Binance Coin is a form of cryptocurrency you can use to trade on and pay fees to Binance, one of the largest crypto exchanges in the world. The Binance Coin can also be traded for other forms of cryptocurrency, like Ethereum or Bitcoin. Cryptocurrency is also paper currency; however, we cannot use it in a physical form, just as we do with physical cash. This is likely because bitcoin is the longest-lived cryptocurrency, has the highest valuation, and has a finite supply, just like gold.

This brings us to the point where cryptocurrency is traded as a code and used to transact on international markets. Those using Binance Coin as their payment method on Binance exchange are able to exchange for discounts. Created by some of the same founders of Ripple, the digital technology and payments-processing company, XRP can be used to facilitate trades in different currencies, including fiat and other top cryptos.

The PSA defines crypto assets as a method of payment which is not denominated in a fiat currency and which can be used to pay an unknown entity. In January 2022, Turkey’s central bank and market regulator announced plans to prohibit digital asset operators from facilitating the use of crypto assets as means of payment for goods and services.

The Iranian Central Bank has authorised banks and currency exchanges to utilise cryptocurrency mined from licensed cryptocurrency miners within the district. In early 2022, the country said it explored possible uses for cryptocurrency in international commerce, potentially allowing certain businesses to conduct international payments using cryptocurrency.

If you would like to begin investing in bitcoins (BTC), then to do that, you need to have a cryptocurrency exchange. You can sign up for cryptocurrency exchanges in India like WazirX, CoinDCX Go, and BuyUcoin, among others. Knowing what cryptos to buy now might be tricky because the cryptocurrency market has thousands of established tokens.

Beyond that, the crypto space has expanded tremendously since bitcoin was launched more than a decade ago, and the next significant digital token could launch tomorrow. Regarding where bitcoin, the most prominent crypto currency, might be heading, some market commentators think $100,000 is attainable before the end of 2022, meaning buying bitcoins in the UK remains a great option. Pricewaterhouse Coopers Fourth Annual Global Crypto Hedge Fund Report, released in June, found that while the cryptocurrency market is currently bearish, 35% of the fund managers in its poll predicted bitcoin would be trading above $50,000 by the end of 2022, while an even further 42% indicated that by year-end, bitcoin would trade between $75,000 to $100,000.

The crypto market has fallen about one-third since reaching a peak around last November. The declining popularity of NFTs can partly be blamed on the collapse of the cryptocurrency market in the past seven months, which has seen the broader cryptocurrency market drop from nearly $3 trillion to less than $900 billion.