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7 Applications of Cryptocurrency

  • Soumalya Bhattacharyya
  • Aug 04, 2022
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A cryptocurrency is a type of virtual or digital money that may be used to pay for products and services. Since no actual coins or bills are used, all transactions involving cryptocurrencies must be carried out online. 

 

To guarantee that online transactions are totally safe, it employed an online ledger with powerful cryptography. Here, you may find all the information you need about cryptocurrencies, including their many varieties, working principles, applications, and purchasing and storing options.

 

Even though cryptocurrencies have been quite popular and well-known over the past several years, many people still view them as being a mysterious subject. This shouldn't come as a surprise as it's a brand-new kind of money that functions according to ideas that may be completely different from your own. 

 

Cryptocurrency, as is well known, is a type of electronic cash that can be used to send and receive payments online. Cryptocurrency, in contrast to conventional forms of payment, is not governed by a central bank or any other institution and works outside of a nation's financial system. 

 

The security of cryptocurrencies has come under scrutiny as a result, but they also hold the promise of offering many solutions to the issues plaguing the present financial system.


 

What is Cryptocurrency?

 

It is a completely virtual line of currency that utilizes cryptographic technology. It operates as a decentralized medium of exchange where each transaction is verified and facilitated via encryption. Additionally, the generation of new cryptocurrency units is highlighted by cryptography.

 

Blockchain technology, the foundation of this kind of transaction, is what gives cryptocurrencies their decentralized nature. It is a shared, open ledger that records every transaction that has ever happened on a network. As a result, everyone on the network may monitor other users' balances as well as any transaction that occurs.

 

Double-spending, one of the main issues with digital payment platforms, is addressed by blockchain technology while assuring that there is no monopoly of power. This is so that each of these activities may be verified and facilitated by the participants to a transaction directly using blockchain technology.

 

During the 90s technology boom, the idea of digital currency became quite popular. To establish a parallel monetary system that would be untouchable by any central authority, several organizations and programmers took the risk. 

 

Ironically, though, the businesses that attempted to launch this digital money also claimed to have the power to authenticate and facilitate transactions.

 

It failed to accomplish the goal and also gave rise to the business. The digital currencies at the time were also rife with scams and other financial difficulties. This notion of digital currency was written off for a very long time after that. 

 

The first cryptocurrency, Bitcoin, was invented and described by a programmer or group of programmers named Satoshi Nakamoto in 2009, dispelling this myth.


 

Use of Cryptocurrency

 

It is worthwhile to consider whether or not the popularity that cryptocurrencies have attained over the years is genuine. Cryptocurrency, particularly Bitcoin, has, despite the fact that it is still far from replacing institutionalized cash, gained widespread acceptability throughout the world.

 

  1. Payment Mode

 

At first, using Bitcoin to pay for goods and services was not very valuable. However, over time, many businesses, including restaurants, airlines, jewelers, and apps, have started to accept it as a legitimate form of payment.

 

Apple Inc. is one of the most renowned companies to accept cryptocurrencies as a legitimate form of payment. It accepts 10 different types of cryptocurrency for use in App Store transactions.

 

India's economy is still heavily investigating cryptocurrencies as a workable payment method, nevertheless. Nevertheless, it is anticipated that cryptocurrencies would soon acquire popularity in India thanks to the support of large corporations like Apple and Facebook.

 

  1. Investment

 

One of the best investment alternatives available right now is cryptocurrency, particularly Bitcoin. Its value growth is quite dynamic and may show to be a great way to increase your capital.

 

People should be aware of this investing option's volatility, though. The asset with the most volatile price swings has been bitcoin, the most widely used cryptocurrency with the highest market share. For instance, Bitcoin's value fell from $19000 per BTC to $7000 per BTC in December 2017.

 

Such price fluctuation is normal given that cryptocurrencies have nothing to do with physical changes but rather with shifts in fashion and appeal.
 

 

Benefits of Cryptocurrency

 

  1. In contrast to, say, the price for moving money from a digital wallet to a bank account, the transaction cost with cryptocurrencies is minimal to nonexistent. 

 

  1. There are no time restrictions on transactions, so you can conduct them whenever you choose during the day or night. In contrast to opening a bank account, which necessitates paperwork and other requirements, using bitcoin is also free for everybody.

 

  1. More quickly than wire transfers, international bitcoin transactions are also possible. The time it takes for money to be transferred between locations via wire transfers is around one-half day. Transactions using cryptocurrency may be completed in only a few minutes or even seconds.

 

Also Read | Advantages and Disadvantages of Cryptocurrency

 

 

Applications of Cryptocurrency

 

The assets that are now the easiest for individual investors to access are cryptocurrencies. In addition to stocks, mutual funds, and other investment alternatives, investors may now purchase, sell, and trade cryptocurrencies through a number of brokerage businesses. 

 

Generally speaking, the majority of individuals see trading cryptocurrencies as a method to get a passive income, while a few others see it as an alternative investment to more conventional kinds of investing. 

 

Cryptocurrencies are gaining popularity day by day, and more and more investors are entering the market. Because of this, cryptocurrency platforms have developed apps. 

 

In addition to allowing users to sell and purchase virtual currencies, these apps for cryptocurrencies have various other uses. These cryptocurrency applications are often mobile and desktop programmes that are well-liked by individual traders, user communities, and other users.

 

  1. Pionex

 

For investors looking for automated trading options, Pionex is one of the best options for cryptocurrency applications. This cross-platform programme has 16 free built-in trading bots that make auto trading possible. 

 

One of the most secure cryptocurrency programmes available is Pionex, which has gained a solid reputation in the industry. The platform gathers liquidity close to ticket prices from sites like Huobi and Binance.

 

  1. Webull

 

Webull may be one of the greatest cryptocurrency applications for this use if you're on a tight budget or only seeking to risk a modest amount of money. 

 

Importantly, not only can you open a Webull account without making a minimum deposit, but you can also buy and sell cryptocurrencies for as little as $1 each transaction. This enables you to learn the ropes of cryptocurrency trading with a little investment.

 

Webull provides all of its markets on a spread-only basis in terms of fees and charges. We discovered that cryptocurrency transactions had a minimum spread of 1%, which isn't particularly competitive. You have two options for funding your Webull account: ACH or a bank wire. 

 

  1. Coinbase

 

Coinbase is the next option, and it's conceivably among the finest cryptocurrency applications for newcomers. You will immediately note how user-friendly the UI is after the programme has been downloaded on your device. As a result, if you have never purchased or traded cryptocurrency before, the Coinbase app may be suitable for you.

 

The fact that you will be charged a lot of money in exchange for ease is the biggest problem we have with this beginner-friendly trading programme. 

 

For instance, Coinbase's basic trading costs, which do not include the spread, are 1.49 percent per slide. You will be charged a hefty 3.99 percent if purchasing cryptocurrency using the app with a debit/credit card.

 

  1. Binance

 

One of the best cryptocurrency applications is Binance, which offers the fundamental functions of sending and receiving, as well as staking and investing in cryptocurrencies. Over 500 cryptocurrencies and tokens are available for trading pairings between cryptocurrencies via the programme.

 

You might want to take Binance into consideration if you're a trader who is looking for a cryptocurrency software that has a tonne of low-cost marketplaces. 

 

Tens of billions of dollars' worth of trading activity is made possible by this well-known trading software every day. With charges of only 0.10 percent every slide, you may discover incredibly narrow spreads on hundreds of cryptocurrency pairings.

 

Depending on where you live, you have different choices and costs for financing your account. For instance, US customers benefit from an excellent bargain here because debit/credit card deposits are only 0.5 percent. 

 

Users from other countries can pay as much as 4% for the identical transaction, though. On iOS and Android smartphones, the Binance app may be downloaded for free.

 

  1. Gemini

 

Gemini could be the ideal cryptocurrency app for you if you consider yourself a seasoned trader who regularly invests substantial quantities to your trades. One of the few cryptocurrency platforms to hold a license from the New York State Department of Financial Services, this top-rated exchange is highly regulated in the US.

 

If you choose to install this cryptocurrency software on your phone, you will have access to a number of insurance plans and security measures of an institutional caliber. 

 

Having said that, the app supports a rather small number of crypto assets, and the fees are fairly hefty. On any trades exceeding $200, for example, you will be charged a regular fee of 1.49 percent each slide.

 

  1. Aqru

 

Due to the fact that it is not focused on providing trading services, Aqru stands out from other cryptocurrency applications. Aqru, on the other hand, is among the greatest cryptocurrency-based interest-earning platforms. Investors who deposit their Bitcoin or Ethereum tokens into the Aqru app will receive a very generous APY of 7%. 

 

Users are not required to agree to any minimum redemption duration by the application, thus they are free to withdraw their digital tokens whenever they choose without incurring any fees.

 

  1. CoinSmart

 

Using credit cards, SEPA, wire transfers, e-transfers, and direct crypto deposits are all options for customers to purchase cryptocurrency with CoinSmart. Users may also trade it on the spot market. Derivatives markets are absent from it. 

 

A small number of advanced orders are supported by the exchange, which handles almost 20 cryptocurrencies. It is most popular for exchanging virtual currency for real money and for purchasing virtual currency with cash.

 

Also Read | Everything you need to know about Binance Coin
 

Cryptocurrency has expanded tremendously in recent years as a result of its appeal to those looking to use this digital asset as an alternative capital. Despite their popularity, crypto assets are seen as high-risk investments for millennials. Those who have recognised its potential, on the other hand, know that it has the ability to alter the globe.

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