How cryptocurrency is changing the world
For the uninitiated, cryptocurrency is a relatively new type of currency that exists only in the virtual world, but can be used to pay for goods and services. The best example that many people have heard of is Bitcoin, a mega-popular digital currency that has truly made its way into the mainstream arena over the last few years.
The one thing that most cryptocurrencies have in common is that they are decentralised, meaning there is no single governing body that determines their value, their circulation, or other aspects that we are used to seeing well regulated in the normal financial market. For that reason, cryptocurrencies are deemed to be revolutionary and many believe they have what it takes to change the world altogether, for the better.
Bitcoin came first
As long ago as the 1980s, there were ideas circulating the tech world about a currency that would be decentralised and would not be controlled by any financial institutions. The tech experts of the era took on the challenge, but found it too difficult to solve with the technology of the time.
In the early 2000s, the Bitcoin project was started, although there is no clear indication as to who founded Bitcoin or when exactly they started working on it. What history does say is that in 2009 the first Bitcoins were awarded to people who downloaded the original software, and today each Bitcoin is worth tens of thousands of dollars.
Making money safer
In most people’s minds, using cryptocurrencies is not safe and there is a great risk of fraud or theft involved. However, this is not necessarily true, and for the most part cryptocurrencies are safer to use than regular FIAT money.
Bitcoin, in particular, is an extremely safe digital currency, and the risks run when paying for goods or services with it are very low. Believe it or not, there is a much bigger risk of buyers’ FIAT money being stolen when they use credit cards to pay for thing than there is of Bitcoin being stolen out of a digital wallet.
Money movement made easy
Not only are cryptocurrencies generally safe, but they are also very easy and fast to use. For example, cryptocurrencies are a great withdrawal option for those playing real money games online, as crypto transfers are generally processed very quickly and with no additional checkups from banks and financial institutions.
As long as one is doing things online in good faith and with reputable sites, paying and getting paid in Bitcoin, Ethereum, or other cryptocurrencies is almost always the fastest and the cheapest solution. Cryptocurrency is very convenient for international money transfers, which tend to be costly at times, with the fees being applied to these transactions usually so small that they’re barely noticeable.
With the added security and speed one could only have dreamed off, cryptos are almost certainly the best option for such transfers. To make things even more interesting, Bitcoin ATMs now exist worldwide, which allow users to withdraw FIAT cash in exchange for Bitcoin immediately after receiving a Bitcoin transfer, for lightning-fast banking.
The editorial unit