There are now more than 700 cryptocurrencies on the market
In 2018, there are over 700 cryptocurrencies to choose from, and many of them will not make the grade. Eventually, there will be a few that stand out from the rest and succeed. Bitcoin is the most popular at the moment because it has received more media attention than any of the others due to its rapid rise in value over 2017 – although it has since dropped back from its peak.
As with any new innovation, there are problems to iron out along the way, and other people learn from the mistakes of early adopters, often making for a better product.
So, why would you want to use a cryptocurrency? Typically, cryptocurrencies are secured by the blockchain technology, so it takes a very short time for transactions to happen even with international payments that usually take a few days. And compared to the cost of using a credit or debit card, the charges are generally minimal – if there’s any at all.
There is no middleman involved, so your details are not stored anywhere, which is quite unfortunate for hackers and cyber-criminals. While you are studying, saving time and money is vital and the responsible use of a cryptocurrency could help you find discounts and buy cheaper products directly from manufacturers abroad without any currency fees (although you may still be charged import duty if bought form outside the EU).
The uses Of digital cash
There is no end to the places you can use cryptocurrencies, and each day the list grows longer as businesses realise there are advantages to accepting them. One of the first sectors to accept them was the online gaming industry, and with so many gamers worldwide, they have brought digital cash to the attention of millions of players. To start with, most of them would let you play with just Bitcoin, but now several of them are expanding their portfolio of acceptable cryptocurrencies, and one that is proving to be very popular is Monero.
Monero has many of the advantages of the other currencies, but it’s probably the most anonymous of them all. The way its scrambles every transaction results in them being nearly impossible to follow, so if you want to buy something in secret, place a bet on a football match, or play slots in an online casino, and want the transaction to be nearly impossible to trace, then the privacy-focused and nearly untraceable Monero allows that to happen.
Can anyone have a cryptocurrency wallet?
You might remember when you tried to open your first bank account, the hoops you had to jump through to be accepted. In the case of cryptocurrencies, you open a wallet and that is your account. No one is going to credit check you to see if they think you are suitable to bank with them. You are your own bank, taking care of your own money.
Anyone can have a cryptocurrency wallet and they are readily available online. There are several different sorts, from ones that you can download as an app on your smartphone, to ones that will only work on your PC, which will hide the wallet address from everyone but you. Shop around to find the best type of wallet for your needs.
Photograph by BTC Keychain