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Evolution of Cryptocurrency - 3 Innovations Making Crypto More Tangible in Life.

The Evolution of Cryptocurrency:
3 Innovations Making Crypto More Tangible in Life.

Posted on November 9th, 2021.

While it may seem like crypto is suddenly everywhere you look, the rise of this alternative to fiat money results from several innovations that have improved its function as a monetary instrument and its profitability.

From the earliest days of public-key cryptography in the 1970s through the launch of Bitcoin in 2008, cryptocurrency was often a highly specialized interest and accessible only to the most technologically savvy individuals. Since the launch of cryptocurrency, there have been many essential advancements to support adoption, including many significant banks now offering opportunities for their customers to invest in the latest digital asset.

The Evolution of Cryptocurrency Exchanges
Platforms or cryptocurrency exchanges like Coinbase – which became available in 2012 – have successfully made crypto accessible to new users and profitable to experienced users. Despite some growing pains, like the downfall of the Japanese exchange Mt. Gox in 2014 and the hacking of Bitstamp just a few years later, today’s centralized exchanges offer a convenient way to buy, sell, and trade crypto.

Initially, decentralized platforms were the only foundation crypto could be accessed. A decentralized platform like Bisq allows users to operate directly in a peer-to-peer network, opening up a more comprehensive range of access. Users are responsible for their assets and security keys, and if they’re lost or stolen, there’s typically no recourse.

With a centralized exchange, the owner functions like a middleman who manages all of the transactions, taking small cut-through fees while holding your assets and the security keys for you. Users of centralized platforms have access to only those cryptocurrencies and fiats that the company chooses to carry. Robust security measures usually protect users, and some crypto platforms may ensure assets against loss. Many also offer easy-to-use apps that allow convenient trading and access to assets.

Choosing a platform requires an honest evaluation of your expertise in buying, selling and trading crypto, along with the benefits each platform provides. Some work with peer-to-peer payment systems like Venmo. Others offer enriched investment opportunities where you can earn interest and grow the value of your assets through staking. Additionally, many platforms don't require the granular know-your-customer rules usually associated with online transactions or banking if privacy is a concern.

Crypto Apps: Improving Access for New and Experienced Users
Crypto-centric apps that have surged to support the market are becoming the new foundation to the overarching crypto infrastructure - improving the crypto engagement, adoption and overall growth globally. Apps offer sale, hold, trade, investment opportunities, crypto asset management tools and market insights through centralized and decentralized exchanges. Perhaps most important to cryptocurrency users is the crypto wallet to keep your digital assets secure.

Non-custodial wallets offer greater flexibility in staking, lending, and yield farming tokens. However, you have sole control of your private keys, which in turn control your crypto and prove the funds are yours. If your private keys are lost or discovered by others, you are not protected by the crypto platform, their developers or app.

With the development of centralized exchanges, users can now access hosted wallets, and they’re good for new users who are only looking for basic transactions like buying, selling, and simple trading. They also offer some level of protection if you lose your password, and they’re shielded by the same cybersecurity protections as the rest of the platform.

Crypto Cards: Using Crypto in the Real World
These are among the newest ways for crypto to be used and offer a way to earn or use crypto in places where fiat currency is still dominant. Users earn crypto as a percentage of their purchases, much like airlines rewards cards and similar perks. Alternatively, many crypto card players in the market have pre-paid crypto cards where users fund the value for the cards with crypto to use and fulfil financial transactions in local currency.

Both of these options do offer inexperienced crypto users a relatively safe place to begin using cryptocurrency; however, more experienced users and traders may find these options limiting. New on the horizon is crypto card accounts such as; Connect Financials Visa credit card program. Users stake a percentage of their crypto as collateral towards a credit card and the credit limit they desire - with the ability to pay the balance owing on the card via fiat or crypto. There’s no liquidation required, so it’s a smart way to hold onto crypto assets while leveraging their spending power.

As cryptocurrency moves into the mainstream financial consciousness, it’s an excellent opportunity to pause and realize how far we’ve come from the early days of blockchain technology and the roller coaster boom and bust of the early 2010s. Today’s cryptocurrency platforms, apps, and cards offer greater access, more convenient management, and expanded spending power worldwide. Whether you’re a novice or experienced cryptocurrency trader, finding the right combination of financial instruments that make crypto a viable alternative to achieve your goals is easier than ever before.

Connect Financial featured in Yahoo Business; brings an innovative global solution for utilizing and growing crypto assets. They are the first genuine crypto credit card of its kind that puts users credit and financial management in their complete control. All backed by Visa, users can enjoy their card everywhere Visa is accepts. Additionally to their card program, they provide a leading-edge crypto wallet and deep liquidity interest-earning options. Get your first Visa credit crypto card.

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