The cryptocurrency market is going through a boom at the moment, with many experts believing it will continue to grow well into the future. If you’re not already involved in this growing financial sector, then now could be a very good time to take advantage of this revolutionary payment method that is called cryptocurrency.
This article seeks to explain who uses cryptocurrency, what they use it for and why it’s proving so popular overall. It also looks at whether or not cryptocurrency is secure enough to use on your websites and online stores. Finally, we’ll look at some of the best examples of current cryptocurrencies out there today and try to suss out which one is most likely going to prove the biggest success.
Cryptocurrencies have been around since 2009, pioneered by someone known as Satoshi Nakamoto. However, it was only in 2013 that the first real-world transaction took place when a Florida man purchased two pizzas for 10,000 Bitcoins. Those Bitcoins would be worth around $400 million today!
The fact is that more and more people are adopting cryptocurrencies such as Bitcoin and Ethereum every day. At the time of publishing this article, there were around 300 million users trading in these types of currency across the world. That equates to an increase of 20% year on year since 2009 when just 1 user was recorded using cryptocurrency.
Why is Cryptocurrency so Useful? What can it be Used for?
The truth is that cryptocurrency can be used for so much more than just the buying and selling of goods. Its reputation as a secure method of payment has seen it being adopted by online casinos such as Stake.com, freelancers who are paid in Bitcoins, websites which sell hits to their site, charities which are based all over the world and even public bodies such as government departments within cities or countries.
Cryptocurrency users have sent out payments to one another through the use of mobile apps on their iPhones or Android devices. They can also be used when purchasing items from any website that accepts them as a form of currency. This includes big-name sites like Amazon, Twitch, and eBay along with smaller companies like clothing retailers and travel agents too.
As you might imagine, it’s the privacy and security of cryptocurrency transactions that has helped to drive its growth.
Security is a major feature of cryptocurrencies as they operate on decentralised networks which are free from censorship or tampering. All transfers of funds must be authorised by both network participants (the payer and the payee). This means that no single authority can block certain types of transaction if they deemed them to be inappropriate or against their company policy.
The other plus point for cryptocurrency transactions is the cost and time associated with processing them because there’s no middle man involved unlike regular bank transactions. The global banking industry charges anything between 1% – 3% per transaction along with having to wait up to 5 working days for funds to reach their destination.
Transacting cryptocurrency on the other hand means that your money is received by your chosen recipient within minutes at a fee of just 5-10 cents.