Cryptocurrency, while more popular than before, still hasn’t reached mass adoption. Estimates suggest that less than 1% of the world’s population are using cryptocurrencies, but it remains a good long-term investment.
It is easy to use, safe and you don’t have to worry about the change. Plus, you could use it to pay for different things, including the times you play with Betway’s new app – https://www.betway.co.ke/betway-app. The Betway app does make things easier for you, helping you do everything from betting on live games to playing your favourite games.
Let’s find out more about it.
What is Cryptocurrency?
Cryptocurrency, a largely deregulated and decentralized digital cash system, is a form of digital money people have fallen in love with. With it, you could own and transfer units of the crypto you own, to others through a blockchain network. The Blockchain ledger updates in real time, and keeps a transaction of all events. And it’s difficult to change the records, since the accounting ledger is updated across all networks. For hackers to change a value, or create a fallacy, means to override the network, which will require tremendous computational power.
Crypto like Bitcoins aren’t exactly digital currency, which you can store in banks, or the cash you use when you make a credit card transaction. But cryptocurrency uses cryptography to keep your money secure. You can use it in place of actual money in those places that accept it.
These currencies are separate systems, based on blockchain technology. Many countries are now using this new source of transactions, to ensure safe and sound transfer of money.
How does Cryptocurrency Work?
The process of transferring cryptocurrency among peers works somewhat like this.
- First, you set up a blockchain wallet account, like Coinbase. It is like a wallet for your cryptocurrency. You can sell, send, receive, and buy cryptocurrency from this wallet.
- Your transactions are documented in a public ledger, which is the blockchain.
- All these processes are secured by using the method of cryptography. In simple words, all the processes are encrypted.
This makes cryptocurrency a safer alternative for digital or hard cash. When the transfer is complete, the process is called mining. During mining, the transactions are confirmed and added to the public ledgers by miners. You must have heard of a vastly growing cryptocurrency platform, Bitcoin.
Bitcoin in Africa
The younger generation is making use of this method to the most. The older generation, however, is sticking to the traditional mode of transactions, cash. Consider Nigeria, for example, almost 20 billion Naira in just one year itself. Not just in Africa but cryptocurrency is also being widely accepted in Kenya. However, the Blockchain Association strictly advises individuals to only send cryptocurrencies from trusted dealers.
With the rise in the use of cryptocurrency, many people are opting for it. There are risks in any type of online transaction. But with cryptocurrency you can be sure that your money does not fall into wrong hands.
Safe online transactions to family and friends are now possible with the help of cryptocurrency. You can also invest in cryptocurrency. So, when the stocks go up, you are sure to get more than what you invested. And with the pace at which it is gaining popularity, it is safe to say that cryptocurrency is the future of online transactions.