Investment is something that many of us want to have a hand in. if not for the purpose of making more money to satisfy our luxurious desires, then for the purpose of making ends meet. This reason comes as no surprise hardly any of us are able to make ends meet with just our salary alone, hence, it is imperative for us to have other sources of income in order to make ends meet. There are several types of investments that we can do, for instance, property, stocks, businesses and the latest trend: cryptocurrency. But before you decide to jump into it, it’s better for us to learn what cryptocurrency is.
What is cryptocurrency?
Cryptocurrency is a type of virtual money or currency that exist digitally. The difference between cryptocurrency and the regular currency we use in our daily life is that crypto uses a decentralised system that requires no regulating authority such as governmental policies. Any and all transactions that happen require no authorization from banks as money is not being physically transferred. How it works is that transactions only exist as digital entries and any transactions made are noted down on a public ledger. In the end, you only need to check your digital wallets to know your balance.
Example of cryptocurrencies.
Bitcoin, which was founded by Satoshi Nakamoto first came in 2009 and is known as the first cryptocurrency to ever exist. To this day, it remains to be the more well known and commonly used cryptocurrency.
This cryptocurrency was founded in 2015 and is the second most prominent cryptocurrency after Bitcoin.
How to use cryptocurrency?
Here are some ways you can use your cryptocurrency. Firstly you can use it to shop on e-commerce sites such as Home Depot and Rakuten. Also, it can be used to buy products and services on technological sites such as Microsoft and Amazon. Simply click on the item that you want to buy and pay using your cryptocurrency saved up in your digital wallet.
Next, you can also book hotels and other accommodations using cryptocurrency. Travala is a one travel website that accepts Bitcoin as payment. Other travel websites that also accept cryptocurrencies are Greitai, Expedia, Bitcoin, Travela and CheapAir.
Following this, we also have certain luxury brands that accept Bitcoin and other cryptocurrencies such as Rolex, Patek Philippe and so on. Now, we can also buy cars using cryptocurrency. Certain dealerships such as Nissan, Lamborghini, Ferris and many more.
Finally, you can also buy insurance using bitcoin. Currently, certain insurance agencies such as AXA and Universal Fire & Casualty Insurance Co accept cryptocurrency for premium payments.
For more information on cryptocurrency and its works, check out top cryptocurrency news right here, and keep yourself updated on the latest updates.