If we look around, everything in this century is digitalized, and artificial intelligence has taken over the globe like a storm. To keep up with our busy and super hectic lifestyles, manufacturers are focusing on manufacturing things that can complement our lifestyle or somehow add value to it. That is exactly why cryptocurrency is the new great thing.
If you want to understand the concept of cryptocurrency, then think of it as the tokens we get in the casino. Cryptocurrency is similar to that. It is digital cash against which one can avail services and buy goods pretty much like the money that we use but only digital.
Now in 2021, many companies are operating on cryptocurrency. But the question is, how does it work?
Well, for starters, It is pretty much the same as normal money you know of in your bank accounts, but it is not centralized like it. While the banks and financial institutions centralize our money, cryptocurrency solely works on computers and their algorithms.
Advantages of Cryptocurrency:
In this article, we will talk about some benefits of cryptocurrency and why it is the next big thing:
No Middle Party Involvement
The reason why today’s financing is so complicated and tiresome is that now there are so many middle parties, the banks, the brokers, legal representatives, and others involved. Not just this, but the charges and extra cost just add to it and make the entire process super complex.
This is where cryptocurrency gives a huge advantage. There is no middle party involved in the transaction—the only parties involved in the transaction is the crypto holder and the receiver. Nothing more or less. In short, Blockchain streamlines the whole process of transactions. (*Blockchain to be explained in another future article.)
Your confidentiality Stays Intact
One more reason why the cryptocurrency is a better option is that it keeps things more confidential. Our normal accounts in banks and financial institutions are not confidential. There is a record of everything which we have, and the bank does too. When it comes to cryptocurrency, each transaction that takes place is unique.
No Extra Charges
Cryptocurrency makes international transactions easy. When making an international transaction using cryptocurrency, there is no exchange rate. As the USD is the preferred currency for the transaction in the wallet (wallets are explained on another future article), unlike traditional financing that take a cut of around 3% plus a transaction fee which may be around $30 depending on the amount, crypto transactions may be miniscule.
Types of Cryptocurrencies: Of which there are many!
Popular cryptos :
The trendsetter and the most popular one out of them all, the Bitcoin. There is also Bitcoin Cash, the only difference between both of them being the size of the block.
While ethereum is also a cryptocurrency, it is not all about digital currency. It aims to return control to the app builders by removing middle parties so that the developers themselves can make any or all changes.
This cryptocurrency is also super popular, just like Bitcoin. It also serves the same purpose as Bitcoin does.
Here are some more common types of cryptocurrencies:
• Peercoin. And many more
I’ve found a great introduction to trading and growing your share of cryptocurrency is to download the Coinbase App on your Android or IOS smart device. Here is my link, and if you were to deposit $150AUD you will receive $13:12AUD of Bitcoin and I will too. You then can share the App with others, they make a similar deposit and you both receive $13:12AUD of Bitcoin. #The amount may vary depending on the Coinbase company who provide the App. Here’s the link.
Let me know if you need help, Brian Haupt
Something else I do is to mine crypto with the Pi App. (*Mining to be explained on another future article.)