People have been using the words ‘cryptocurrency’ and ‘bitcoin’ a lot recently, and while some of us might have a good idea of what these words mean and entail, others have no clue what they are.

With the crypto world constantly evolving and new advancements being brought to light, it’s no surprise that a refresher is needed.

Today, we’re going to be diving deep into the world of crypto and answer burning questions that you might have!

1. What Is Cryptocurrency?

Cryptocurrencies are digital or virtual currencies that are supported by cryptographic systems. They make it possible to make safe online payments without the involvement of any intermediaries from the outside.

The term “crypto” refers to the many encryption methods and cryptographic procedures that are used to protect these entries. Some examples of these algorithms and techniques are public-private key pairs, hashing functions, and elliptical curve encryption.

Mining cryptocurrencies is one way to obtain them, but they can also be acquired on cryptocurrency exchanges.

However, there are some online marketplaces that do not support the use of cryptocurrencies for making purchases. In fact, even the most well-known cryptocurrencies, like Bitcoin, are hardly ever used for everyday retail transactions. Despite this, a growing number of people are using cryptocurrencies as trading tools due to their rapidly increasing value. They are also put to use for international transfers, albeit to a much lesser level.

2. Web3 Crypto

The internet, just like any other technology, has evolved and changed over the years. Web 1.0 refers to the early stages of the World Wide Web evolution, which existed from 1991 to 2004. Web 1.0 was not particularly appealing because it consisted of a collection of informational websites. These systems, however, are steady and unattractive and are only intended to offer information.

During the conference in 1999, Darcy DiNucci invented the phrase “Web2” to characterize the incorporation of new technologies that will make the Web appealing and suitable for consumers. The Internet we use now is called Web 2.0, and it brings a tonne of technical capabilities that let individuals share their works, arts, experiences, and other types of content while also expressing their ideas. Social networking, podcasting, blogging, voting, and other user-oriented tools are among the most well-liked tools.

The transition from Web 2 to Web 3 is now taking place, with the goal of introducing the third generation Internet, which is the foundation for technologies like blockchain and smart contracts. Decentralization, which is the key aspect of the majority of cryptocurrencies, is the main attribute of Web3. As a result, Web3 crypto refers to all cryptocurrency initiatives that provide Web2-like services but also use decentralization, blockchain technology, or smart contracts.

The fact that users have more control over their data distinguishes Web3 from Web2 more than any other aspect. It’s because Web3 intends to eliminate the role of middlemen in processing transactions and provide users freedom to choose the features they wish to utilize by introducing decentralization. On centralized platforms, some users could not have access to specific tools.

By offering technology that operates on a code that is not regulated by watchdogs or organizations, Web3 seeks to dissolve these boundaries. If Google provides cloud services, but all of your data is managed by a single entity, Filecoin achieves the same result by decentralizing data distribution over a number of storage providers.

Top Three Cryptocurrencies

Today, there are over 2, 000 different types of cryptocurrencies available on the market. Since it’s impossible to name and discuss all of them, below are the three most popular cryptocurrencies:

Bitcoin	Bitcoin was the first ever cryptocurrency which was introduced on the market in 2009. Ever since, it has taken the world by storm and continues to rise in popularity.
Ethereum	Despite being launched in 2015 and being considered as a newcomer in the crypto world, Ethereum has rapidly risen to popularity.
Litecoin	Litecoin was developed in 2011 by a Google employee. While it’s not as well known as Bitcoin, it does have a faster transaction processing time than the latter.

4. Things You Can Buy With Cryptocurrency In 2022

Cryptocurrencies don’t only have to be used to gamble in online casinos, in fact, there are several other things one could do with crypto!

● Purchase Cars

One of the things that you might be able to do with your cryptocurrency holdings if you wind up with a sizable portfolio of them is to use it to buy a car, and with so many incredible cars on the market, you’ll definitely find one for you!

Some customers have paid for cars in full with Bitcoin and other alternative cryptocurrencies rather than showing up at the dealership and paying with a loan or cash. There has been a significant surge in demand for Lamborghinis among bitcoin billionaires, who became wealthy as a result of their investments in cryptocurrencies.

Not every dealership accepts payment via cryptocurrency, so you have to do a deep search and find out who accepts such payments.

● Buy A Home

Just how you would need a substantial crypto portfolio to buy a car, the same applies to buying a home. Although cryptocurrency payments are still relatively uncommon, an increasing number of real estate agents throughout the world are beginning to accept them.

● Eat Out

Food lovers rejoice! You can now pay for your meal using crypto!

5. What Makes Crypto So Attractive?

It cuts out the middleman. Blockchain technology, which uses a peer-to-peer network to store data in encrypted blocks that are chained together to make the data almost hard to rewrite, is used to exchange cryptocurrency.

It’s easy to use. Crypto can be sold and bought in several different places. While in the past, investors didn’t have a lot of options from where to buy and sell crypto, today they have multiple establishments, including the Bank of America!

Always available. Crypto doesn’t operate during office hours only, it keeps going 24/7. However, since it is constantly on the market, the chances of its value changing increases.

Possibility of earning a lot. Again, it’s only a possibility considering that the value of such currencies changes daily. Volatility doesn’t always have to be a bad thing. A healthy crypto market requires some fluctuation, however, it’s the sudden drop that causes people to worry.