Can cryptocurrencies change our daily life?

Cryptocurrencies are fairly recent currencies. In Canada, as everywhere, they made headlines in all media, as they fluctuated significantly for more than 18 months. However, many finance journals have heralded it as the currency of the future. In this article, we will introduce you to cryptocurrency in its ambitions to improve our daily life. But before :

What is cryptocurrency?

Also called cryptocurrency, active cryptocurrency or computer currency, cryptocurrency refers to a digital currency issued peer to peer without the need for a central bank and usable through a decentralized computer network. This type of currency uses cryptographic technologies and introduces the user to the process of issuing and settling transactions.

Indeed, a cryptocurrency is based on a blockchain. It is a storage technology that allows information to be transferred without going through a central authority. In other words, the blockchain is a ledger in which all the actions of the network are entered (since its creation). All players on the network own, store and verify their own version of the genesis block chain as they see fit.

Some cryptocurrencies found on the market

The cryptocurrency made its appearance with Bitcoin in 2009. This currency is currently the most popular and most expensive digital currency. After Bitcoin, we have gradually witnessed the emergence of other cryptocurrencies such as:

  • Ether (ETH)
  • Binance Coin (BNB)
  • Litecoin (LTC)
  • EOS (EOS)
  • Stellar (XLM)
  • NEO
  • As well as dozens of other currencies.

You already know a little more about what cryptocurrency is. Now, let’s see how our consumption habits can change.

What can we do today with cryptocurrency

If the number of cryptocurrencies continues to increase in the market, it is because their promoters are increasingly aware of the benefits they can bring to everyday life.

In fact, every day cryptocurrency approaches classic money. The proof, a few years ago, this currency was only used to make investments on the stock market. Currently, it can be used for certain daily needs:

  • Buy a car: Some car dealerships allow customers to buy their car in cryptocurrency;
  • Playing at the casino: Crypto casinos are becoming more and more popular. In fact, this currency is now available in some Canadian online casinos. However, a player from Toronto, Montreal or Vancouver can bet using their own cryptocurrencies. However, be aware that the availability of another product varies between casinos. You must therefore check the availability of your cryptocurrency before registering;
  • Buying real estate, paying water, electricity or food bills online: in Quebec, as in many other Canadian cities, residents are gradually getting used to this new method of payment.

Current trends in cryptocurrencies

As mentioned at the beginning of this article, the value of cryptocurrencies has been falling for over 18 months. Currently Bitcoin, which is the cryptocurrency with the largest market capitalization, is trying to reach € 22,000. Its direct competitor, Ethereum, is worth just over 1,500 euros.

In fact, it must be said that the current trend of cryptocurrencies is similar to that of previous years. The ranking of digital currencies is more or less the same. Here are the top 5 cryptocurrencies to follow for this second half of 2022. As always, it is dominated by the reference cryptocurrency:

  1. Bitcoin
  2. Ethereum
  3. Binance coin
  4. Ripple
  5. Litecoin

Nowadays, cryptocurrencies are numbered in the hundreds. Every product that appears on the market brings a solution to a difficulty we encounter. That said, it is undeniable that this digital currency is able to modify or work to improve our consumption habits. This is also one of the reasons why the United Nations presents cryptocurrency as an important driver of sustainable development.

In fact, thanks to it, it is possible:

  • Stops environmental degradation
  • Find low energy consumption solutions
  • Explore other methods of managing social needs (payment of benefits with cryptocurrency)

In summary, cryptocurrency is a new form of currency that has a different operating system than traditional currency. Despite being just 15 years old, this currency is already trying to establish itself in society. Currently, many transactions are made with cryptocurrency funds. However, its volatility and above all the lack of a solid legal framework are some points that hinder its adoption in the same way as conventional currency.

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