Have you been keeping your eyes on the finance world recently? If so, you’ll most probably be aware that cryptocurrency is EVERYWHERE right now. From the breaking news about new meme coins being released to the overall rise in Bitcoin’s value, cryptocurrency is THE moment.
We’re a mining and crypto blog, so it’s easy for us to talk about it as if it’s second nature, but we understand that this big wide world may be hard to grasp for those new to the space. Between the rise of NFTs and the potential for blockchain to change the world, cryptocurrency’s very essence brings plenty of exciting opportunities.
We’re watching the scene with hawk-like attention, and we’re here to break down all the details for others. Here’s why now is the time to learn about crypto and why it’s turning into a revolution in its own right. Read on for the ultimate crypto guide for beginners, or even those who are already somewhat versed in the space.
What is cryptocurrency, anyway?
Let’s start with the basics. Cryptocurrency is a digital currency that operates using blockchain technology. Simple. It differs from regular currencies as traditional currencies are all controlled by the central banking systems. However, cryptocurrencies are entirely decentralized. This means that there is no singular body that controls the payments, leaving more room for security and transparency. The blockchain that cryptocurrency runs on is a secure digital ledger that’s formed of many links in a digital chain. Blockchains are constantly evolving to protect the financial information of the individuals who own the coins, and they cut out any intermediaries.
You may know about Bitcoin, as it’s the one that’s worth the most in value, and the one that’s more widely accepted worldwide. It’s the first cryptocurrency, and is often referred to as ‘digital gold,’ and for good reason! There’s a limited supply – placing it in the same boat as other assets like precious metals. There are, however, many other coins that you can explore, with thousands on the market already. They all have unique purposes and values, so it’s best to research each one before jumping in.
Where you can spend cryptocurrency
Now is the perfect time to get into the cryptocurrency world because it’s becoming far more widely accepted. Different coins are used in all aspects of everyday life, and this year, we expect to see Bitcoin (BTC) branching out into more avenues. Here’s where you can already spend cryptocurrency.
Crypto casinos
Online casinos have been an entertainment trend for a long time, and it’s only been in the last decade that we’ve welcomed Bitcoin into this world. But what’s the difference? These types of casinos offer more transparency than regular casinos and give the player the chance to receive payouts into their digital wallets. They also tend to offer better bonuses – no middlemen means more money to be distributed between player and casino – and their payments are usually quicker too. Playing with cryptocurrency is now so popular that players can access a BTC casino in US from wherever they are in the world. Between slots and card games, online casinos offer the chance to win big and receive payouts in your chosen cryptocurrency.
Retail payments
Ever thought you could head to the car dealership and purchase a brand-new car with crypto? Now you can! More and more retail businesses are now accepting different types of cryptocurrencies, and this trend looks set to continue. From everyday items to online shops, we can see the convenience and global accessibility of this digital currency.
International Payments
Sending money across the globe is usually quite a struggle when using traditional banking methods, as there are checks, security, and cross-border issues. But now remittances have never been easier. Cryptocurrency cuts out the high fees that often occur when sending money across the pond, along with removing all payment delays. Most digital currencies are far quicker, which can be a lifeline for families who send money abroad and need it fast.
How to get started
Cryptocurrency is booming, and there is no better time than the present to do your research. New types of payments bring with them so much potential – but always remember that cryptocurrency is volatile. We’ve whittled down some simple tips to send you on your way.
Research!
Always, ALWAYS research before you buy coins, no matter what you intend to use them for. Learn about the fundamentals and find out how the currency operates and what its market conditions are. This increases the chances of you purchasing a coin that is right for your needs. It’s also important to do your research if you’re thinking of mining a coin, like Warthog, so you know what you’re doing.
Start small
If it wasn’t obvious, don’t buy too much cryptocurrency at once! Start with a small amount and see how you go. The more you learn about the details, the more you can increase your involvement.
Think about the platforms
There are an abundance of cryptocurrency platforms promising you the world but you should opt for the most reputable ones. Whether you’re mining, buying, or selling crypto, only use platforms that have solid reviews and a longstanding reputation.
Stay updated
Last but by no means least, stay up to date with the latest news. Whether you’re checking out a recent meme coin or learning about the fact that Bitcoin is almost worth as much as gold – always follow recent developments so you can stay a step ahead of the game!
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