With the new and ever-changing trends, you might be wondering what cryptocurrency is and what you can buy with it in 2022. Is it just like the U.S. dollar? How does one acquire this cryptocurrency, and can it be used in dire situations such as making bail when you’re stuck in jail? First, let’s talk about what cryptocurrency actually is.
What is Cryptocurrency?
Cryptocurrency is digital money that can be viewed almost exclusively in virtual form. Cryptocurrency has no tangible form despite it often being labeled as “tokens” or “coins.” Some cryptocurrencies have ventured into credit card form, but this is still rare. Most cryptocurrencies are strictly internet-based currency that does not belong to any country or have an exchange rate. Cryptocurrency was designed to create a form of money that could remain free of governmental control. In recent years, this has become challenging as the industry has faced some foundational difficulties. Bitcoin is the primary form of cryptocurrency, but many other variations of cryptocurrency are categorized as “altcoin.” These alternative versions of Bitcoin don’t have anywhere close to the same monetary value as bitcoin. They also struggle to maintain the same level of security that bitcoin has achieved.
Why is Bitcoin the Most Important Cryptocurrency?
Thousands of altcoins have made their way into the industry over the years, so why does Bitcoin remain the strongest contender when it comes to cryptocurrency? The answer is dominantly centered around the sheer value of a single bitcoin. One Bitcoin token was worth a whopping $44,000 in February 2022. The higher value of the coins themselves and the higher usage level have left Bitcoin with the largest market capitalization of any other altcoin, totaling $830 billion.
What Other Cryptocurrencies Are There?
Many thousands of up-and-coming cryptocurrencies are fighting for the spotlight, user base, market value, and overall public influence that Bitcoin has. Some of the top-rated Altcoins are Solana, valued at approximately $80 per coin, Avalanche, valued at approximately $67 per coin, and Chainlink, valued at approximately $13 per coin. Some Altcoins offer some impressive features that bitcoin doesn’t in an attempt to make headway, but the lack of security leaves potential investors and the overall user base uneasy.
What Can I Buy with Cryptocurrency?
Cryptocurrency is becoming more and more widely accepted by the day. Transactions involving Bitcoin and other Altcoin are becoming more popular, and as a result, more products are becoming available to customers paying with these cryptocurrencies. Some of the most active categories remain e-commerce websites, and smaller transactions, such as online media, jewelry and watches, some forms of insurance, and even a few car dealerships will accept cryptocurrency as payment. There are very few reported large purchases such as real estate bought using bitcoin or other significant investment type purchases.
Can You Pay Bail with Cryptocurrency?
With the growing range of use with these cryptocurrencies that are notably separate from any government entity, you might be wondering if cryptocurrencies can be used to pay bail or other government fees. The short answer is no. You can not typically use Bitcoin or Altcoins as a payment directly to the court system. However, you can use Bitcoin to pay your bail bonds if you’re lucky enough to find a bail bond company that accepts popular cryptocurrencies as payment. The transaction is very similar to sending other forms of money. By completing the transaction electronically, you can secure your bail amount similarly to using Paypal.
Paying your bail using cryptocurrency offers several perks you might otherwise miss out on using cash. You can pay from anywhere in the world due to the nature of cryptocurrency and its consistent rate. If you’re in another country, there are no exchange rates, allowing you to avoid any foreign transaction fees. Paying with cryptocurrency can often be cheaper than using a credit card and also saves your cash for what you need in your daily life when cryptocurrency isn’t accepted as payment.
Bitcoin is the safest cryptocurrency available to us. It serves as a great way to pay for just about anything from any part of the world without requiring all your personal information to circulate. We may see changes soon if governmental entities decide to begin accepting cryptocurrencies as legitimate payment, but until then, going through a bail bondsman is the most optimal way to pay your bail with cryptocurrency.