Blockchain technology was created more than a decade ago, and since then, the talks about decentralized payment systems and cryptocurrencies did not abate. Although nowadays, there is much more information on crypto available on the web, many people still don’t understand how such a system works and generates money from air.
What is more, many are worried whether they can consider any cryptocurrency to be legitimate. There are a ton of nuances, legal regulations, and presumptions around this topic. Thus, it is essential to run the crypto course once and for all.
Besides, with our rapidly changing environment and tech progress, it is vital to know the basics of blockchain and cryptocurrency, what status and application they have nowadays, and what we can expect in the future. Let’s start with a simple definition of crypto that will help you understand the technology right away.
What Is Cryptocurrency, and Why Is There Such a Hype Around It?
In short, a cryptocurrency consists of web-based units of exchange that use cryptographic functions which allow safe and secure financial operations. Blockchain is the method that allows the realization of such transactions. It takes care of the decentralization, transparency, and immutability of all the processes.
What differs cryptocurrencies from other types of means, besides the physical presence, is that any local or global government authorities can control them. Transactions happen between two users with the use of public or private keys and without any third-party services, such as banks that usually take a small fee for their work. Thus, you receive a secure and independent payment option that can be done within a second and without an additional obligatory charge.
In other words, any cryptocurrency stands for limited entities in a database that can’t be changed or falsified in the past. There is a public transaction database with a track record of the crypto payments made, and it gets updated every five minutes or so.
Once a track is saved in this database, there’s no way one can change the information written in it. It poses a remarkable array for possibilities of using cryptocurrencies in our daily lives, as well as for business needs, as the more we understand the technology, the more we can gain from it.
Nowadays, the most popular cryptocurrencies include Bitcoin, Ethereum, Ripple, and Litecoin, with more than two thousand virtual currencies launched so far. Nowadays, anyone can launch their cryptocurrency by submitting a short application on the corresponding platform. Thus, there are many unprofitable options and those that were made just for fun.
The crypto pricing depends mostly on the demand level of the auditory. Other factors include the exchange of currency trades and the number of competing crypto solutions. That’s why, by being on everyone’s lips, Bitcoin tops the list of the cryptocurrencies and stays highly-priced.
Cryptocurrency Vs. Legitimate Currency
But when it comes to the real world, the question of how one can make the use of cryptocurrencies in daily routine pops up. The thing is, the biggest share lies in trading crypto on exchange markets or using this digital money for investing in something.
The number of crypto wallets registered all over the globe counts in millions. Although most people remain distrustful of blockchain technology and such ethereal money, there are still hundreds of thousands of users that are into cryptocurrency trading, mining, and buying goods with this money of the twenty-first century.
Such companies as Microsoft, Dell, and Steam accept payments made in crypto. At this rate, in the nearest future, we may be paying with Bitcoin for our morning coffee-to-go.
Cryptocurrency & Daily Operations
According to LOC, legitimate regulations regarding cryptocurrencies differ from country to country. For example, in the US, bitcoins can be considered as money but not legal currency, as they are not issued by government authority.
Cryptocurrency & Businesses
As seen on Forbes, there are many large-scale companies exploring blockchain technology and holding their operations in crypto as one of the means. Among them are American Express, Tencent Holdings, Alibaba Holding, and even Facebook.
Nowadays, it seems like it is still possible for a business to jump in the last car of blockchain train and benefit from the solutions that become available with the adoption of crypto operations. Five years ago, a company turning to the cryptocurrency was considered risky. Now, every big enterprise has adopted blockchain technology to some point.
As seen on Investopedia, although crypto may not be a standard payment option around yet, the technology that lies behind is what interests businesses from different industries and countries. From edutech to casinos, you can find crypto and blockchain technologies utilized more and more.
How Casinos Are Adopting Cryptocurrency
In the last few years, with the blooming development of online casinos, the need for adoption of the latest tech trends also arose. Besides different bonuses, free slots, and loyalty programs, casinos needed something more to attract and engage players. The support of cryptocurrencies became the answer to the online and offline casinos’ worries.
One of the first casinos in Las Vegas that started accepting crypto payments were D Hotel and Golden Gate Hotel & Casino. Although you can spot Bitcoin ATMs through these buildings, you can’t gamble with any cryptocurrency and can only pay for a room and souvenirs.
On the contrary, many online gambling services accept cryptocurrencies like Bitcoin. Captain Jack Casino is an excellent example of a casino that accepts bitcoins. You can learn more about it in this review.
To Sum Up
Although the cryptocurrency seemed like a strange and inexplicable thing at first, it has been rapidly gaining popularity since its development. Both individuals and businesses embraced the advantages that this digital currency offers to daily operations, as well as million-dollar contracts.
Our physical money change with time, and so is expected from crypto. With the only difference that the cryptocurrency will change, advance, and progress much quicker and effectively, thanks to its digital nature. Thus, we may say that the cryptocurrency will be legitimate sooner or later.