In the last couple decades, we have seen a great many things that at one point we thought would only live in the realms of science fiction and daydream become reality. Whether this be humankind walking upon the moon, a computer that can fit in your pocket, or the ability to have immediate access to all human knowledge. One of the newest additions to this rapidly growing list is cryptocurrency—the ability to work outside a typical bank and truly have a globally recognized currency that is yours and yours alone to do with as you please. Well, we have jumped on this train too and are now accepting Bitcoin, USDC, and more! However, we understand that while digital currency is quickly gaining traction and popularity, it is still a relatively new concept that may be unfamiliar to many. Fear not, for we will walk you through the basics so you can answer "What is Cryptocurrency" and be part of the rapidly growing world of cryptocurrency!
What Is Digital Currency?
While the nitty gritty can be complicated, the actual idea is quite straight forward and simple. Cryptocurrency is a currency that is completely digital and doesn’t technically exist in any physical form. While this may cause one to grow wary, it really shouldn’t, as there are a great many advantages that come with using such crypto as Bitcoin, ETH, USDC or just about anything that uses Ethereum. Basically, your money exists in a wallet such as Ethereum, which is then used to make an agreed-upon transaction between two parties, typically businesses that accept cryptocurrency. Once this is made, a miner then confirms the transaction and puts it into a block, which is then added to a strictly chronological blockchain. In exchange for keeping this digital ledger, the miner who successfully puts together the proper chain (based upon extremely strict chronological rules) gets a small reward in the form of cryptocurrency.
That’s Cool…But What Can You Buy With Cryptocurrency?
Due to the fact the digital ledger is put together by independent miners, there is no bank or central authority overseeing it. This means you won’t have any third parties trying to install hidden fees (the only fee you might see is from your wallet and helps a miner confirm your transaction quicker), tracking personal information, or the various other things that often make us tear our hair out when working with a bank. This also means that the transaction is fully controlled by you and your buyer/seller with no government or company controlling it; thus, you are ensured of privacy, no censorship, and having control and freedom with your finances.
So why use cryptocurrency if nothing is overseeing the transactions? How do you know it's safe? Well, your wallet and transaction are verified and signed using a private key which is directly linked to your wallet and crypto coin. This ensures an extra level of privacy you don’t get with a credit card as your finances are still secured, yet very little personal information is needed, giving you the relief of privacy. Cryptocurrencies are used all over the world, meaning you’ll never have to battle those annoying exchange rates again. Finally, due to the nature of digital currency, the entire system is completely neutral, and due to things like Bitcoin or Ethereum being open source, anyone and everyone can read the code and assure that it is doing exactly what it says it is.
These reasons and more are why so many are quickly jumping on the bandwagon and seeing the potential of what crypto to invest in. We count ourselves amongst them, and if you do too, then rest assured you will have no troubles using your hard-earned cryptocurrency to help make your dream vacation a reality. So, if you have your crypto in digital hand, or want to learn more about it and how we work with it, then make sure to call Carefree Boat Club today at (619) 488-6630 or visit us online!
