Cryptocurrency has been around since 2009 but it’s only over the past few years that it has skyrocketed in price. Back in 2021, it was just around £14,000 for a single bitcoin. And as of April 2024, it stands at just over £49,000. And so what has driven this popularity? What’s the big attraction that people have to crypto?
Well, a big part of why people are investing in it is due to its security applications. As it’s becoming more widely adopted in industries such as casino and gambling and other sectors, people are starting to appreciate just how useful the decentralisation aspect of it can be to so many tasks and the potential it has. Some of the best no KYC casinos on the internet at the moment are crypto casinos that accept cryptocurrency.
Online privacy
Online privacy is becoming a big concern for a lot of people now when they are using the internet, particularly when shopping online. However, when you are shopping online with crypto, you are a lot safer. Firstly, you don’t have to give any of your personal details. Your cryptocurrency can be transferred or kept in what is called a digital wallet until you want to spend it, either on retail shopping or placing bets on sites.
And so when you go to buy something, you don’t need to give your card details, your name, your postcode, etc. None of that is needed. You simply need your digital wallet. And to register for a crypto wallet, it doesn’t need any details about you. It also gives shoppers online reassurance, as when you purchase an item, the transaction details are kept on a public ledger where everyone can see that it has happened. So you can always prove when and where it was bought and for how much.
Decentralisation
Decentralisation is the primary reason for cryptocurrencies’ impressive security, and it is also a major selling point for users. It means that cryptocurrency isn’t regulated by one central bank or service provider. Everyone is accountable for their own funds. When you send money to someone else, it is a direct transaction between you two.
This means it’s not going through any intermediaries, thus reducing service charges and speeding up transaction times. And if you send money to someone but they deny receiving it, again, every transaction is kept on a public ledger, which everyone can see so it is fully transparent. It’s this transparent, open, and secure nature that has contributed significantly to the sudden surge in popularity of crypto, as people have confidence and feel reassured.
Confidence to invest
It’s for all of these reasons that people have started investing in cryptocurrencies and this is why we have seen such a phenomenal price rise. And it takes a lot of consumer confidence to invest in cryptocurrency for a few reasons. There is always some risk because it is unregulated. Typically, if a central bank oversees a currency, the risk, to some extent, can be controlled. Whereas with cryptocurrency, there is no regulation and it is decentralised, so it takes collective confidence in the market and in the currency to dictate price.
In Summary
We have covered some of the key features of cryptocurrency today when it comes to privacy and security. And hopefully, by applying some real-life use cases, you can now understand just how useful it can be and how many applications it could help in the future. After the price rise we have seen over the last 3 years, especially with the likes of bitcoin, it’s going to be exciting to see what the next 5 years bring, both for that and the crypto world in general.
