Digital currencies have become especially relevant in recent years. They are used to conduct payments in various areas: offline and online trading, the entertainment industry, restaurant business, and others. Cryptocurrency is one of the most used currency in 2022.
The WinWin casino team has prepared a list of interesting and useful facts that beginners should know about cryptocurrency.
The Essence of Digital Monetary Units
Bitcoin operations are performed based on blockchain technology. This is a distributed database that stores information about all transactions of system participants.
What is the difference between crypto and ordinary money? These monetary assets are stored in users’ wallets. All operations are carried out without the participation of financial institutions. Information about monetary resources is securely protected.
Only the owner has access to the money. If the wallet number is lost, a user will not be able to access the finances.
Who is the Creator of Bitcoin?
The personality of the founder of the most popular cryptocurrency is shrouded in legend. His name is Satoshi Nakamoto. It is unknown who this person is in real life. Some researchers believe that this is not one researcher, but a whole group of inventors.
The creator of Bitcoin announced himself for the first time in 2008. He acquainted the world with the article describing his innovative views on decentralised payments.
In 2009, Bitcoin appeared on the world market. It is noteworthy that the value of the currency was miserable at that time, less than one cent. However, the growing popularity of the monetary unit has made it one of the most expensive digital tokens in the world.
The Advantages of the Payment Method
People choose Bitcoin and other digital tokens due to the following benefits:
- high level of data protection;
- fast money transfers;
- no commission fees;
- wide availability.
Reliable Data Protection
Users prefer digital money due to complete anonymity. Information about operations is securely protected by cryptographic encryption tools. The possibility of third parties intervening in the data transfer process is practically impossible.
Even the most sophisticated hackers failed to decrypt the protected information during numerous tests of the technology.
High Speed of Operations
In most cases, Bitcoin payments are conducted in just a few minutes. For comparison, transactions made with the participation of banking or other financial institutions can be carried out over several days or even weeks.
If a client makes a payment for the first time, the bank or electronic system can carefully check his or her data and documents. As a rule, this procedure is very lengthy.
The Lack of Commissions
Payments between crypto wallets are made directly, without the participation of intermediaries. This allows users to perform money transfers without additional charges. Some entrepreneurs set commissions for transactions independently. However, the amount of such fees is normally quite low, much less than the fees of banks.
Another advantage of digital currency is the absence of financial restrictions. Clients can make transfers for absolutely any amount — from a few Satoshi (the cost of 1 Satoshi is 0.0002 dollars) and up to infinity.
Very often, banking organisations or electronic payment systems are rather suspicious of too large sums. The details of a sender and recipient in such operations are carefully checked.
Wide Availability
Bitcoin tools are spread all over the world. Digital currency is very common in the following countries:
- Ukraine;
- the Philippines;
- the USA;
- Malta;
- Spain;
- Canada;
- Switzerland;
- Norway;
- Germany;
- Italy.
The Main Things about the Features and Benefits of Cryptocurrencies
Digital monetary units have made the lives of millions of people around the world more convenient. Blockchain technology brings such benefits to participants in financial transactions:
- reliable protection of information;
- high transfer speed;
- no commission payments;
- wide availability of digital currencies.
Bitcoin, as well as other tokens, is often used in the gaming business. The absence of commissions and the reliability of this payment method is an ideal choice for gamblers.
The Win&Win Casino studio has been successfully implementing crypto gaming projects for several years. In addition, the company offers its customers an extensive range of entertainment content, security software, licensing assistance, and other useful services. Turn to the supplier’s managers to learn more about the terms of cooperation.
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