6 Things You Should Know About Cryptocurrency
“Cryptocurrency” has become a ubiquitous buzz word in the investing world and beyond. And, with the advent of online brokerages, most cryptos are now an asset at the arm’s reach of all retail investors.
But while the popularity of cryptocurrencies is beyond question, a lot is yet to be understood about their potential, risks, and future uses.
That is why, if you are considering investing in crypto or using digital currencies for your everyday transactions, it is important to have a solid foundational knowledge of this emerging technology. Start with the facts below.
Today There Are More Than 20,000 Cryptocurrencies To Choose From
Undoubtedly, “Bitcoin” is the first thing that comes to mind when thinking about cryptocurrencies – and rightfully so! Created in 2008 and made available to the public in 2009, Bitcoin is the first cryptocurrency to debut in the market and, in just over 13 years, it reached a market cap of nearly $370 billion and radically transformed the entire financial industry.
Nonetheless, today, Bitcoin isn’t the only cryptocurrency available and, according to CoinMarketCap, there are 21,287 cryptocurrencies in circulation as of October 2022. Users can choose to invest in valid alternatives such as Ethereum, Tether, and XRP. Alternatively, more risk-tolerant investors can capitalize on emerging cryptocurrencies such as Shib coin.
Crypto Gambling Sites First Emerged in the mid-2010s
If there is something to keep in mind about crypto is that the blockchain ensures that crypto transactions are recorded in a safe, accessible, and immutable way, and they provide anonymity to their users.
These characteristics made crypto a game-changing innovation in most industries – and the gambling sector isn’t an exception. After the first Bitcoin Gambler joined the SatoshiDice online casino in 2010, the crypto gambling industry boomed.
Today, crypto gamblers can enjoy a broad choice of online casinos, including the well-renowned BitStarz crypto casino. Don’t know about this option? CasinosCrypto reviewed it! Check out this and other online round-ups and reviews to make sure you are making the best choice for your needs.
Bitcoin Was Created in 2009 – But Crypto Only Gained Popularity in the Past Few Years
The person – or group of people – known as Satoshi Nakamoto released Bitcoin into the market in 2008, against the backdrop of a global financial crisis. But while crypto received a fair share of attention from the start, digital currencies remained in the shadow of more established financial systems for over 10 years.
It was only with the pandemic-induced crisis and the broader accessibility to investment apps that retail investors gained interest in the potential of crypto. Today, the global ownership rate of crypto stands at 4%, and over 320 million people use digital currencies for their financial transactions.
Crypto Transactions Are Extremely Power-Hungry
Undeniably, cryptocurrencies have made international transactions faster, easier, and effortless. But this unprecedented level of convenience does not come cheap!
According to statistics by the University of Cambridge, the Bitcoin network alone requires over 110 terawatt-hours of electricity per year, and the power demand is only bound to increase as more transactions need to be supported.
Cryptocurrencies Can Be Used in More Ways Than One
While cryptocurrencies are an emerging technology, new use cases for digital currencies are found on a daily basis. Today, crypto owners can use their coins to place bets online at dedicated casinos, withdraw cash from participating ATMs, and even earn crypto rewards through their credit card reward scheme. What’s more, companies such as Telegram have started accepting crypto payments, opening up a world of opportunities for crypto owners.
Cryptocurrencies Are a Highly Volatile Asset and Are Largely Unregulated
Thanks to the advent of investing apps, crypto is today a highly accessible asset that can be bought, sold, and purchased by retail investors as well as professional brokerage companies.
Nonetheless, just because it is possible to invest in crypto, not all investors will benefit equally from these high-risk investment options. Indeed, cryptocurrencies are incredibly volatile and largely unregulated in most countries, meaning that investors won’t be able to benefit from the same level of protection other assets offer.
If you are unsure about how to make crypto work best for you and your investment portfolio, consider partnering with a specialized broker who can offer insights and guidance.
“Cryptocurrency” has become a ubiquitous buzz word in the investing world and beyond. And, with the advent of online brokerages, most cryptos are now an asset at the arm’s reach of all retail investors.
But while the popularity of cryptocurrencies is beyond question, a lot is yet to be understood about their potential, risks, and future uses.
That is why, if you are considering investing in crypto or using digital currencies for your everyday transactions, it is important to have a solid foundational knowledge of this emerging technology. Start with the facts below.
Today There Are More Than 20,000 Cryptocurrencies To Choose From
Undoubtedly, “Bitcoin” is the first thing that comes to mind when thinking about cryptocurrencies – and rightfully so! Created in 2008 and made available to the public in 2009, Bitcoin is the first cryptocurrency to debut in the market and, in just over 13 years, it reached a market cap of nearly $370 billion and radically transformed the entire financial industry.
Nonetheless, today, Bitcoin isn’t the only cryptocurrency available and, according to CoinMarketCap, there are 21,287 cryptocurrencies in circulation as of October 2022. Users can choose to invest in valid alternatives such as Ethereum, Tether, and XRP. Alternatively, more risk-tolerant investors can capitalize on emerging cryptocurrencies such as Shib coin.
Crypto Gambling Sites First Emerged in the mid-2010s
If there is something to keep in mind about crypto is that the blockchain ensures that crypto transactions are recorded in a safe, accessible, and immutable way, and they provide anonymity to their users.
These characteristics made crypto a game-changing innovation in most industries – and the gambling sector isn’t an exception. After the first Bitcoin Gambler joined the SatoshiDice online casino in 2010, the crypto gambling industry boomed.
Today, crypto gamblers can enjoy a broad choice of online casinos, including the well-renowned BitStarz crypto casino. Don’t know about this option? CasinosCrypto reviewed it! Check out this and other online round-ups and reviews to make sure you are making the best choice for your needs.
Bitcoin Was Created in 2009 – But Crypto Only Gained Popularity in the Past Few Years
The person – or group of people – known as Satoshi Nakamoto released Bitcoin into the market in 2008, against the backdrop of a global financial crisis. But while crypto received a fair share of attention from the start, digital currencies remained in the shadow of more established financial systems for over 10 years.
It was only with the pandemic-induced crisis and the broader accessibility to investment apps that retail investors gained interest in the potential of crypto. Today, the global ownership rate of crypto stands at 4%, and over 320 million people use digital currencies for their financial transactions.
Crypto Transactions Are Extremely Power-Hungry
Undeniably, cryptocurrencies have made international transactions faster, easier, and effortless. But this unprecedented level of convenience does not come cheap!
According to statistics by the University of Cambridge, the Bitcoin network alone requires over 110 terawatt-hours of electricity per year, and the power demand is only bound to increase as more transactions need to be supported.
Cryptocurrencies Can Be Used in More Ways Than One
While cryptocurrencies are an emerging technology, new use cases for digital currencies are found on a daily basis. Today, crypto owners can use their coins to place bets online at dedicated casinos, withdraw cash from participating ATMs, and even earn crypto rewards through their credit card reward scheme. What’s more, companies such as Telegram have started accepting crypto payments, opening up a world of opportunities for crypto owners.
Cryptocurrencies Are a Highly Volatile Asset and Are Largely Unregulated
Thanks to the advent of investing apps, crypto is today a highly accessible asset that can be bought, sold, and purchased by retail investors as well as professional brokerage companies.
Nonetheless, just because it is possible to invest in crypto, not all investors will benefit equally from these high-risk investment options. Indeed, cryptocurrencies are incredibly volatile and largely unregulated in most countries, meaning that investors won’t be able to benefit from the same level of protection other assets offer.
If you are unsure about how to make crypto work best for you and your investment portfolio, consider partnering with a specialized broker who can offer insights and guidance.
