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Home»ALTCOIN NEWS»What is it and why is it needed?
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What is it and why is it needed?

By Crypto FlexsMarch 18, 20247 Mins Read
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What is it and why is it needed?
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Cryptocurrencies have gone far beyond their financial roots, impacting industries such as online gaming and creating a revolution that is reshaping the way we engage and transact. For example, when exploring the digital realm of online casinos; Wanted Win Promo Code It can act as a gateway, combining the fun of gaming with the cutting-edge security and anonymity of cryptocurrency payments. This isn’t just about utilizing digital currencies for online betting. This reflects a larger movement towards transparency and equity in digital transactions.

Embracing cryptocurrency means more than just investing. It’s about participating in a global shift towards a system where transactions are clear, fair and accessible to all. Integrating cryptocurrencies into online platforms, highlighted through simple methods such as promo codes, represents a step toward breaking down financial barriers while reflecting the core values ​​of the cryptocurrency revolution in every digital interaction.

Let’s start with the obvious. The banks are lying to us!

The banking system has been corrupt for a long time and its injustice lies not only in lion’s share of profits, commissions, service fees and all kinds of imposed services.

Banks have worse “options”. That means taking your hard-earned money right away. The moment someone snaps their fingers you will lose access to your accounts, your savings, that you have been working towards for years.

Again, be careful.

The money is your money. You took it and voluntarily gave it to the bank. You can provide liquidity to banks with your money. This means your money goes into the bank’s total money pile. They lend your money to other people and organizations at significant interest rates.

Ultimately, you will also have to pay for the same transfer over a certain amount set by the bank. Or in case of cash withdrawal. Although you are just trying to dispose of your own money without using the bank’s money. But no one cares or turns a blind eye. Because that’s the system and you can’t go against it.

father of cryptocurrency

Satoshi Nakamoto, the “father of cryptocurrency,” noticed this injustice in 2009. He then posted on the P2P Foundation forum pointing out the shortcomings of the existing currency and financial system. The most important are the following three papers:

  1. There is a high risk of inflation,
  2. Banks pass on our personal data to third parties. We shouldn’t trust our privacy.
  3. Banks are wasting our money, creating a credit bubble.

Satoshi also wrote: “I have developed a new open source peer-to-peer electronic money system called Bitcoin. Everything is based on cryptocurrency, not trust, so it is completely decentralized with no central servers or trusted parties.”

See screenshots, read project description, and give it a try. Bitcoin link is attached. This is how a unique decentralized financial system with many advantages was born:

Advantages of Bitcoin:

Anonymity of payments and transactions within the system

The assets are truly yours and no one else’s. Therefore, no one can take or dispose of your assets without your consent.

ridiculous and unremarkable commissions;

Send money and make payments anywhere in the world;

decentralization (Bitcoin has no directors, no marketing department, no central servers, no employees; it will only disappear if the Internet is destroyed);

A personal bank in your pocket: take it with you wherever you go, convert to any amount of currency,

Huge market capitalization (12 figures in dollars!)

Bitcoin is the king of cryptocurrencies. Rise/fall. Other cryptocurrencies will follow suit. It’s no secret that there are a lot of them, right? By the numbers, it’s already almost 16,000! So many fiat currencies can’t be counted)))

altcoin

The number of altcoins (tokens), so-called digital assets that are alternatives to Bitcoin, is continuously increasing. It’s impossible to keep up with them all. And this makes sense because cryptocurrencies are proliferating. Firstly, tokens are convenient as they are the unit of account within any cryptocurrency project. For example, there is a conditional Stepn. This is a project that allows you to purchase NFT trainers, run them, and earn money by running. Therefore, the units of account inside this cryptocurrency project are GST and GMT coins.

Second, the token may be perceived as a good stake in some company on the stock exchange. For example, there is Binance, a popular cryptocurrency exchange. It has its own token, BNB, and by purchasing it you are investing in the exchange itself. The exchange is prospering – the price of the token is increasing, the exchange is in trouble and is falling. So, it’s similar to the stock market. Well, almost.

Third, for the creators of the cryptocurrency project itself, token issuance is an opportunity to attract investment for the project at an early stage of development.

That is, they present the project to you, explain it, give reasons why it will be successful, and if you like the project, you invest and buy tokens on very favorable terms. Then, when the project comes to fruition, the value of the tokens can jump 3-5-10-100 or even 1,000 times!

stable coin

What else is important to know about cryptocurrency? It’s probably about stablecoins. The terms are not all Nasen, but there is nothing difficult about them. Stablecoins are digital analogues of fiat currencies (mostly we are talking about the dollar). In other words, the value of a stablecoin is equal to the value of 1 dollar.

It is a cryptocurrency that is sold and purchased exclusively for stablecoins. There is no other way.

And to withdraw your profits, you need to convert your stablecoin to regular fiat currency (dollars, euros, rubles, etc.).

Maybe that’s it. Think about it. Now is it clear why you need cryptocurrency?

If not until the end, we will be Captain Obvious for you and put everything in its place.

Cryptocurrencies are as follows:

  • Dispersion,
  • Internet currency, simply put, the people’s money,
  • You really own your money and the banks can’t do anything about it even if they wanted a piece of the pie.
  • A new and very attractive type of financial asset;
  • It is essentially a major competitor to the banking system.
  • As a means of payment (yes, in progressive countries, cryptocurrencies can already be used this way for everyday purchases. They can also be used for elite purchases such as cars, yachts, real estate, etc. In such countries, there are also cryptocurrency ATMs where you can easily exchange . Cryptocurrency for fiat currency),
  • Opportunity to make money!

Impact of Cryptocurrency on the Economic Sector

We have already said that cryptocurrencies are not regulated by anyone and do not have strict restrictions like banks. Therefore, people are increasingly moving their money into digital assets.

You can print money, but not cryptocurrency. And digital coins are permanent once they are issued for a certain amount. Therefore, cryptocurrencies do not experience inflation like regular currencies.

Cryptocurrencies are also not subject to sanctions. And for many people, that’s important right now.

If you didn’t know, there is currently a law prohibiting taking more than $10,000 and its equivalent in other currencies out of Russia. With cryptocurrency, you can withdraw any amount you want and no one will know about it.

Cryptocurrency can be used in any country in the world, making it very convenient for international transactions. It is independent of exchange rates and has no borders, making it ideal for the global economy. These advantages are already playing a big role in popularizing cryptocurrency. And with this, we can already guess what impact cryptocurrencies will have on the banking sector and the economy itself. And here are the opinions of financial experts on the impact of cryptocurrencies on the economic sector:

The cryptocurrency itself operates on blockchain technology, allowing any value to be transferred in a matter of minutes with minimal fees. This means that blockchain can create an alternative financial system. But blockchain is not just about transferring money. It can also be applied to various tasks such as logistics, storage, and product quality.

If a bank cannot provide comparable services to the market in terms of quality and functionality, it will lose out on the competition. However, if banks leverage their experience and customer expertise and create better blockchain-based products, these tools will only strengthen the banking sector.

The integration of blockchain and banking is a new step in the development of the global financial system. Because blockchain is not controlled by financial or political structures, everyone can make payments without restrictions and receive the same level of service.

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