The Basics of Crypto | How to Buy & Use Crypto
What is crypto? How do you purchase & use cryptocurrencies online? What are the benefits of using them online? Get all the answers to these questions.
The Basics of Crypto
If every online business, including casinos such as Awintura, would bother to include cryptocurrency as one of their payment methods, issues regarding delays and scamming would be solved tomorrow. I hate to go all Neil Patel on you, but if you are a regular shopper online, using brands and platforms that support crypto will simplify your payments online. Cryptocurrencies have all the answers.
Did you get the rejected credit/debit card blues at your favorite online gambling platform? Cryptocurrencies will wash them away with the fierceness of a million fire hoses. Are nosey banking chaps declining to process your transaction, perhaps to your favorite adult website? Crypto has you covered with a decentralized warm duvet pulled out of the dryer.
There are plenty more advantages that cryptocurrencies offer you. This, among other things, will highlighted in this guide to cryptocurrencies. What is the history of cryptocurrencies? How are cryptocurrencies made? What are some of the advantages of using crypto? Get all the answers to these questions, plus much more.
When Was Crypto Invented?
The first ever crypto to invented was Bitcoin, back in 2008, by an anonymous person by the name of Satoshi Nakamoto. Although the concept of a digital currency had existed before, it wasn’t until the invention of Bitcoin that cryptocurrencies became mainstream. The coin became a game-changer and introduced a lot of innovative and unprecedented features.
The outstanding feature of Bitcoin is the fact that it decentralized and not regulated by any central body. Additionally, it is based on blockchain technology, allowing users on the network to share the coins anonymously via unique signatures and addresses.
Bitcoin might have been the first cryptocurrency online, but there have been plenty more designed. The most popular ones include the following.
- Litecoin
- Dogecoin
- Tether
- Ethereum
- Ripple
The Basics of Crypto
To understand the working principles behind cryptocurrency, we need to look at how Bitcoin transactions are conducted. The mechanism behind the working of Bitcoin the same one used across all other cryptocurrencies. There’s a very slight deviation.
All cryptocurrencies are usually mined. Also, The term ‘mining’ used to refer to the process of developing crypto through decoding sophisticated computational problems as part of the process of adding new logs to the blockchain ledger. Whoever solves this sophisticated code earns a reward in the form of a cryptocurrency.
Once the Bitcoin is mined, they are ready to be transacted on a public ledger referred to as blockchain. A ledger is a system that ensures the transparency of all transactions. However, Each time you attempt to initiate a crypto transaction, you must wait for verification, which can take anywhere between 10 minutes and one hour.
What Are the Advantages of Cryptocurrency Over Fiat Currency?
Cryptocurrencies refer to digital coins. Fiat currency, on the other hand, refers to the regular day-to-day currencies we use to transact. Dollars, Euros, Pesos, Yuan, Yen, and many other currencies are all categorized as fiat currencies. When you compare these two currencies, you’ll realize crypto offers users advantages such as anonymity, transparency, decentralization, and very little (to zero) fees compared to regular currencies.
Anonymity
The technology used in developing crypto doesn’t require you to share any of your personal data. Also, Your cryptocurrency wallet doesn’t have to linked to your personal information. Also, This means to own a cryptocurrency, you don’t have to provide your email, full name, personal details, and address. Contrary to the liberal and loose policy adopted by cryptocurrencies, the fiat online banking system requires you to share all your personal information with it.
Transparency
The blockchain technology used by cryptocurrencies makes every payment visible to all participants on the blockchain. Also, This means anyone on the blockchain can view how much money has sent to any user and how much is left in the wallet. However, This makes it difficult for someone to steal money from the system or increase their ledger, as every transaction verified and tracked by the blockchain participants.
Decentralization
Cryptocurrencies don’t have any central server or network regulating them. It is not regulated by any government, making it an independent entity. Additionally, no special permission required for anyone to access the network or transact.
These are just some of the few advantages of using cryptocurrency over traditional fiat currencies. While they may be quite significant, cryptocurrencies have one major disadvantage: if you send money to the wrong wallet address, you cannot reverse the transaction. This means you must cross-check and examine the address before sending the money.
Is Crypto the Future of Money?
There’s no denying the fact that blockchain technology is a game-changer for the world, especially the online gaming industry. It is more than a currency its viewed by many as one of the most impressive and mind-blowing innovations of the century. It not only benefits online gamers and gamblers but the financial industry at large. Also, Users of Bitcoin and other cryptocurrencies can now move their money online, knowing it is completely safe and secure. In the online gambling industry, it has made it possible for users to bet freely from any part of the world. However, they are yet to be fully adopted by the larger population, but signs indicate it’s only a matter of time before this is achieved.
