As of today, there are two types of currencies that are existing in this world: fiat and cryptos. Fiat currency has been used by humanity as a commodity to buy goods and services both in the real and cyber world. The latter currency known as cryptos is the new type of commodity that threatens the stability of the former one since it is made to resolve the problems of fiduciary currencies.
The Problems on Fiat Currency
Fiat currency refers to the paper bills and coins that are manufactured by the government of each country for the sole purpose of establishing a systematized money transaction that makes the exchange of goods and services quick and easy. The problem with this currency is how it is valued by the government. Its buying power can either go up or down depending on the economic stability of the country andthe numberof bills and coins that were allowed to circulate in the market. Because of these, people have no full sense of authority and control over their money with a worth that fluctuates abruptly. Hence, inflation occurs and puts the financial stability of a family in danger.
Virtual Currency: The Modern Solution
Because of this, a new commodity called cryptos was developed by a person or group, who hides in the name of Satoshi Nakamoto, as an alternative payment method that can be used in buying goods and services online. The reason why cryptos become popular nowadays as a form of investment is because of its 4 qualities.
- Decentralized control
Cryptos are monitored and secured by a blockchain technology wherein there is no definite owner. All the transactions are reviewed by a peer-to-peer network that no banks nor government can intercept. Thus, it is free from taxes.
- User anonymity
In the crypto world, your information is completely safe since the accounts are secured by unique codes called private and public keys. So, each transaction will be confirmed by other users before it proceeds.
- Avant-garde security features
Cryptocurrency is protected by cryptography. This kind of security blocks any type of interception or hacking from a third party before it gets out of hand. This is made possible because the users will protect each other from these hackers that will try to jeopardize the sovereignty of the system. If the keyholder intends to corrupt the system, his/her account is automatically blocked from functioning—FOREVER. Hence, fraudulent activities are preventedabd highly discouraged.
- Controlled resources
Unlike the fiat currency that can be produced unlimitedly, virtual currency has only few available resources that are allowed to circumnavigate in the cyber market. Hence, its value is not affected by inflation.
Crypto: The New Mode of Payment in the Betting Industry
Because of these qualities, some game operators are catering cryptos as a paying mode for playing on their online sites. The rewards are given in a form of cryptos as well. In this way, the bettors can salvage their fiat currency at the same time they can earn huge investments because of the convertible value of cryptos to real money. If you are looking for games that accommodate cryptos, just login Joker123 to be able to try its FREE PLAY.