Cryptocurrencies are becoming more popular today as a way to buy and sell goods and/or services on the internet. With the world becoming more interconnected every day, it’s commonplace for people in one country to do business with people in another.
The old way of doing international business or purchasing goods/services internationally was to use third-party sites to conduct the transactions. That’s because many financial institutions would block transactions that were occurring overseas.
Today, though, with the advent and popularity of cryptocurrencies, this process has become much easier. Now, it’s very easy for people to buy and sell goods to or from international customers, and to fund their accounts at a crypto casino website, for example.
What is Cryptocurrency?
Simply put, cryptocurrency is a digital form of currency. It’s used as a digital form of exchange, much like paper money is used to do the same within a single country and for in-person transactions.
Cryptocurrency is created and stored online mostly, and it is a decentralized version of money. That’s because no one government — or groups of governments — has any control over the creation and/or regulation of cryptocurrency.
In order to purchase cryptocurrency, you must open a digital wallet. This is where your cryptocurrency will be stored and used to exchange for goods and/or services you purchase and/or sell. Some forms of cryptocurrency also allow you to store your digital currency offline on physical hard drives, but there are obvious risks that come with doing so.
Cryptocurrency is built on blockchain technology. In essence, it is a list of records that is growing all the time. These are called blocks, and they link and secure each type of cryptocurrency. The funds are then stored on various computers on a single network, called mining — a process by which the cryptocurrency is validated.
The Forms of Cryptocurrency
The original type of cryptocurrency was called Bitcoins. It first hit the market back in 2009 and has since soared in popularity. It is the most commonly-known form of cryptocurrency, and therefore, it is also the one that is accepted most often by people and businesses all over the world.
The value of Bitcoins rose substantially at one point, but the form of cryptocurrency has also been subject to extreme increases and decreases in value, sometimes in what seems like an overnight period of time.
Other types of cryptocurrency include:
Litecoin: It began in 2011. It is sometimes referred to as the silver to Bictoin’s gold. It’s an open source payment network that operates globally. It is very similar to Bitcoin, though it can offer a quicker confirmation of transactions.
Ethereum: It began in 2015. It enables Smart Contracts and DApps to run without any fraud, control or interference from third parties, as well as no downtime. This type of cryptocurrency is run on its own platform tokens, which are called ether. This moves the platform and is popular among developers who run apps on it.
DASH: This type of cryptocurrency, started in 2014, is a more discreet version of Bitcoin. It allows for more anonymity for people conducting financial transactions online. It was originally known as Darkcoin, but was eventually re-branded as DASH, or digital cash.
NEO: It launched in 2014, originally as AntShares. This is the largest cryptocurrency from China to date. This cryptocurrency has a positive relationship with China’s government, which has made it not only popular within the country, but also with people and/or business entities who are looking to do business with other individuals and/or business in that country.
Why You Should Use Cryptocurrency
Cryptocurrencies are a great way for people to conduct international financial transactions online without the hassle of having to deal with interference from financial institutions and governments. Sometimes, even when you are conducting legal transactions — such as funding your online casino account — financial institutions may deny the transaction.
This isn’t fair to many people. They aren’t looking to do anything illegal, but they are still being denied the use of their hard-earned money because their financial institution decided to put a broad ban on the practice.
This is where a good cryptocurrency can help. You can buy cryptocurrency and then use it to fund your legal online casino account. You can also use the cryptocurrency for conducting other transactions online, making it a win-win no matter what you are looking to do.