Cryptos are omnipotent!
If you’ve been on the internet in the last few years, you’ve likely come across the word ‘crypto.’ Crypto is the lingua franca of the digital age–a term used to refer to anything related to cryptocurrencies, blockchain, or Initial Coin Offerings.
The world of cryptocurrency can feel overwhelming. There are so many new terms, so many new concepts, and so much potential jargon.
But how does crypto work, and why is it so important?
This is an introduction to some of the most important concepts you need to know about crypto to get started understanding it and learning more.
What Is A Cryptocurrency?
Cryptocurrency is more than just digital money. It’s a digital asset that can purchase goods and services. You can purchase and trade crypto on the best crypto exchange platforms.
Crypto coins are created when developers, miners, and network engineers complete a complicated computational process known as mining. When they meet a block, they receive a certain amount of cryptocurrency.
If you’ve ever used PayPal or even just credit cards, you’ve used a cryptocurrency.
How Does Cryptocurrency Work?
Understanding cryptocurrency is one of the biggest hurdles for newcomers to Blockchain. Understanding how cryptocurrency works, however, is an even more significant challenge.
Most cryptocurrencies are based on a blockchain, essentially a long chain of linked transactions. A blockchain is like a spreadsheet: all the information is there, and it’s all up on the blockchain for the entire world to see.
The way cryptocurrency works are like how the internet works, but it also has some differences. For example, on the internet, when you visit a website, you can read the information, view the pictures, and even buy things off the site.
However, what if we told you that there are other aspects to these digital assets beyond their application in the financial world?
Yes, you can use cryptos in your everyday life. Let’s check out the why in the section below!
Why Use Cryptos In Your Everyday Life
Decentralization
One of the primary features of using cryptos in your everyday life is to access a decentralized medium for your transactions! Therefore, these digital assets have a key cryptography feature, enabling users to transact with complete ease.
With no third parties or intermediaries involved in the transaction, cryptos save you from incurring extra charges as they connect directly with the service providers. This way, the payment also becomes faster, streamlined, easier, and less expensive.
Security
One of the primary factors of using cryptos is the security that it adds to your everyday life. However, while cryptos are easily transacted, the Blockchain underpinning the technology has earned its name around inaccessibility by most hackers.
Besides, since users don’t need to register with any account or financial institution, it becomes difficult for hackers to access your tokens. This way, it adds to the overall security of your everyday transactions.
Online Purchases
Thanks to their popularity, you can even buy your favorite everyday products using cryptos. While many brands are yet to onboard the crypto train, several companies and service providers now accept cryptos for their services and products.
The List Is Endless!
The best thing about cryptocurrency is its ability to make everyday purchases more accessible and faster. You can use it to pay for clothes, gas, pizza, or even a plane ticket. Sadly, it comes with its own limits!
While many businesses readily accept cryptos, many organizations are yet to accept them as legal tender. So while you can buy anything, ranging from a Tesla car to your favorite beverage from Starbucks, we understand how limiting your options can become when purchasing with cryptos.
This is where gift cards might come in handy!
How? These pre-loaded cards allow you to access services and products from millions of brands. In addition, thanks to payment processing platforms like Coingate, you now have the option to exchange the value of your crypto for a gift card.
The process is straightforward; all you need to do is visit the platform, choose from the thousands of brands and pay for them using your crypto tokens. Once done, you’re all set to shop for the products you previously couldn’t
Should I Buy Crypto?
You probably think of volatile markets and bitcoin when you think of cryptocurrency. But cryptocurrency is more than just a way to buy bitcoin or other cryptocurrencies.
As blockchain technology continues to expand, so does the use of crypto in our everyday lives because it provides many benefits such as security, anonymity, and a faster, more secure way to send value.
Investing in cryptocurrency is a safe way to build a financial portfolio, especially compared to traditional investments like stocks and bonds. All the best!
