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What is Cryptocurrency and What Can You Do With It

The below article is written by Allen Brown

Cryptocurrency has grown in popularity over the years, revolutionizing finance and the economy in recent years. Its capabilities allow for anyone around the world to buy, sell, trade, and spend it, contributing to its international appeal and the opportunity for innovation. It is important that, as it continues to secure its place in today’s market, consumers understand what it is and what exactly you can do with it.


Understanding Cryptocurrency

Cryptocurrency is a digital or virtual form of currency that exists on the blockchain, originally with the main purpose to purchase goods online. This currency is decentralized, not controlled by any single institution, which occurs with banks and governments that control local currencies. Blockchain records transactions, ensuring the security of every transaction involving cryptocurrency, which has also been mined and minted on the blockchain in limited supply, which ensures that you cannot oversaturate the market.


Transactional Payments

Paying for goods and services is one of the many uses of cryptocurrency. This was the initial and main purpose of its development, with people trying to make it more useful in today’s market to make common transactions. Of course, its purpose and uses have since changed quite a bit, but it still holds a primary function of its transactional use. A benefit of crypto transactions is that the fees associated with such exchanges are not as high as credit card transactions or bank fees, meaning the cost of doing business is much more friendly to the consumer and business owner. More and more businesses are adopting the idea of payments made through cryptocurrency.


Investment In Its Currency

One of the changes that have occurred with cryptocurrency is that over the last several years, people have seen it used more as an investment opportunity than for its transactional purpose. There has been a massive spike in the number of investors, not just individuals, but large firms and corporations purchasing different forms of cryptocurrency. However, that desire to invest has had an effect on the transactional and spending aspect. This is because even though more people have learned about it and want to invest in it, hoping it grows in worth, people are reluctant to use it for transactions and spend it when there is potential for it to become exponentially more valuable. People are more likely to invest in cryptocurrency and hold it until they view the value to be substantial enough to sell, instead of using it as a form of currency itself.  You also need to understand smart ways to automate your crypto trading, and why Bitsgap is the place to do it.


Investing In NFTs

In a similar area when it comes to investments, NFTs have also risen on the tails of different currencies. These non-fungible tokens also exist in an online space but are primarily purchased and traded with cryptocurrency, requiring early investors to subscribe to different currencies of the platforms that sell NFTs. With the advent of different technologies and an ever-increasing curiosity about new investment opportunities, cryptocurrency may very well be the future of all transactions.


Gambling, Betting, And Entertainment

Cryptocurrency has become popular over time, leading many industries and businesses to allow it to be used as a method of payment. One of those markets includes the online betting and gambling industry, where crypto casinos not only allow you to utilize it as a method of deposit but also payment. You can wager various forms of currency in different sports and games, much as you would on other sites, but the rise in popularity of cryptocurrency has created a demand and boom for businesses to operate in an online sphere with its unique and independent method of payment not regulated by governments and institutions.


Affordable Money Transfers

One of the uses of cryptocurrency is to be able to send money. There are a wide variety of different money transfer methods, all of which come with different fees. These range from the cost of the transfer, as well as the exchange rates, as well as the service charges. When you are transferring cryptocurrency, you don’t often have such high fees. The exchange rates often fluctuate, but you can monitor that yourself to be confident in the money you are attaining, especially if you choose to keep the cryptocurrency itself and not exchange it.


There is a huge amount of possibility when it comes to cryptocurrency. It can affect businesses and consumers alike, reshaping various markets and industries, as well as changing how people spend money. The more people understand how it works and its capabilities, the higher likelihood it will legitimize itself as a viable transactional option.

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