A few years ago, crypto was still a topic that not everyone knew. Today it is completely different, today almost everyone knows what bitcoins are. Cryptos are on the rise and are gaining more and more followers. And cryptos have also increased in popularity in Germany. But why is that?
Security
If you make transactions with crypto, you will have to provide your name, address and other personal data. This way you are protected and remain anonymous.
Fees
When paying with crypto, the fees are much lower than other methods.
Inflation
Cryptos are not affiliated with governments and the risk of inflation is therefore much lower.
Sourcing
It is becoming easier and easier to source cryptos and buy them from a reputable source.
Speed
Transactions with crypto are much faster than other methods. And this is of course a great advantage, especially for international business.
In the past there was only Bitcoin, today you can choose from thousands of cryptos. But what are the most popular cryptos? We present a few here.
Bitcoin
, also known as BTC for short, is considered the origin of cryptos and remains the most popular of all digital currencies. BTC has been around since 2009 and is considered very safe. At the time, the anonymous founder published a white paper entitled ‘Bitcoin: a peer-to-peer electronic cash system’. This was the cornerstone of what we now call ‘Blockchain’ or ‘Distributed Ledger Technology’. BTC is supported by most trading portals and is the most common on exchanges.
But BTC is also the most popular option for payments and is therefore naturally popular.
Ethereum
, or ETH, is not just a digital currency, it is also a blockchain platform. The currency used on the platform is called Ether. Applications on the platform work with so-called smart contracts. In contrast to classic sales contracts, these are executed as soon as an ‘if then’ condition is met. Since this is an automatic execution when both parties agree on something, there is no longer a need for an intermediary. This makes ETH a popular currency.
BinanceCoin
BNC was created in 2017 as a utility token for discounted trading fees. Originally based on the Ethereum network, BNB is now the native currency of Binance’s own blockchain, the Binance chain. Initially, BNC served primarily to simplify trading on its own stock exchange platform. But today there are many more options. In addition to payments for transaction fees, you can also use BNC to book travel, for example.
Cardano
This decentralized blockchain platform belongs to the third generation and the currency is called ADA. Cardano uses the proof-of-stake method for validation. This means transactions are much faster and energy consumption is lower. Of course, this also has an impact on the environment. In addition to the high level of security, scalability and speed, the aspect of sustainability is certainly one of the reasons why ADA has become so popular.
Where can you use cryptos?
In fact, today millions of people use crypto every day and more and more companies accept payments with digital currency. For example, play in the casino with crypto or buy furniture or jewelry with crypto.
But you can also use crypto to pay for services, especially on the Internet, such as hosting or apps.