Cryptocurrency has been in the zeitgeist since its sudden rise to $20,000 in December 2017. Created in 2008 and launched in 2009, Bitcoin signaled the start of cryptocurrency as a concept, and since then, thousands of different cryptocurrencies have been created. While the markets tend to be on the turbulent side, many people think crypto is the future of currency — comparing it to the invention and mass adoption of the internet. We’re here to examine why people believe this and how legitimate those claims are.
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Decentralized
The most significant selling point of cryptocurrency is its decentralization. Currencies like Bitcoin and Ethereum do not need a 3rd party to approve transactions; the transactions are purely peer-to-peer and are verified through proof of work or proof of stake algorithms. Compare this to how PayPal works; when you want to send money to a person or business through PayPal, you tell the company where you want to send the money, you verify you are the account holder, and PayPal sends the money. However, if PayPal decides that where you want to send the money isn’t safe or doesn’t fit in with the “brand”, they are not obligated to do so. There have already been examples of PayPal denying services to certain groups based on the company’s beliefs. With cryptocurrency, this is not possible. As there is no 3rd party handling the transactions, there is no way to stop one person from sending crypto to another.
Immutability
When you make a cryptocurrency transaction, the details of that transaction are recorded on the blockchain. Transactions are grouped into “blocks” and are processed after a set amount of time depending on the cryptocurrency (every 5 minutes, every 10 minutes, etc.). Once a block has been verified, it is connected to the previous block by the mining algorithm. Think of the blockchain as a permanent ledger; it records every transaction that has been made, and there is no way to go back and alter it. This means that once you send cryptocurrency to someone (or if they send it to you), there is no way to reverse it. The transaction cannot be recalled, and no 3rd party can go back and alter the blockchain to reverse the transaction. While this means that people need to be extremely careful when sending money to each other, it prevents malicious 3rd parties from altering transactions post hoc and taking money from unsuspecting victims.
Anonymity
Unlike traditional banking methods, cryptocurrency can be bought completely anonymously. While most cryptocurrency exchanges require some degree of KYC, people can use special crypto ATMs to remain anonymous. Since the invention of these Bitcoin ATMs, people are able to buy cryptocurrency using cash and deposit it directly into their wallets, which allows people to make transactions online without disclosing their identity. This majorly benefits businesses such as online casinos that deal with the stigma of gambling, as people have a way of depositing without having their name associated with gambling. These crypto casinos have all the functionality of regular casinos and have many of the same games, including blackjack, roulette, and baccarat. Some will even have games local to their area, including Indian games like Andar Bahar, Mini Flush, and Teen Patti. The best online casinos even offer their new customers generous welcome bonuses that give them even more chances to win. However, with so many great sites to choose from, it’s essential to read online reviews to find operators in your area, such as the best online casinos in India. No matter what currency you choose to play with, you can find a site that’s right for you.
While cryptocurrency will take a while to see mass adoption, it’s hard to argue against its advantages. People are trusting big banks and governments less and less as time goes on, so it’s feasible for there to come a time when the people don’t want these entities to have so much control over their financial transactions. Whether it’s a slow creep over time or whether there’s some kind of financial revolution, it seems inevitable that cryptocurrency will be a significant player in the finance industry in the future.