What is Cryptocurrency?
It is defined as a digital asset or electronic media currency, and it is used as a medium of exchange through the internet. It has increasingly grown over the past years in terms of its use and development. Cryptocurrency is a development based on cryptography technology for its security and creation of new units, and it has a database that is backed with block-chain distributed larger technology.
What are the types of cryptocurrency?
There are many types of cryptocurrencies. The most used and popular ones are as follows: Bitcoin, light-coin, Ripple, Stellar, Gold-coin, Petrodollars, oil-coin, ethereum, NEO, IOTA (Internet of things), EOS, Cardano, and others.
What is the future of cryptocurrency?
Cryptocurrency has a bright future ahead based on the unquestionable advantages that it has; Some of these advantages are listed below;
1. It is easy to purchase cryptocurrency online and many sites are supporting the use and exchange.
2. It is easier to transfer funds between two users in a transaction, the transaction charges are lower compared to using local banks and financial institutions.
3. It uses blockchain technology that lists all its historical transactions, making the process easy to trace and avoiding unnecessary customer payment-related issues.
4. Some cryptocurrency is backed by gold, oil reserves, gas, and cash from banks like gold-coin, oil-coin, petrodollars, etc. This has helped to solve the insecurity issues related to trading and transactions with cryptocurrency.
5. The use of cryptocurrency has helped nations solve their economic problems like Venezuela and U.S.A.
6. Transactions with cryptocurrency are fast compared to physical use at hard cash at the bank.
7. A technology called Internet-of-Things (IoT) enables communication between various objects with sensors, via the internet. Internet of things technology is focused on making this technology more secure, seamless, scalable and charges zero transaction fees.
8. Cryptocurrency creation and development and the entire business is more profitable for professionals than any other business combined. Comparing investment into bonds, features, and physical assets, its investment is more profitable.
9. Cryptocurrency, therefore, has a lot of influence on online gaming, gambling, and shops, they allow the use of it without putting barriers making shopping online easy and flexible.
10. The use of this method of exchange cuts across all currencies and it is easy to convert from any unit universally.
11. It is a lot easier for the supply cryptocurrency to end in its reserves as it is created automatically through the system.
12. The process that generates cryptocurrency easily controls the market supply and demand, and the pricing. This process eliminates the biases of a human factor when it comes to judgment on the valuation of different countries' currencies.
13. Its production is paperless and cheaper compared to physical currencies used by all the countries in the world.
As stated above cryptocurrencies have had a lot of success in recent years, and it would lead to a rise of betting and casino platforms for users to make even more wins. Gamblers, gamers, investment firms, and betting companies working online have highly contributed to the future use, development and innovation in cryptocurrency creating job opportunities for home workers, academicians, and programmers.