Thank you for visiting CryptoPlaygrounds.com, the destination for the most up-to-date information on all things related to investing in and having fun with Bitcoin and other major cryptocurrencies.

The time to make money from crypto is now!

Always remember, the sky is not the limit, because we are going to the Moon!

A quick refresher on some important topics:

There are well over 4,000 different cryptocurrencies, so we understand that choosing just one can be a difficult task. The first step you need to take is to decide how you will be utilizing your cryptocurrency – Will you be trading, investing, or do you simply need an anonymous way to send and receive payments on the web? Different purposes require different purchases – but there is no need to feel discouraged! We have in-depth guides on why, how, and where you should purchase each of the most popular cryptocurrencies.

We believe that the first step into the realm of cryptocurrency is signing up with a safe and reliable cryptocurrency exchange. Crypto exchanges allow you to trade, buy, sell, and invest in cryptocurrencies. The number of exchanges increases every year, but not all of these exchanges are worth looking at. We shall see which ones actually benefit you.

Our team at CryptoPlaygounds.com carries out constant research to help simplify your journey to finding a worthy crypto exchange. In our reviews, we look at all aspects of an exchange: its fees, restricted countries, user-friendliness, UX, limits, and customer care. We even compare top-ranked exchanges to help you easily determine which strengths matter most to you and your trading preferences.

There is a lot of hype and global coverage on blockchain, cryptocurrency, and Bitcoin. However, FinTech and technology experts can not seem to put their finger on an agreement. Countless blockchain meet-ups, seminars, and forums happen frequently in major cities. This new type of currency could replace government-issued currencies, but it is not yet as widely accepted.

You might be wondering what the difference is between cryptocurrency and traditional currency. Commonly referred to as fiat currency, traditional currency is all legal tender, such as the Dollar, Euro, Pound, Yen, and other major currencies found across the globe. Fiat currency gains value depending on the economic environment around it. The main difference, and the one that is often the most important to users, is that fiat currency is regulated by the government, thus making it a centralized currency. Fiat currency is issued by a country’s government, which means that authorities exercise complete control over all fiat currencies. National banks manage fiat currency, while cryptocurrency is managed through the blockchain system. Cryptocurrency is therefore a decentralized currency, meaning it is not owned by any one entity.

Cryptocurrencies use a technology called blockchain – a decentralized technology that spreads across numerous computers that manage and record transactions. Blockchain technology is distinguished for its security. Besides using them to buy goods and services, there is a significant interest in trading them for profit, or simply investing in them for long-term capital gain.

There are 3 commonly-used terms that you have probably heard of, but we should review each one.

Digital Currencies

Digital currency is the broader term describing digital money used on the internet, unlimited by political or geographical borders. They may not have a physical equivalent like banknotes and coins, but possess all the characteristics of money. You can own, transfer, and exchange them like fiat currency and use them to pay for goods and services.

Virtual Currency

Virtual currency refers to any money that is not stamped into metal or printed on paper, meaning they only exist in the virtual world but can potentially represent fiat currency. They are accepted and used within a specific virtual community. Every virtual currency is digital, but some digital currencies are not virtual. Virtual currency represents a monetary value that is distributed, managed, and controlled by private issuers for peer-to-peer transactions. They exist as tokens, but unlike fiat currency, they are almost always unregulated and are not issued by banks or official governmental bodies.

Cryptocurrency

Cryptocurrencies like Bitcoin and Ethereum are a form of digital currencies. Unlike fiat currencies, they operate without central banks or intermediaries between Point A and Point B. Cryptocurrencies are a reliable, secure, and no-bullshit means of exchange based on cryptography. Blockchain technology (basically a decentralized ledger) creates and analyzes protocols and algorithms so that the information can neither be changed nor interrupted by third parties.

You have heard about Bitcoin, its technology, utility, and people’s interest in it, but it is not the only cryptocurrency. Other cryptos use different technologies and have different philosophies to solving problems. Our guide will describe the most popular cryptocurrencies and pinpoint their unique characteristics.

Cryptocurrencies did not just appear overnight to become a formidable force in the world of personal finance and technology. Significant events surrounded this invention, and from what it seems, there is still the huge potential to shake the fundamentals of money in years to come.

The dream for developing digital money started in the 1980’s, with ideas such as bit-gold and e-cash. The early innovators did not end up too successful, but they laid the foundation for the creation of cryptocurrencies as we know them today. The pioneer forms of crypto were meant to create verifiable and anonymous payment systems over a peer-to-peer network through cryptographic processes. Since then, the digital currency that caught the public eye was issued in 2008-2009.

“Satoshi Nakamoto”, whose identity remains a mystery, wrote a white paper in 2008 titled “Bitcoin: A Peer-to-Peer Electronic Cash System”. Nakamoto’s true identity remains unknown up to this point. All investigative efforts to uncover this individual or organization have failed. Despite the mystery, Nakamoto sent a friend Bitcoin in 2009, marking the birth of the world’s first cryptocurrency.

Crypto transactions take place between peers through advanced software called cryptocurrency wallets. You use the wallet to transfer an amount from one account (a public address) to another. One important point here is that all transactions are public, but the sender’s identity is encrypted. To be exact, these P2P (peer-to-peer) transactions are encrypted and announced anonymously on the cryptocurrency’s network before they are queued up to be added to their public ledger (a digital book that keeps track of everything).

When these cryptocurrency transactions are recorded on the public ledger, they go through a process called cryptocurrency mining. The term “mining” can be quite confusing, because nobody actually physically “mines” the coins. In reality, “mining” can be best described as the system rewarding each node computer with some renumeration for lending a hand with the recording of each block of transaction.

To continue, cryptocurrency miners add these blocks of transactions sequentially. This is the reason the ledger and the technology that it is built on are called blockchain (“block” + “chain”) – referring to a chain of transactions that involve a sequence of blocks.

1. Security

The value of a cryptocurrency is safeguarded by encryption. No one can change the particular code without fulfilling strict conditions in the network. A sender of a crypto asset possesses a private key that computers (miners) must solve like a puzzle, before a transaction is confirmed and processed further. Senders and receivers also remain anonymous throughout the process.

2. Legitimacy

Cryptocurrency trading is a pure show of the technology’s authenticity because of the harmonious agreement between transactional participants. Several leading banks (and even a few countries) have officially endorsed the use of Bitcoin as a form of payment and relaxed laws and regulations on cryptocurrency-based transactions. As world trade becomes increasingly online, there is a high chance that Bitcoin and crypto investors will soon start seeing massive adoption (and potentially huge profits).

3. Lower Transaction Fees

Crypto transactions do not in principal incur any fees. The only extra money produced in the process is when miners who solve the sender’s private keys get rewarded by the network. Therefore, this makes crypto-based transactions the cheapest for the sender and the receiver.

4. Individual Ownership

The existence of credit cards, bank accounts, and all associated services mean that you are handing over your fiat money to an intermediary. With cryptocurrency, you are the one and only owner of your digital assets, and unless you tell someone your private keys, no one can exercise any control over your funds.

The Cons of Cryptocurrencies

1. Cybersecurity

The speed of the development of compromising software always puts security professionals on their heels. Hackers are always lurking online to try and breach the security provided by encryption. While cyber attacks are not very common, they do happen sometimes, although on a much less frequent basis compared to online banking.

2. Virtuality

Cryptocurrencies exist in the virtual world, so there is no physical place you can store them like coins and banknotes for safekeeping. This can become disastrous because if the system crashes, then you lose everything. Also, the lack of a stable value is a factor in price unpredictability.

3. Lack of Regulation

The slow rollout of regulation by central banks and governments is a double-edged sword. This means that new cryptocurrencies can exist without any supervision or control. You may have heard about new ICO (initial coin offering) scams where a developer creates a new coin, accepts tons of investor money, and then runs away with millions (and sometimes billions). The only safeguard is to only invest in coins and tokens that have a good track record.

4. Speed

This used to not be the case, but recently the amount of time it takes to complete a crypto-based transaction is slightly longer than conventional methods like VISA and eWallets, because the increased number of transactional participants within the network is causing this delay. In this age, more parties (computers) must acknowledge and approve the payment, making the process a little bit longer.

Bitcoin, altcoins, tokens, and other cryptocurrencies have transformed the financial world since their inception in 2010. Initially, crypto-assets developed a religious following by early adopters who were keen on the potential of a replacement for the old fiat monetary system. Even as we speak, old-fashioned institutions and authorities continue to adopt a wait-and-see policy. That is why, for you, the time to invest is now!

There was a spike in adoption of cryptocurrencies before the 2017 price surge that saw Bitcoin balloon to nearly $20,000 per coin. The value drastically declined to $3,500 in 2018 before resurrecting to over $10,000 in 2019. And how can we forget that in early 2021, BTC exploded to reach $65,000. As you can see, there are constant ups and downs (and many heartaches) associated with holding or trading crypto, but over time, the prices of all major cryptocurrencies continue to increase, creating value and profit for most investors.

We may still be many years away from a complete transition to a cryptocurrency world. The astronomical rise and subsequent bear markets have seen potential investors shy away from investing in cryptocurrencies. However, institutional interest in and the increased stability of Bitcoin and Ethereum have again caught the interest of many new investors (and gamblers).

Previously, the crypto market matured substantially despite regulatory and oversight controls. These days, governments and institutions are investing massive funds into the crypto domain as everybody is seeking means to reduce risks while increasing profits. Therefore, it is the perfect time now to get involved in cryptocurrencies and avoid being left behind everyone else!

Check out our in-depth reviews on cryptocurrency exchanges such as Binance, StormGain, and KuCoin. At these trusted exchanges, you can purchase and hold cryptocurrencies, or you can begin trading crypto to exponentially increase your returns. Some exchanges even offer 200x leverage!

▶ See full list of trusted cryptocurrency exchanges

Or, if you like fun and games, you can check out our detailed reviews on cryptocurrency-focused online casinos. Experience the new age of entertainment as you use cryptocurrencies to play your favorite casino games such as slots, table games, live casino games, and more!

▶ See full list of trusted cryptocurrency casinos

And lastly, are you a sports fan who has an itch for betting on the most exciting events? No problem, you can also do that using crypto. Whether it is football, basketball, boxing, or 30-40 other disciplines available, you will sure have your chance at a big pay day!

▶ See full list of trusted cryptocurrency sportsbooks