The future of cryptocurrencies is still uncertain. Their value continues fluctuating, sometimes for hundreds of dollars in a single day. Keeping up with what’s going on is important not just for the convenience of online shopping and payments, but maybe even for the future of finance as we know it. We’ll be sure to keep you updated with any crypto-related news that might affect the way you use online services.
Back when they first burst into the public eye with the explosion of BitCoin, some people instantly believed that cryptocurrencies were the future of all money. They believed the way we experience and think about monetary transactions is about to change.
A few years have passed since then, and we can safely say that such predictions were a bit overblown. Still, cryptocurrencies have brought an interesting alternative to the table. Let’s take a closer look at how cryptocurrencies have affected today’s online marketplace, and how they affect the end-user – you.
The first thing you have to understand about cryptocurrencies is that they are a decentralized monetary system. What does this mean?
Traditional currencies, like US dollars or euros, and “centralized”, meaning that their issuing, and thus value, is ultimately controlled by a single entity. These are usually banks and occasionally governments.
Cryptocurrencies, on the other hand, can be “issued” by anyone. Fully understanding how they are made requires a lot of techno-babble and computer science, so we’ll just cut to the implications: while anyone can create new value in cryptocurrencies, the rate at which this happens is highly controlled through complex computer cryptography. This is intended to control the currency’s inflation.
There are many options, the most popular ones being:
Being an exclusively electronic form of exchange, cryptocurrencies have had a huge impact on online businesses and transactions. Their practical example of just what can be achieved without the use of banks has made a lot of people question why even contend with the fees, the long processing times, and many other annoyances traditional methods come with.
Cryptocurrencies Pros and Cons
Their decentralized nature comes with a set of crypto pros and cons. For one, cryptocurrency pros and cons transactions are completely free of any fees, no matter where you send them. They also make life easier because they require no conversions, avoiding additional fees and conversion rates. Another big advantage is that they are completely anonymous and secure (although this has caused some controversy due to possible misuse.) Furthermore, you can use a single crypto wallet for all your needs.
The downsides? Cryptocurrencies are a completely unregulated market. This has caused them to wildly fluctuate in value in short spaces of time. Some have used this to profit greatly, but it can be unreliable and damaging for the rest of us.
Additionally, these currencies are not accepted everywhere. Yet. As such, they still have very limited use.
Online Gambling and Cryptocurrencies
IF you take into account just how much sports betting and gambling has moved online in recent decades, it should be easy to make the connections. More and more of the worlds top online bookmakers and casinos have been allowing the option of using their services with successful cryptocurrencies.
The advantages we mentioned apply here as well as anywhere else. If any of them sound attractive to you, it might be time to consider BitCoin or Ethereum for your next wager.