Cryptocurrency in simple terms means a digitized currency that has got the same value as other currencies. This currency is secured with cryptography. Cryptocurrency is the latest and one of the most popular currencies of the 21st century. This is also an emerging payment mechanism that is getting developed at a very rapid rate. Cryptocurrency is supported by the blockchain technology that enables crypto mining and security. There are many cryptocurrencies in the market; some of them are bitcoin, ethereum, litecoin, stellar, etc. The most popular cryptocurrency among all of them is bitcoin.
Bitcoin was launched in 2009 by an anonymous person who is called Satoshi Nakamoto. Bitcoin in its earlier days was used to make game purchases. Now the uses of bitcoin are so extensive that you will be astonished to know the number of industries that are using bitcoin as a payment mechanism.
Present-day uses of cryptocurrency –
1. As a mode of payment –
Cryptocurrency is used as a mode of payment for various offline as well as online services. There is a huge number of stores, offices, etc that have started taking bitcoin as a payment method. There are companies that are giving bitcoin as a salary to their employees.
There is a huge number of online services that you can acquire using bitcoin, some of them bitcoin hosting, e-commerce shopping, buying premium versions of applications, websites, and much more. Not only bitcoin but there are some other less prominent cryptocurrencies like ethereum and stellar that are also used as a payment mechanism.
2. As of mode investment –
People use cryptocurrency as a means of investment. Not only people but there are many MNCs like tesla, MicroStrategy, etc that have invested heavily in this mode of investment. The recent surge in the bitcoin market is the result of these very investments. The ability of tesla to drive market temperament led to bitcoin being at its all-time high.
Retail investors are now looking for a different option of cryptocurrency because bitcoin is already at its all-time high. They are looking for some cheaper options that can give them good returns.