BTC to LTC: Basics of Currency and Cryptocurrency

Money is one of those necessities that we do not list if we are asked to list down our needs and wants. It might not be the first thing that comes to mind if we are asked of our needs but we do need it anyway.

Money can be considered as one of the most influential items in this world because it opens a lot of opportunities. You can buy the things you want as long as you have enough cash. You can avail of services that you have never experienced before. The world is on your hands if you are financially capable and it creates power to the person. It might be a strong influence yet its effects can be considered as both positive and negative.

There are a lot of ways that you can access money these days. In the ancient times when currency was not yet invented, barter was used for trade. This exchange of goods and services lasted for many years, and some areas in the world still practice it up to this day. However, the use of precious metals for coins was prevalent during the era of kingdoms and empires. Countless gold and silver coins were found even in the ruins of Pompeii and Egypt. They were now used as an exchange for goods and services and sometimes even used as rewards and compensation. Gold was one of these precious metals but as its supply lessened, its value also increased. Read more about this here: https://www.investopedia.com/articles/investing/071114/why-gold-has-always-had-value.asp.

These gave way to the modern idea of money: metal coins and paper bills. Both are usually issued by the government and can be used as an exchange for goods and services. Most countries have different types of coins and paper bills and their value can go up or down in the market. There are a lot of reasons for this like the status of the country or the government producing the money. As this is the most common way for payment and consumption, there are a lot of people who use currency this way. However, there are limitations to the use of physical money.

The most obvious problem of physical money is you cannot use it for online transactions. As we are living in the internet age right now, faster online transactions is needed to complete a sale. This is why money senders and credit cards exist to solve this problem. These made international payments possible, sometimes even in the blink of an eye. You can send and receive money with just a few clicks. However, you still need to exchange rates depending on the country where you are sending it to. Keeping track of this can be a little confusing especially if you are not very familiar with the system. Also, the exchange rate can be inconsistent so you might not be getting your money’s worth.

Cryptocurrency is one of the options that you can take if you want a new kind of currency. It is relatively easy to use as long as you have good internet connection. You can convert from physical money to cryptocurrency as well. One of the advantages of using a cryptocurrency is its security features. Most cryptocurrencies like BTC and LTC have security measures installed to protect its users from any prying eyes. Each transaction is guarded by a two-way key code which prevents anyone accessing the money without those codes. Also, you can exchange one kind of cryptocurrency to another. Check out the exchange rates in websites like Rubix.

You can also mine for your own cryptocurrency. Mining is the process of recovering cryptocurrency from a stash of codes from its creator. It does not come from nothing after all. However, you may need to have an advanced computer in order to mine for cryptocurrency. Nevertheless, you can use cryptocurrency from any kind of device as long as it can support its system. Cryptocurrency is just like every other currency. The only difference is its source and the way to store them. Actual money needs to have a physical wallet. With cryptocurrency, your wallet can be in any device so it is easier to access and use.

Salman Zafar

Founder at Blogging Hub
Salman Zafar is the Founder of Blogging Hub, and an internationally-acclaimed blogger, journalist, consultant, advisor and ecopreneur. His areas of expertise includes waste management, renewable energy, waste-to-energy, environment protection, resource conservation and sustainable development.
Salman is a prolific environmental writer, and has authored more than 500 articles in reputed journals, magazines and websites. He is proactively engaged in creating mass awareness on renewable energy, waste management, sustainability and conservation all over the world.
Salman can be reached on salman@cleantechloops.com

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