very soon, crypto could become a dominant player in the domain of finance. Everyone, everywhere might one-day conduct transactions via cryptocurrencies.
Besides Bitcoin and Ethereum, other cryptocurrencies like Dogecoin, Shiba Inu, Tether, Litecoin, and Ripple will also be used on a large scale internationally.
The future of crypto seems to be rather bright. If you have not already installed a crypto wallet on your smartphone, we suggest that you do so at the earliest.
Source: https://coinpedia.org/guest-post/glimpse-into-the-world-of-cryptocurrencies/