Is the basic use of cryptocurrency just a means of payment, or should it be something more?
Despite all the talk about the world of cryptocurrencies, there is still a significant lack of knowledge about what cryptocurrencies are and what they represent. And this limits in several ways their effective spread for all their uses, which are both numerous in number and revolutionary.
In fact, only a few people, beyond a hardcore group of enthusiasts, are aware of the infinite potential of cryptocurrencies and the blockchain to fundamentally change many methods that we thought were unique. One of these is precisely the primary function of cryptocurrencies, which is the function of currency and means of payment.
Crypto and the banking system
The monopoly of banks and financial companies within the banking system is something most of us are used to. Slow payments, with high fees, international transfers with too high costs were the norm, and something one simply accepted, simply because there were no alternatives.
But the development of cryptocurrencies has led to a paradigm shift. More and more network operators are organizing to accept payments with cryptocurrencies, first and foremost the most advanced sectors that like to be ahead, including online gambling. An online casino through crypto payment support can provide its customers with speed, security and excellent privacy, which is not as easy as regular banking systems. Platforms such as Casumo offer their users the ability to make payments in cryptocurrencies with providers such as Neosurf, an online payment service.
Today, these two systems exist side by side, and this fact stimulates competition between the two, and ensures benefits for the end user: that is, for us.
The world of investing
It is no coincidence that cryptocurrencies, thanks to their explosive development, have become – perhaps somewhat unexpectedly – a great investment object that has grown to unexpected levels. Just look at the current evaluation of Bitcoins, the first digital currency and perhaps the one in the crypto world that is best known.
Nevertheless, analysts argue, despite the high value, that Bitcoin is not the best choice for the blockchain platform. Instead, the second most popular cryptocurrency, Ethereum, is a better choice. This is because it has better development margins for the future, as it comes with more powerful features.
The true development: NFT
This is one of the most interesting uses of Ethereum’s blockchain structure: NFT support . Many have heard this mysterious acronym, without really having any understanding of what it is. And instead, the NFT world embraces it “more” as we talk about it. A Non Fungible Token is an individual address on the blockchain, and it represents a kind of container that ensures unique ownership of something. And only one person in the world can own a specific token.
This means that we can transfer ownership of something connected to this token in a secure and unique way. It can be a digital object, such as a drawing, a music album, a movie or a physical object, but also a right. And this is a real revolution for the whole world of physical and intellectual property, with such significant consequences that we can not yet evaluate them.
The world of cryptocurrencies, as experts say, is made from an ecosystem. And crypto has the function of giving value and expressing a function. As long as this need exists, the specific crypto will have value and act as a tool to achieve the goal.
Ethereum success is no coincidence, and other cryptocurrencies are built in the same way – that is, with a specific goal, which is to create value by providing specific opportunities. This is the fundamental importance of cryptocurrencies and the secret behind their duration in the market.