Jump on the Crypto Bandwagon: It’s Easier Than You Think!
If you still think that Fiat is a make of car and a ramp is something that makes it easier to wheel your trolley, you probably haven’t yet begun trading cryptocurrency. And that’s probably because there’s a lot you don’t know about it.
Source: UGC
One of the reasons many people are put off dealing with cryptocurrency is that they can’t see or touch it. Not that we can be blamed – if it took time to muster up the trust to save money in a bank account rather than under the mattress, it would take much longer to feel comfortable paying for something with virtual currency. That said, once you understand how cryptocurrency works, it makes great sense.
For example, one of the greatest advantages – and attractions – of cryptocurrency is the fact that no one owns it. Then, some organizations own traditional payment pathways, like banks. Their ownership of these channels means you have to ask when you want your money, or if you want to use it for a transaction. With crypto, on the other hand, there’s no need to ask permission: if you have the right software (which is free to use), you can act on your own.
That’s one of the main reasons crypto is so popular. There’s also the fact that you can use it to pay for pretty much anything you would usually buy with fiat money (including your groceries at Pick n Pay), and it’s affordable and fast. Say you wish to make a payment for something in Africa, for example, the person you’re paying would receive their money almost instantly, and it would cost you far less than a traditional payment. And, for those who have their misgivings about security when it comes to online transactions, it’s good to know that Binance has a workforce committed to security and compliance to ensure safety and security – even in this age of sophisticated digital fraud.
But what is it, exactly?
Now you know why you should be using crypto – but you might not yet understand what, precisely, we’re talking about when we mention the term. The most basic unit of any cryptocurrency is the blockchain. That raises another question: what is blockchain? Each cell in the database is called a block, so it makes sense that several together are called a blockchain. If a block is changed, the fingerprint changes. And, of course, because it’s a chain, every single block becomes affected in the same way, so any tweak made to the chain is immediately noticeable.
Your next question is probably this: if coins and notes are made in a mint, how is blockchain made? The answer is that blockchains are mined through a rather complicated process that requires software able to create blocks.
Source: UGC
How to use it?
By now you know that when it comes to uses, there’s very little difference between crypto and fiat money – whatever you can buy with coins and notes, you can buy with crypto, too. You can also trade in crypto, or invest – so, again, it’s quite similar to fiat. You can even use it to earn a passive income.
So now what’s next?
With the recent surge, increasing trust, and interest in digital assets within the continent, Bitcoin is certainly proving to be the future of finance. Binance Pay has been a pivotal player in this surge, offering secure transactions for buying, selling, and investing in cryptocurrency, as well as making everyday purchases from a device.
Source: UGC
Fun fact?
According to Fivewest, the demographic profile of crypto users in South Africa is predominantly young and tech-savvy, aged between 18-34, with a higher representation of males. This trend towards digital currencies reflects a broader global shift towards e-commerce and digital financial solutions.
If you’re interested in starting your crypto journey, it’s a good idea to read up a little more on crypto and find out which currency is right for you, as well as how to take part in trades or how to invest. You’ll find plenty more information on these topics at the Binance Academy, which is available to the public.
About Binance
Binance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralisation and infrastructure solutions, and more. For more information, visit: https://www.binance.com
Source: Briefly News
