If you keep your eyes on the news, you know how big cryptocurrency is in the current market. People are slowly starting to trust the new form of digital currency, trading it on platforms and using it extensively in their daily lives. Even big conglomerates like Walmart are starting to accept this currency as a legal payment!
This article will walk you through the basics of cryptocurrency, its advantages and disadvantages, and how you can use it in real life.
What Is Cryptocurrency?
Cryptocurrency or crypto refers to a virtual or digital currency that acts as a medium of exchange. This currency does not rely on any central authority like a bank or a government. It is transferred through a computer network, and its ownership records are stored in a computerized database.
When cryptocurrency first appeared in the market, it was met with suspicion. But, slowly gained traction and was soon classified as an asset. But today, it has gained the name of digital currency and is gradually being used in everyday life.
Let’s look at the advantages and disadvantages of using crypto in our daily lives.
What Are The Advantages And Disadvantages Of Using Crypto In Everyday Life?
Before you start using cryptocurrency in your everyday life, you must understand its advantages and disadvantages. So let’s check them out!
Better Transaction Speed
But with cryptocurrency, you can send someone money within a few minutes! Once your transaction is confirmed, your money will be ready for use.
Anyone and everyone can use cryptocurrency. You need a working smartphone or a computer and internet connection, and that’s it! There is no waiting around or need for id verification for access.
No one can access your funds or make transactions with your wallet’s private key. So, if you keep your key safe, you can be 100% sure that your currencies are safe and sound.
Cryptocurrencies are much more transparent as their transactions take place publicly on a blockchain ledger. So, you can see the how, when, and where of cryptocurrency transactions whenever you want.
The cryptocurrency prices are very volatile. So, one day you might have high-valued currencies, and the next, the value can plummet drastically. Thus, many are scared of investing their hard-earned money here and using it every day for transactions.
Cryptocurrency is not under any central authority like a bank or a government. So, without any regulations, many become skeptical of using it in their daily lives.
Why Is Crypto So Popular?
You might be wondering why this virtual currency slowly started gaining popularity. Well, we think there are mainly four reasons behind its sudden fame. Let’s take a look-
- The most important reason behind its popularity is the scope of profit from its trading. Its price is very volatile, and if you can purchase it at a low price, you have the scope to sell it at a higher rate.
- Next, cryptocurrency is slowly being used in our daily lives. And thanks to the popularity of digitization, users are also embracing this currency as a viable payment method.
- People also trust these currencies more because they are not associated with any government. So, it is not susceptible to any political turmoil and can remain stable for long.
- Lastly, it is effortless to get hold of these currencies. You have to find a reliable platform and use them to buy cryptocurrencies like Bitcoin and more.
Tips To Use Crypto In Your Everyday Life
You might find it difficult to use cryptocurrency right off the bat. But to help you out, here is a simple set of tips to get you started with using the virtual currency in your everyday life –
- Start shopping at retailers who accept crypto.
- You can use gift cards you have brought with crypto. For example, Coingate offers Wayfair gift cards that you can purchase with cryptocurrencies.
- You can use crypto debit cards. This way, your currency won’t be wasted, and you can use it to shop for goods.
- Look for the big brands that are starting to accept crypto. For example, BMW, KFC, and Coca-Cola accept it in certain states.
- Store your cryptocurrency in hot or cold online wallets for easier use.
That’s all you need to know about cryptocurrency! It is one of the rising and widely-accepted forms of payment in the world. Trust us; you should get on board right now.