Today we may not have flying cars, world peace, or commercially available jetpacks, but technology has evolved in ways science fiction could scarcely have begun to guess at. One of the greatest revolutions in the past decade destined to continue to grow and change the course of society is the advent of cryptocurrencies.
Digital currencies utilizing blockchain technology continue to grow in acceptance and influence. Everyone has heard of Bitcoin. How could you have not? It started the crypto revolution, survived where other digital currency attempts have failed and are now worth more per coin than gold is per ounce. A reason many liken it to digital gold.
What is less known is where digital gold exists so too does digital silver. Many smaller coins aimed to achieve the same success as bitcoin, but two of them aimed to be a more available version of bitcoin.
For you see, there will only ever be a certain number of bitcoins. That number is not insanely large, so Litecoin joined the market with the same technology, but a higher cap on total coins allowing it to be dubbed digital silver when it was launched. Later Ethereum would emerge onto the market with the additional function of allowing contracts.
Ethereum came with other additional options that reward more tech the more code-savvy resulting in many institutions adopting it driving its value higher than Litecoin.
Over the next few years, Ethereum will be launching Ethereum 2.0. This upgrade will feature further increases to security, along with a switch from mining to staking. The difference between mining and staking is rather smaller but significant. With mining dedicated mining computers running software are required to validate transactions. With staking any wallet with a set volume of coins will be allowed to perform the same function. Thus, earning participants money for holding the currency.
With the upgrade and current trends, Ethereum’s adoption rate will only continue to grow over time. Always on the cutting edge of technology, it is no surprise online casinos also allow their users to bet with Ethereum. At present, Ethereum does not enjoy the adoption rate of Bitcoin, but with the time that will change.
To alleviate concerns over Ethereum adoption and use, here are five reasons why betting with Ethereum is safer than regular currencies.
Currently, central banks are engaging in what is called a currency war. In which governments around the world are debasing their currency in order to offer a cheaper alternative to other currencies. This has the advantage in a globalist economy of attracting international business or keeping international business as paying wages in nations with a cheaper currency is advantageous.
What is important is relative purchasing power. Relative purchasing powers vary across the globe as separate nations and regions place different values on their goods. This is often because goods have to be manufactured at a cost-effective rate to be purchased in the local economy. No one in America could survive at $50 a month, but in other countries, the same amount of dollars would place you comfortably in the middle class. This is because the dollar has a high value, and the United States has a higher relative cost value compared to other nations.
As you can guess, while this is advantageous globally, it effectively causes inflation in nations that engage in the practice. Simultaneously, it also causes the relative purchasing power of the currency to decrease, which causes the same effect as inflation.
Cryptocurrencies are insulated from this effect as they cannot be mass-produced on a whim. Never will there be an instance where at a press of a finger, several trillion new coins will pop into existence, driving down the value of existing coins.
As crypto’s value continues to increase over time both from the decrease worth of physical currencies and higher demand driving up each crypto denomination’s relative value, crypto becomes a good investment. Imagine if you had $100 a year ago and today it was worth over $600. That is what has transpired with Bitcoin. Ethereum has enjoyed similar yearly growth.
Whether they utilize miners, stakers, or consensus servers, cryptocurrencies are extremely secure. If the public ledger does not show your coins have been transferred, they will not leave your wallet. Imagine if you got mugged, only to get home and the cash is still in your wallet because the consensus was this was your money, not the thieves. That’s the security crypto affords its users.
How crypto works is your money is held in what is known as wallets. These are databases that store your digital currency. They can be online, with a broker like coinbase, or you have the option of setting up one on a portable hard drive. If you opt to use the last one, do not forget your password like those who locked themselves out of millions of dollars in bitcoin has.
From these wallets, you send and receive coins. Unless you are using a broker, these wallets are never identified as belonging to you, rendering crypto anonymous.
Bitcoin was established to be online digital gold. Litecoin aimed to be digital silver. Ethereum aimed to offer contractual functions with its currency but is less scarce than bitcoin. Allowing you to buy more Ethereum than you would spend the same amount of money on Bitcoin. This is a perk investors are likely to be more interested in than layman, but if you’re betting with Ethereum it means the more coins you accumulate, the more your investment increases with each incremental increase.
Currently, major financial institutions and brokers are buying cryptocurrencies. Online retailers have begun accepting cryptocurrencies as payment for physical goods as well. Billionaires like Elon Musk are buying into cryptocurrencies as well. Cryptocurrencies are a growing part of our future, and as they are good stores of wealth, early adoption will be very rewarding.
China is preparing to launch a state-sponsored cryptocurrency, as other nation’s central banks have plans for rollouts of their own. Anyone who believes crypto is going away is deluding themselves. This is the future and being on a future trend is always a benefit for you.
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