Pure Digital: How Crypto Is Making Its Mark in The Real World
Since the past few years, and especially since the pandemic, the word ‘cryptocurrency’ has been said aloud quite a number of times. It has emerged to become a topic on everyone’s radar, and as more time passes, it continues to make more headlines. You may be amazed to know that the cryptocurrencies in today’s world have exceeded 10,000 in number.
Despite its rising popularity globally, many people still view it as simple trading stock; however, it’s much more than that. Let’s look at what crypto is and how it is making its mark in the real world.
You may be surprised to know this, but the first experiments with cryptographic money trace back to the 1980s and 1990s. However, at that time, no severe such work was done on it. Bitcoin – the first cryptocurrency – came into existence in the year 2008, and nobody really knows who created it. However, it is suspected that an anonymous entity that goes by the name of Satoshi Nakamoto was behind the creation of Bitcoin.
Cryptocurrency happens to be a decentralized form of currency – intangible money – that only exists in digital form. Each of these cryptocurrencies has a fixed number, and unlike fiat money, that number can’t be changed. Cryptocurrencies aim to eliminate the role of banks and tend to have less devaluation.
Advantages and Disadvantages
While some people think of cryptocurrencies as useful inventions, others don’t. Let’s weigh the scale of advantages against the disadvantages that crypto serves for the community.
Advantages of Crypto
The first and perhaps the most famous advertising factor of crypto is the security that it offers. You should know that all cryptocurrency transactions are present on a blockchain ledger that relies on several mathematical puzzles and aren’t easy to decode. This is what makes crypto different and more secure than regular fiat transactions.
- Convenient International Transactions
There is no doubt that international transactions tend to put you in a pickle as you would be charged hefty transaction fees. Not just that, but the transfer takes many days to complete in many cases. However, with crypto, not only are the transfers blazing fast, but you also won’t have to deal with hefty transaction fees.
Disadvantages of Crypto
- Data Loss Risk
As discussed above, cryptocurrency tends to have multiple security barriers, which is primarily why governments can’t keep tabs on users’ data. Hence, if the private key to any crypto wallet is lost, there would be no chance of recovery resulting in the loss of the user’s data.
- No Refund
As far as crypto is concerned, this is one of the major turnoffs and perhaps the prime reason why people are scared to have crypto. Since there would be no intermediary to resolve any dispute, if you send funds to the wrong wallet address, you won’t be able to recover them. This can result in a significant loss if the transaction amount is big.
Paying With Cryptocurrency Is Easier Than It Looks
Cryptocurrencies may not have as much penetration power as fiat currencies. Still, they indeed are growing by the day, and an increasing number of brands are starting to accept them as payment methods.
However, if you’re interested in using your cryptocurrency for making a purchase at any brand that doesn’t accept crypto, you would be surprised to know that it is still possible. The process is fairly simple and requires you to purchase gift cards from any authentic website using your crypto wallet. Then, you can redeem the gift cards at the respective stores, and the amount will be added to your account. This amount can then be used to make your favourite purchases.
From your favourite food items to electronics to furniture, gift cards can be bought for quite a number of things. To further clarify, here are some gift cards that you can purchase using your crypto wallet.
- Dunkin gift card: To satisfy your doughnut cravings
- Steam gift card: To purchase your favourite PC games
- eBay gift card: To purchase your favourite electronics
The Future Integration of Cryptocurrency
Cryptocurrency may be prone to a gold-rush mentality, however, there is fair reason to believe that there will be significant growth for this asset in the future. Even though the future predictions are never too accurate to be true, circumstances show that more people are adopting crypto and are becoming a part of the chain.
With current inflation, crypto is being seen as a solution to tackle the issue at hand, and maybe not shortly, but there might come a time when crypto gains dominance over fiat currencies.
Undoubtedly, crypto is making its mark in the real world, and the future may be bright for it. Along with adopting this new change, you’re also advised to adapt to it and embrace the new types of digital assets to maximize the strategic goals. Who knows, you might be able to benefit yourself and play a vital part in helping the community as well.