There are currently well over 23k cryptocurrencies available as per CoinMarketCap. Such numbers can make it more daunting for newcomers to figure out which cryptocurrency is the best fit for them. To make this new venture easier for you, we’ll take a look through some of the leading digital currencies along with their uses.
Real-World Crypto Applications
When it comes to crypto, you’ll typically think that their main use is for investment purposes. But in 2024, this couldn’t be further from the truth as there are countless other applications for it.
This is especially true when it comes to entertainment. One great example in this case is the online casino sector, which has always welcomed innovation with open arms. Nowadays, iGaming players can enjoy online casino games with ease, through their phones, tablets, and PCs. However, this accessibility was taken to the next level with the addition of more payment methods, more specifically crypto.
Some options players can typically find are Bitcoin, Ethereum, Litecoin, and Tether. Since there are several options one can choose from, it makes this method even more convenient. And there aren’t any limitations when it comes to which games can be enjoyed, regardless of how the deposit is made. For fans of games of chance, there are hundreds of slots to choose from, whereas those who prefer table games can instead go for something like poker or roulette along with all the available variants of each.
Users can now enjoy all of the expected benefits of crypto payments, which are the added security, lower fees, and faster transactions. This is especially attractive to international players, who will typically have to suffer through expensive fees and constant banking delays.
All of this is made possible by the decentralized nature of this currency, which we’ll address in more detail further down below. These advantages impact not only the users but also the platform itself, meaning that they can offer additional bonuses related to crypto that tend to be better than the ones offered for traditional methods like credit/debit cards.
Of course, the aforementioned is just one example, crypto can also be used to do more mundane things, such as purchasing clothes and tech. Some fast food chains even go as far as accepting crypto for both online and physical orders, although this will vary heavily depending on location. This should clarify to the non-cryptoheads out there that there is more than what meets the eye when it comes to this tech advancement.
Top Currencies in 2024
We’ll start our list off with Bitcoin, the king of cryptocurrencies. Released in 2009, it took some time for it to gain the traction it deserved but it’s safe to say that with a current cost of just over 65k USD, it’s come very far. This is the most popular option out of all the currencies we’ll mention, and thus the most widespread one.
Practically every company that accepts crypto will have Bitcoin as a payment option. This means that it is a relatively safe and stable coin one can purchase that has more practical use than others. The proof can be easily seen in how this one currency constantly ranks as number one in most crypto-related articles and news.
Another thriving option is Ethereum, which is only second to the aforementioned coin. The twist to this currency is that it offers its own decentralized platform with smart contracts and decentralized apps that run on its currency. While it experienced some issues at the start, its turn to a Proof-of-Stake (PoS) model has resolved most of them, including the lagging it previously faced.
Finally, we’d like to discuss what some might considsser an underdog in the industry – Solana. As one of the most eco-friendly cryptocurrencies available, it gained popularity mainly through the speed of its transactions and scalability. Similarly to Ethereum, it also has its ecosystem that is currently growing rapidly and is set to actively compete against the aforementioned options.
How to Buy, Store, Trade, and Stake Crypto
Now that you know how to use crypto and which ones are claiming the top spots this year, the final step is to simply understand the basics of crypto. To purchase a currency, you will need to find a reputable exchange or bank that allows you to purchase them. Some great options are Binance and Coinbase for this, but there are many others out there.
When it comes to storing your crypto, you can get your own wallet so you can actively use the currencies. You’ll have two options to choose from, a hot or cold wallet. The former is always connected to the internet, while the latter stores your crypto offline.
Through your wallet or exchange of your choice, you can trade your currencies or use them to make purchases online. Some cryptocurrencies are also eligible for staking as long as they use the PoS mechanism. This will allow you to gain interest in the form of more crypto.
