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CRYPTOCURRENCY: WAY OF PAYMENT OR INVESTING

The period of cryptocurrency, which now has significant traction in the world of finance, can be traced back to Satoshi Nakamoto, a pseudonym, who launched the first cryptocurrency, Bitcoin, in 2009. According to CoinMarketCap.com, a market research website, more than 15,000 different cryptocurrencies are currently traded publicly. Cryptocurrencies are still on the rise. On December 10, 2021, the total worth of all cryptocurrencies was under $2.3 trillion, down from an all-time high of over $2.9 trillion just weeks before. The total value of Bitcoins, the most widely used digital currency, was estimated to be over $932.4 billion. Some of these cryptocurrencies are forks or clones of Bitcoin, while others are whole new currencies. 

WHAT IS CRYPTOCURRENCY?

Simply put, cryptocurrency is a decentralized digital currency secured by blockchain cryptography and has no central issuing authority such as a bank or government.

Blockchain is the technology that enables cryptocurrency to function. Blockchain is a decentralized technology that handles and records transactions across numerous computers. Many cryptocurrencies depend on blockchains, which are organizational mechanisms for preserving transactional data integrity. Decentralization, privacy through smart contracts, transparency, and the elimination of intermediaries are all benefits of blockchain. The security of this technology is part of its attractiveness.

Lately, the digital currency has added a lot more to its race, with many finding different uses for this financial innovation through the properties of the blockchain. You can buy USDT or other types of cryptocurrencies of your choice on exchanges through different ways such as the P2P method, debit card transactions, etc, or swap some cryptos for another to load your digital wallets with cryptocurrencies. The rapid adoption of cryptocurrencies points to a future of spending cryptocurrencies and investing in them.

CRYPTOCURRENCY AS PAYMENTS

The payment revolution is one of the promises of Bitcoin and blockchain. It suggested that the billions of unbanked individuals (those who don’t have access to regular banking services) would be able to quit relying on cash entirely. Similar to traditional payment methods such as bank transfers or debit cards at stores, supermarkets, and other similar locations, cryptocurrencies can make it easier to transfer funds directly between two parties without using a trusted third party such as a bank or credit card company. Many industries accept Bitcoin and other cryptocurrencies such as Dogecoin, Ethereum, Litecoin, Cardano, and others. PayPal, Travala.com, Overstocks.com, CheapAir.com, and others are among the companies involved.

Furthermore, El Salvador just declared Bitcoin to be legal tender. Using crypto as payment is of high benefit to both individuals and business firms. Many businesses see it as an opportunity to be an early bird. Imagine taking Bitcoin as a form of payment; with the most popular cryptocurrency expected to hit $100,000 shortly, it’s a wise method to keep businesses afloat as the future unfolds. Fund transfers are performed with minimum processing fees when cryptos are used as payment, helping consumers avoid the high fees banks and financial institutions pay for wire transactions.

Furthermore, unlike bank transfers, which are network-dependent, Bitcoin allows for faster transfers. Payments made with cryptocurrencies are likewise simple; all you need is the receiver’s wallet address for the same coin you’re sending, and bang! The transfer was completed.

INVESTING IN CRYPTOCURRENCY

Looking at the history of cryptos reaching new all-time highs in a short period, cryptocurrency can be a very rewarding investment. Before you invest in cryptocurrencies, you may want to explore some of the variables surrounding the cryptocurrency market, similar to critical thinking or considerations you would have for your ordinary business. Despite all of the advantages and disadvantages of this cryptocurrency market, the amount of global money being funneled into the cryptocurrency market is something to pay attention to, as many individuals, investors, businesses, and companies continue to flock in to secure a seat at the table for-profits, with the future of cryptocurrency and blockchain looking bright. To get started, gather extensive information on a project before investing, stay logical and resist FOMO to the greatest extent feasible, and take cautious risks. Every business has its risks, which are often the deciding considerations for many investors or business explorers when selecting whether or not to pursue a specific business after conducting a study. When it comes to cryptocurrencies, the adage goes, “invest only what you can afford to lose,” due to the volatile nature of the market, the possibility of future hacks, and the possibility of a future prohibition or taxation, among other things. But as of today, cryptocurrency trends. 

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