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Cryptocurrency: What is it and Why is it Even Needed?

Embracing cryptocurrency means more than just an investment; it's about participating in a global shift towards a system where transactions are clear, fair, and accessible to everyone.

Cryptocurrency: What is it and Why is it Even Needed? |

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Cryptocurrency has sparked a revolution, making waves far beyond its financial roots, touching industries like online gaming, where it's reshaping how we engage and transact. For instance, when exploring the digital realm of online casinos, a Wanted Win promo code can serve as your gateway, marrying the excitement of gaming with the cutting-edge security and anonymity of crypto payments. This isn't just about leveraging the digital currency for online bets; it's a reflection of a larger movement towards transparency and equity in digital transactions.

Embracing cryptocurrency means more than just an investment; it's about participating in a global shift towards a system where transactions are clear, fair, and accessible to everyone. The integration of crypto into online platforms, highlighted by something as simple as a promo code, showcases a step towards dismantling financial barriers, echoing the core values of the crypto revolution in every digital interaction.

Let's start with the obvious: BANKS are lying to us!

The banking system has been rotten for a long time, and its injustice is not only in the lion's interest, commissions, service fees and all sorts of imposed services.

Banks have a worse "option" - to take away your hard-earned money at a moment's notice. Just at the snap of someone's fingers you will be left without access to your account, savings, for which you have been working for so many years.

Once again, pay attention.

The money is YOUR money. YOU brought it and voluntarily gave it to the bank. With your money, YOU provide the bank with liquidity. That is, YOUR money goes into the bank's total pile of money. They lend YOUR money to other people and organizations with a rather hefty interest.

After all, even for the same transfers over some amount set by the bank you have to pay. Or for cash withdrawals. Although you are just trying to dispose of your own money, not using the bank's money. But no one cares, no one turns a blind eye, because that's the system and you can't go against it.

FATHER OF Cryptocurrency

Satoshi Nakamoto, the "father of crypto", noticed this injustice back in 2009. Then he threw in an article on the P2P Foundation forum, where he pointed out the shortcomings of the existing monetary and financial system. The most important are these 3 theses:

  1. the risk of inflation is high,
  2. banks pass our personal data to third parties, we should not believe in privacy,
  3. banks are squandering our money, causing credit bubbles.

Satoshi also wrote: "I have developed a new open source peer-to-peer electronic money system called Bitcoin. It's completely decentralised, with no central server or trusted parties because everything is based on cryptocurrencies, not trust."

Encouraged to see screenshots, read the project description and give it a try. Attached a link to Bitcoin. This is how the only decentralised financial system with a lot of advantages was born:

Bitcoin advantages :

the anonymity of your payments and transactions within the system,

the asset really belongs to you and only you, no one else, so no one can take it away from you or somehow dispose of it without your consent,

ridiculous, not perceptible commissions,

transfers and payments to any corner of the world,

decentralisation (bitcoin has no directors, no marketing department, no central servers, no employees; it will be gone only if the Internet is destroyed),

your personal bank in your pocket: take it with you wherever you go, convert it into any currency in any volume,

huge market capitalisation (12 digits in dollars!).

Bitcoin is the king among cryptos: it rises/falls - other crypto coins follow. It's no secret to you that there are a lot of them, right? If we go to the numbers, it's already almost 16,000! You can't count that much fiat money)))


The number of altcoins (tokens) - that's how they call digital assets-alternatives to Bitcoin - is growing constantly. It's impossible to keep up with them all. And since crypto is proliferating, it makes sense. Firstly, a token is a unit of calculation within any crypto project, which is convenient. For example, there is some conditional Stepn. A project where you can buy NFT trainers, run in them and earn money by running. So the units of calculation inside this crypto-project are GST and GMT coins.

Secondly, the token can be perceived as a good share of some company on the stock exchange. For example, there is a famous crypto exchange Binance. It has its own token - BNB, when you buy it, you invest in the exchange itself. The exchange is prospering - the quotation of its token is growing, the exchange is in trouble - it is falling. So it's just like the stock market. Well, almost.

Thirdly, for the creators of cryptoprojects themselves, issuing a token is an opportunity to attract investment in the project at the early stages of its development.

That is, they present the project to you, describe it, give reasons why it will be successful, and you, if you like the project, invest in it, buying the token on very favourable terms. Then, if the project comes to fruition, the value of the token can jump 3-5-10-100 and even 1,000 times!


What else is important to know about cryptocurrencies? Probably about stablecoins. The terms are all non-nashen, but there's nothing difficult about them. Stablecoins are digital analogs of fiat currencies (most often, we're talking about the dollar). That is, the value of a stablecoin is equal to the value of a dollar.

Cryptocurrency you sell and buy just for stablecoins. There is no other way.

And in order to withdraw the profit, you will need to convert the stablecoins into regular fiat money (dollar, euro, ruble, and others).

That's probably all. Think about it, now it is clear why you need cryptocurrency?

If not to the end, then we will become Captain Obvious for you - and put everything in its place.

Cryptocurrency is:

  • decentralization,
  • Internet currency, simply put, people's money,
  • YOUR money, which you really own, and banks can't do anything about it, no matter how much they want to grab a piece of the pie,
  • a new, very attractive type of financial asset,
  • essentially a major competitor to the banking system,
  • a means of payment (yes, in progressive countries cryptocurrency can already be used in this way, for everyday purchases. And for elite purchases too: cars, yachts, real estate. In such countries there are even crypto ATMs, where you can easily exchange crypto for fiat),
  • the opportunity to make a profit!

The impact of cryptocurrencies on the economic sphere

We have already said that cryptocurrencies are not regulated by anyone and there are no such strict restrictions there as in banks. Therefore, people are increasingly transferring their money into digital assets.

Money can be printed, but cryptocurrencies can't. And once a digital coin is issued in a certain amount, it is forever. Therefore, crypto is not subject to inflation like regular money.

Crypto is also not subject to sanctions. And for a lot of people, that's important right now.

If you didn't know, there is now a law that prohibits taking out of Russia more than $10,000 and an amount equivalent to that in other currencies. With crypto you can take out any amount and no one will know about it.

Cryptocurrencies can be used in any country in the world, which makes them very convenient for international transactions. They are independent of exchange rates and have no borders, making them ideal for the global economy. These pluses are already playing a big role in popularising cryptocurrency. And by them, we can already guess how crypto will affect the banking sector and the economy itself. And here is the opinion of financial experts about the impact of cryptocurrencies on the economic sphere.

Crypto itself works on blockchain technology, which allows any amount of value to be transferred in minutes with minimal fees. This means that blockchain could create an alternative banking system. However, blockchain isn't just about transferring money. It can also be applied to logistics, storage and quality of goods, and many other tasks.

If banks cannot offer comparable services to the market in terms of quality and features, they will lose out on the competition. But if banks use their experience and customer expertise and create better blockchain-based products, this tool will only strengthen the banking sector.

The integration of blockchain and banks is a new stage in the development of the global financial system. Blockchain is not controlled by financial and political structures, which makes it possible for everyone to make settlements without restrictions and still have the same level of service.