The internet and digital world make the world go round. With the internet, we can read the news, communicate with friends, and find something entertaining to do. Without it, we will all be lost because we are used to it, making our lives easier and more convenient. And many essential things live in the digital world only. Aside from social media, Cryptocurrency is one of them. It’s a new form of financial medium, which most people use for transactions and paying for goods and services. It has many uses and benefits, especially in the age where the internet rules the world.
If you want to start using Cryptocurrency, it’s advised that you learn more about it first because it is very complex. There are many kinds of Cryptocurrencies today. In fact, there are 6,700 different currencies that you can use. One of the most popular and first Cryptocurrency is Bitcoin, which has a high value compared to when it was first published in 2009. $100 worth of Bitcoin in 2009 is now equivalent to $100 million if you convert it cash today. You can learn more about this subject in various Cryptocurrency news found on the internet.
What are the Uses of Crypto Today?
If you want to invest in Crypto, you must also understand its many uses. One of the most common is that it’s best used for low transaction rates. One example is when there was a $99 million Litecoin transaction that was processed in under three minutes. The sender only had to pay a total of $0.40 in transaction fees. Imagine the money that they got to save, compared to when you use the bank or other money transfer services. The transaction fees for those services would be high! Aside from that, the transfer would have taken several days to finish.
Another is when you want to profit from Bitcoin and other Cryptocurrency through earning interests. We all know how trading crypto takes a lot of time, experience, and skill. Many would just hold their Cryptocurrency for long-term gain, just like when Bitcoin became one of the highest valued Cryptocurrency today. One way is through Crypto Yield Farming, and all you need to find are the platforms that offer high interest rates in different Cryptocurrencies. Instead of going to the banks, you can lend your coins to a reputable platform. Just remember that this type of lending is not risk-free.
Some people think that their bank accounts will never be frozen by the authorities, especially since they haven’t broken any law. But in reality, it happens more often than you think. By some jurisdictions with a dubious rule of law, it can happen to you too. You can be accused of financial misconduct, and they can request for your banks to be frozen. This accusation will leave you with no money at all. But with a secure Crypto wallet that only you have authority on and have access to, your personal wallet won’t be touched by the authorities no matter what they do.