What Are NFTs? NFTs continue to grow in popularity and just like cryptocurrencies they keep on intriguing and fascinating the world. Some early adopters immediately jumped onto the Bitcoin craze to become part of this decentralised financial system, while others remain hesitant about buying something that they believe cannot be backed-up by physical resources, like[…]
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In today’s paperless world, more and more people are making payments through online banking accounts on phones and by using online payment apps such as SnapScan, Apple Pay, Venmo, and Square Cash. The ease of connecting credit cards and paying virtually has made using cash increasingly unpopular.
Since online payments have become so popular, there are even fully digital currencies accepted by major retailers and currently in circulation. These digital currencies are also known as cryptocurrencies. Let’s learn a bit more about them!
Even if you don’t know what it is exactly, we’re certain that you’ve at least heard the term cryptocurrency in the past few years. Cryptocurrency became all the rage in the 2020s and so far millions of people have invested in cryptocurrencies such as Bitcoin, Tether, or Ether.
But, what exactly is cryptocurrency? In simplest terms, cryptocurrency is defined as a digital currency that isn’t tangible. A crypto coin is spent and transferred through a computer network that is not reliant on any central authority such as a government-regulated bank.
A cryptocurrency is a form of payment that is accepted at certain stores and by specific individuals.
According to experts, the future of cryptocurrency is bright, since more and more sectors are moving online. Nevertheless, although some countries have made crypto an official currency, others have banned it altogether. It’s a gamble!
When talking about digital currency, most individuals would mention Bitcoin, thinking that it’s the only type of cryptocurrency available.
Is that true?
While Bitcoin has been credited as being the first crypto and the one that still gets the most attention, it has many competitors.
After Bitcoin, Ether is arguably the most popular cryptocurrency. Ether is a decentralised, blockchain currency produced by Ethereum. Ether has the highest market capitalisation after Bitcoin.
Other significant digital currencies that you might have heard about include Monero, Cardano, Dogecoin, Tether, and Litecoin.
While Bitcoin and Ether can be used to purchase things, cryptocurrencies are used mainly as investments at the moment.
With traditional currency still being widely used without any serious complications, some might wonder, why use cryptocurrency at all? There are certain advantages to utilising cryptocurrency instead of normal currency.
Some of the benefits of using cryptocurrency include the fact it’s a type of money protected from inflation. Cryptocurrency is also self-governed and managed, which means that political issues should not affect its price. Since money transfers between one national currency and another can sometimes be complicated, crypto coins make it easy to send and send and receive money from one country to the next.
So what are the cons to using cryptocurrency?
Firstly, since all transactions are conducted online and crypto wallets are virtual, they are more open and prone to hacking. Secondly, mining cryptocurrency is notoriously energy consuming. Thirdly, since crypto transactions are private, it’s very difficult for monetary authorities and regulators to track them, and this could lead to various illegal transactions taking place.
There are clear benefits and drawbacks to using cryptocurrency, and only time will tell if crypto will become widely used. You could learn more about the pros and cons of crypto with one of our crypto tutors.
Though the process of making widespread payments with cryptocurrency is still uncertain, that doesn’t mean individuals can’t learn how to invest using cryptocurrency. You should always consult with an authorised financial advisor before making important investment decisions; however, below are some points you might wish to consider.
In conclusion, whether cryptocurrency is the future or not, it’s a worthwhile subject to know more about. Superprof’s cryptocurrency tutors in cities like Cape Town, Durban, Johannesburg, Pretoria, and Port Elizabeth will be able to give you more information about digital currencies.