How To Enjoy The Benefits of Cryptocurrency

In recent years, “cryptocurrency” has become a frequently-used buzzword in the realms of banking, technology, and even pop culture, but very few people have a strong understanding of what it is and how it can be used. We’ve gone over some of the technical basics before, but just as important as understanding these basics can be learning how cryptocurrency can be used to your advantage, either as a merchant or consumer.

First, to quickly go over the basics again, what exactly is cryptocurrency? As implied by its name, this alternative form of currency uses cryptography, or the writing and solving of codes, to ensure that each transaction is secure. This means that no one can intercept and acquire money that isn’t meant for them, and that the currency can’t be counterfeited. Through Cloudbet Review, the technical specifics behind how this encryption process works are complex, but you can still effectively use this currency without a complete understanding of them.

Cryptocurrency is also different from what you may first think of when you hear about electronic payment systems. Other services (think Venmo and Apple Pay) are still operated by centralized companies that are, ultimately, pushing products. Cryptocurrency, however, is decentralized, in that the transactions occur solely between the buyer and the seller; in other words, there is no middle man or controlling company.

That covers the basic concept and utility of cryptocurrency. But again, even understanding this, it’s vital to understand how you can actually use it to your advantage, whichever side of a transaction you may be on.

From a consumer perspective, it’s actually remarkable how many companies, including both big corporations and independently-owned businesses, have embraced cryptocurrency as a form of payment. For example, Microsoft started accepting bitcoin (the leading cryptocurrency) in 2014, although it can only be used in the Xbox or Windows stores to purchase media. Bitcoin can also buy you other forms of online entertainment: with a recent increase in availability of gaming sites in the casino category, there are some such sites that now rely exclusively on cryptocurrency. And looking beyond entertainment, you can even now do your weekly grocery shopping via cryptocurrency. Most notably, Whole Foods Market – which was recently bought out by Amazon – has started to accept cryptocurrency at the cash register via gift cards you can purchase online.

On the enterprise side of things, small businesses – especially those that operate primarily from the web – are also following the cryptocurrency trend due to some of its unique benefits. One of the reasons that cryptocurrency has become popular with such businesses is that the processing fees associated with it are a small fraction of what credit card companies charge. Thus, it can actually save business owners a decent amount of cash, which is naturally vital in any small or new company.

Businesses of varying sizes can also benefit from some other, subtler perks associated with cryptocurrencies. For instance, because there aren’t locations associated with these transactions like there is with banks and credit card companies, there are no international fees at play when using cryptocurrency. Additionally, cryptocurrency reduces the chances of consumers having their identities stolen from using credit cards (which are associated with one’s personal information). For anyone who has received an unsettling call from their bank asking about a suspicious purchase, this alone may be reason enough to make the switch from physical money to cryptocurrency.

Although you may not understand the logistics of cryptocurrency enough to become a bitcoin miner just yet (and most people don’t!), hopefully now you’re ready to reap the benefits of this new trend. Whether you’re a consumer looking to play some online games or buy some groceries, or you’re an entrepreneur looking to finally launch a small business, cryptocurrency actually has a lot to offer.