A cryptocurrency is a form of virtual money that only exists in the digital form. In more technical terms, a cryptocurrency is an encrypted data string denoting a currency unit.
Unlike traditional money that relies on banks and other financial institutions for supply and transactions, cryptocurrency leverages blockchain-based decentralized networks. The blockchain serves as a secure ledger for buying, selling, and transferring cryptocurrency.
Since no central authority is responsible for issuing cryptocurrencies, virtual money is practically immune to the control of government agencies and financial institutions. Cryptocurrency transactions exist as digital entries in a public ledger that records every crypto transaction. People can store cryptocurrencies in digital wallets.
The first-ever cryptocurrency was Bitcoin, introduced to the public in 2009 by a developer (or developers) with the pseudonym Satoshi Nakamoto. After reigning in absolute dominance for a couple of years, rival cryptocurrencies Litecoin and Namecoin began to appear. As more sites began accepting crypto payments, several other digital currencies like Ripple and Ethereum emerged as popular alternatives to physical money.
Even celebrities like Elon Musk, Kim Kardashian, Gwenyth Paltrow, and many others began to actively endorse the digital currency format, taking the crypto craze soaring. Over 10,000 cryptocurrencies exist today, some not-so-popular and some (like Bitcoin and Ethereum) enjoying significant trading volume and backing from investors.
Before we explore the different types of cryptocurrencies available, let’s understand two basic terms: crypto coins and tokens.
You’ll frequently hear the terms crypto coins and tokens in any discussion around crypto, and often interchangeably. However, they are different.
Crypto or Digital coin is used to store value, make payments, or engage in any digital transaction across a decentralized user network. It is much like traditional money, except all transactions are digital. Digital coins are built on their own blockchain and are valid with any merchant using the currency. Bitcoin and Litecoin are classic examples of crypto coins.
On the other hand, a token is built on top of an existing blockchain and has more uses than digital money. For example, a token can be used to verify identity, grant access to an app, share files across a decentralized network, or track product movement through a supply chain. Likewise, non-fungible tokens (NFTs) guarantee ownership of assets, such as a piece of digital art and even physical assets like real estate. A prominent example of a token is Ether, used for transactions on the Ethereum network.
All token categories trade on crypto exchange the same way as coins, making their differences go unnoticed by most traders and investors. Below we have a list explaining the different types of cryptocurrencies based on their use:
1. Utility tokens
These are digital tokens representing a value on the blockchain. Often thought of as vouchers or coupons, you can use utility tokens to access blockchain-based products and services. By buying a utility token, you essentially gain access to the product or service and redeem it for a fixed access value. However, it does not imply that you get ownership of the token. Utility tokens run on a blockchain platform (such as Ethereum).
Examples of utility tokens: Golem (GNT), Basic Attention Token (BAT), and 0x (ZRX).
2. Privacy coins
A privacy coin is a digital asset created for privacy. In other words, only the receiver and sender in a private coin transaction know the exchange details, such as the number of coins transacted. Moreover, only the owner of the privacy coin wallet knows the wallet balance. Unlike Bitcoin, privacy coins do not reveal the wallet address balance and amount of each digital transaction.
Examples of privacy coins: PIVX (PIVX), Monero (XMR), and ZCash (ZEC).
A Stablecoin is a digital currency with its value related to another financial instrument, commodity, or currency. Unlike most highly volatile digital assets, Stablecoins aim to maintain a stable price (and hence the name), making them widely popular among regular traders. The value of a Stablecoin may be pegged to a currency such as the USD or to the price of a commodity like gold.
Examples of stablecoins: Paxos (PAX), USD Coin (USDC), and Gemini (GUSD).
4. Payment tokens
Pretty self-explanatory, payment tokens are used in buying and selling products and services on digital platforms. Unlike traditional transactions involving a bank or other financial institutions, exchanges through payment tokens do not involve intermediaries; however, you cannot invest in payment tokens as security. Most cryptocurrencies and tokens belong to this type.
Examples of payment tokens: Bitcoin, Ethereum, and Monero.
5. Security tokens
A security token is a type of cryptocurrency that derives value from an external asset and is traded as security. Thus, financial regulatory authorities control and govern the issuance, exchange, value, dealings, trading, tokenization, and backing of security tokens. Security tokens typically represent some kind of ownership, such as shares in stocks or equity, and are issued through security token offerings (STOs).
Examples of security tokens: Siafunds (SF), Science Blockchain, and Blockchain Capital (BCAP).
6. Non-fungible tokens
A non-fungible token (NFT) is a cryptographic asset representing a digital certificate of ownership of a one-of-a-kind and non-tradeable item on the blockchain, such as real estate or digital collectibles. Each NFT consists of a unique identification code and metadata differentiating it from other NFTs. Unlike identical cryptocurrencies, you cannot trade or exchange NFTs at equivalency.
Examples of NFTs: William Shatner’s memorabilia, Nyan Cat GIF, and Jack Dorsey’s first-ever tweet.
7. Exchange tokens
Exchange tokens primarily serve as utility tokens for exchanges, and cryptocurrency exchanges create them to raise funding for the platform. In addition, exchange tokens offer several perks to users, such as exclusive coin offerings, discounted transaction fees, and access to voting rights. In other words, users that use exchange tokens to pay various fees within the exchange ecosystem get extra rewards and discounts.
Examples of exchange tokens: Binance Coin (BNB), Gemini USD (GUSD), and FTX Coin.
8. Decentralized finance (DeFi) coins/tokens
DeFi or Decentralized Finance refers to a category of financial products created on the blockchain and operating using smart contracts. These include apps, protocols, and other autonomous computer programs. Developers who create these apps and protocols transfer the ownership of the smart contracts to respective users, giving the latter control over the DeFi coins/tokens.
Examples of DeFi: Chainlink, Solana, and Uniswap
Central to the functioning of cryptocurrencies is blockchain technology. Let’s understand blockchain and how it facilitates the working of Bitcoin and other crypto-assets.
A blockchain is a distributed public online ledger. It is a database that stores information in a digital format and shares the information across a decentralized network of computers. The blockchain comprises a set of connected blocks containing information. In the context of cryptocurrency, each block in the chain includes a set of transactions independently verified by each member in the computer network.
Blocks have a definitive storage capacity. When a block is filled with information, it is closed and connected to the last-filled block, forming a data chain. The information gathered after adding a freshly-filled block turns into a newly-formed block. Hence, the process of filling and linking to previously-filled blocks continues. Every newly-generated block in the chain undergoes verification by each node in the network, making it virtually impossible to reproduce transaction histories.
The process of generating cryptocurrency units and verifying their transactions is called mining. It involves large, decentralized global computer networks verifying and securing blockchains for crypto transactions. Thus, mining has two primary objectives: generating new cryptocurrency and verifying cryptocurrency transactions on the blockchain.
Crypto mining involves using specialized computers to solve complex mathematical equations to generate coins. These advanced computers solve the problems required to verify and record each new crypto transaction and ensure blockchain security.
Verifying the security of blockchain requires immense processing power. Miners involved in the process purchase the mining hardware and pay for the power needed to keep the hardware running. Miners get rewarded with newly-generated cryptocurrencies as reimbursement for keeping the blockchain secure.
Every computer on a decentralized network participates in a lottery where they have to guess a 64-digit hexadecimal number called a hash. The first computer to guess the solution earns the reward. The winner then adds the newly-verified transactions to the blockchain ledger and gets a specific amount of freshly-mined bitcoin.
Steps in the blockchain transaction process
Here’s a simplified overview of how every transaction in a blockchain works:
1. Entry of a new transaction.
2. Transfer of the transaction to a globally spread peer-to-peer network of computers.
3. Computers in the network solve complex mathematical problems to validate the transaction.
4. Once a transaction is verified and confirmed as legitimate, it is grouped along with other transactions into blocks.
5. The blocks link with each other forming a permanently long history of transactions known as a blockchain
Cryptocurrencies have recently grabbed much of the limelight, resulting in a sharp demand spike for blockchain developers and cryptocurrency training courses. Likewise, venturing into crypto investment and trading has become popular among those looking to diversify their portfolios and explore opportunities with digital money.
The sheer popularity of cryptocurrency makes us speculate about the fuss. After all, why would anyone resort to cryptocurrency when physical money works just fine?
If you have similar speculations about the hype around cryptocurrency, take a look at some of the advantages of using and investing in crypto:
Low transaction cost - Cryptocurrency transaction costs are low and less expensive than traditional financial services. Wire transfers are costly, and the expenses increase further if you send money internationally. On the contrary, crypto transaction fees remain lower than bank transfer charge
High transaction speed - Conventional wire transfers typically take 24 hours to move money. Even the most efficient financial institutions take three to five business days to settle transactions. In comparison, crypto transactions take only a few seconds or minutes to complete with funds available for immediate use.
Transparency - Cryptocurrency transactions are transparent since they occur on a publicly distributed ledger known as the blockchain. Thus, transaction data is visible to all, including how much crypto a wallet has or how much cryptocurrency someone sent from their wallet address. The transparency minimizes the chances of counterfeit transactions.
Security - Crypto transactions are highly secure. Every digital wallet has a private key; without it, it is impossible to access or remove its funds. The distributed network of computers in the blockchain verifies every transaction, and adding more computing power to the network further increases the security.
Most people tend to associate cryptocurrency with complete anonymity. In its earlier days, the general notion was that cryptocurrencies like Bitcoin offered a lucrative opportunity for criminals to commit fraud. People also thought governments, banks, and other law enforcement authorities could never track crypto transactions, making the entire process a hush-hush affair.
Although blockchain-based crypto transactions provide privacy and invisibility, they are not entirely anonymous. Instead, they are pseudonymous.
In other words, authorities can use the crypto wallet addresses of the sender and receiver to document a blockchain transaction. The data associated with each transaction is traceable and can make your financial history public since anyone on the network can access the transaction details.
With KYC measures becoming mandatory for all crypto firms, it is no longer possible for crypto users to keep their identities completely private from central authorities. As part of measures to curb money laundering, almost all crypto firms must carry out identity and background checks on their clients before permitting them to use its platform or services.
However, KYC mandates do not apply to decentralized exchanges (DEXs). These blockchain-based apps leverage smart contracts to facilitate direct trading between users. In other words, DEXs coordinate crypto trading through automated algorithms instead of acting as intermediaries between buyers and sellers.
A Crypto address is like a pseudonym ensuring that you do not have to divulge your identity. On the other hand, it is practicable to trace the wallet address to its owner since KYC is necessary for most crypto exchanges.
Traditional currencies work as a store of value, serve as a unit of exchange in an economy, and are issued by a central authority such as the government or a financial institution. They have six key attributes: divisibility, limited supply, durability, portability, acceptability, and resistance to counterfeiting. These qualities justify their widespread value and use in the economy and ensure the currencies are safe.
Although the meaning of value attached to a currency has changed over time, a discussion around the worth of digital currencies boils down to their nature. Crypto’s decentralization poses benefits that traditional government-backed currencies don’t. For instance, crypto is less likely to feel the impacts of political disturbances, government intervention, and inflation. Yet, you can use crypto as a currency the same way as fiat money like the US dollar.
Cryptocurrencies like Bitcoin share some attributes of the fiat currency system, such as scarcity. Plus, it is nearly impossible to counterfeit bitcoin, considering how blockchains work. However, the actual value of cryptocurrency lies in its increasing demand and finite supply. Most cryptocurrencies have limited supply, so their prices continue to rise. Hence, the worth of cryptocurrency increases as more and more people clamor to get a piece of the pie.
Investing and trading are the two primary approaches to making wealth from the crypto market. If you are new to cryptocurrency, you might find that the two are pretty similar. Although investing and trading are closely related, they are quite different, and understanding the primary differences is as crucial as learning the crypto fundamentals. Each method has different strategies and yields results accordingly.
Let’s look at the key differences between cryptocurrency trading and investing to help you decide which technique suits you better:
Meaning - Cryptocurrency investing is a strategy that involves buying and holding crypto assets over prolonged periods assuming appreciated value in the future. On the contrary, trading in cryptocurrency means speculating the price movement of individual cryptocurrencies against another crypto or the dollar
Time frame - While cryptocurrency investing is typically a long-term strategy (months to years), crypto trading is a short-term affair (a few days). Investors generally buy crypto assets based on their long-term potential, hoping to sell at a profit in the future. On the contrary, trading leverages the cryptocurrency market's high volatility.
Capital growth - Another significant difference between crypto investing and trading is the capital growth you get from each. Since investing is a long-term strategy, your profits are significantly higher. However, the capital growth from crypto trading is relatively less, yielding lower profits.
Trade analysis - Traders and investors identify profitable trade/investment opportunities by analyzing historical trends and other factors. On the one hand, crypto investors bank on fundamental analysis to establish the long-term potential of a crypto asset. On the other hand, crypto traders typically use technical analysis to predict price directions and market positioning.
Risk - Risk appetite is another crucial difference between crypto investors and traders. Cryptocurrency investors are generally risk-averse and prefer leaving their investment in the hope of reaping profits in the future. On the other hand, cryptocurrency traders typically have higher risk appetites and are more comfortable tapping the high volatility of short-term crypto prices.
Trade frequency - The longer the investment period, the lower the trade frequency. Thus, cryptocurrency investors generally have low trading frequency since they hold on to their assets for a prolonged period to achieve investment goals. However, cryptocurrency traders trade more frequently since they consistently monitor market price movements to spot profitable opportunities.
Cryptocurrency investing and trading are two different approaches to making money. Determining which is better depends on your financial goals and risk appetite. Investing in cryptocurrency may be your best call if you prefer a laid-back, easy-going approach. If you take risks and have the time to keep a lookout on the market constantly, then crypto trading could work perfectly well for you.
A 2020 survey by HSB shows that about one-third of small and medium-sized businesses in the US accept cryptocurrency as payment for goods and services. The fraction comprises 36% of the businesses, while 59% purchase digital currency for their own use.
Given below is a list of some of the most popular companies today that accept Bitcoin payments:
Burger King (Venezuela)
Pizza Hut (Venezuela)
Miami Dolphins and more.
Are you looking to buy (and sell) cryptocurrency but not sure where to start? Your search ends here as we will walk you through eight simple steps to begin your crypto journey.
Step 1: Decide the platform/service you want to use
Crypto exchanges and crypto brokerages are the two most common platforms where you can buy crypto. A crypto exchange is much like a traditional stock market, but users can buy and sell cryptocurrencies instead of stocks. On the other hand, a crypto brokerage acts as an intermediary between the cryptocurrency markets and users to facilitate the purchase and selling of cryptocurrencies. In the latter, users trade with each other not based on current market prices but on the price the broker sets. Crypto exchanges are the more popular of the two.
Step 2: Set up an account
Once you have decided on the platform (we are focusing on crypto exchanges), you need to set up an account. It is common practice for most crypto exchanges to complete a verification process for which you may need to provide personal information such as a copy of your passport or driver’s license. You can opt for a decentralized exchange if you do not want to share your personal information.
Step 3: Put money into your account
Crypto isn’t free; you need to fund your account using traditional money to purchase crypto. You have various options to put money into your account, the most convenient being linking your crypto and bank account. The bank account verification process can be lengthy, but it will make deposits and withdrawals easier and let you buy and sell directly through your account. Other funding options include wire transfers and making payments through debit or credit cards.
Step 4: Make a crypto purchase
Once your account is ready with funds, you can purchase your first crypto. For this, you need to place your crypto order. In other words, you must create a ticket with a specific purchase amount and send it off for fulfillment. Once you place a purchase order, it executes at the current best market price. Depending on your transaction, the exchange will also charge a fee.
Step 5: Store crypto
Now that you have purchased your first crypto, you need to decide whether you want to swap, buy, or simply store the crypto. Hot and cold wallets are the two most common ways to store crypto. While both are crypto wallets, the hot wallet stores information online, whereas the cold wallet stores information offline. Hot wallets are software you can connect to devices such as phones and computers, simplifying buying and selling. However, cold (hardware) wallets are a more advanced and secure way to store crypto.
Step 6: Choose how you want to sell cryptocurrency
You can sell cryptocurrency in several ways, including cryptocurrency exchanges, Bitcoin ATMs, brokerages, peer-to-peer exchanges, or face-to-face transactions. In addition, you need to strategize how you want to sell cryptocurrency. You may either trade regularly or go for investment for potential growth in the future. It is equally crucial to determine the type of cryptocurrency you want, how much to buy, when to buy, and when to sell.
Step 7: Complete the transaction
Once you are ready with a selling strategy, use your private key to transfer the cryptocurrency to the buyer. You may need to pay an additional network fee for the transaction to be completed and included in the blockchain.
Step 8: Transfer the funds to your account
After selling the crypto, you can buy more crypto or transfer the funds to your bank account if you have linked it to your digital wallet. You can choose the fund amount you wish to withdraw or transfer the money to your debit card. Alternatively, you can exchange your crypto for cash through brokers, exchanges, or third parties like Bitcoin ATMs.
Owning cryptocurrency means you must consider storing it and ensuring it is safe and secure. Unlike physical money that gets protection in bank accounts, crypto storage is starkly different and the complete responsibility of the owner.
Mentioned below is an overview of some of the most common crypto storage methods to help you choose the one that suits you best:
1. Cold wallet
A cold wallet or hardware wallet stores crypto offline using small devices that connect to your computer (and the internet) only when receiving and sending cryptocurrency while keeping your funds offline at other times. Cold wallets store the user’s private keys and typically come with software enabling the user to view their portfolio without risking their private keys.
Benefit: Provides the highest level of security
Drawback: Inconvenient and costly
2. Hot wallet
Unlike cold wallets, hot wallets store cryptocurrencies online and require an internet-connected device like a computer or smartphone to run. They can be web-based or in the form of mobile and desktop apps. Hot wallets are easy to use, usually free, and give owners significant control over their funds. However, hot wallets are not as secure and most suited for small amounts of crypto.
Benefit: Ease of use and convenience
Drawback: Security risks
3. Custodial wallet
In a custodial wallet, a third-party stores your crypto for you. It could be a cold wallet, a hot wallet, or a combination of both. It is generally the default crypto storage method since when you buy crypto from brokers, exchanges, or apps, they typically put it in a custodial wallet under their control. Some crypto platforms even let you transfer crypto to your personal hot or cold wallet.
Benefit: Convenient and effortless
Drawback: Third-party control over crypto
4. Physical (paper) wallet
A physical crypto wallet or paper wallet is a type of cold storage. It typically comes as a printout of public or private keys, scannable QR codes, and a string of characters. When using a paper wallet, you receive crypto using the public keys. Likewise, you scan the public and private keys to send crypto from your wallet. Like hardware wallets, paper wallets keep your crypto offline.
Benefit: Free and highly secure
Overall, you can keep the following points in mind to ensure that your crypto is in safe and secure storage:
Use a hot wallet to store small amounts of crypto, especially if you want funds available for trading.
Cold wallets are the most secure and ideal for bulk storage of crypto.
Crypto wallets come with a recovery phrase that lets users recover their crypto if they lose the hardware device or access to the wallet.
Keep the recovery phrase confidential so that only you can access it.
Never save your private keys and recovery phrase to your computer or share them with anyone.
Like any other online course, online cryptocurrency training courses offer significant advantages over offline ones. If you’re torn between choosing online crypto classes or traditional classroom programs, here are some perks of an online crypto course to consider:
Convenience: You can take online cryptocurrency classes online from the comfort of your home or wherever it is convenient for you.
Flexibility: One can learn at their desired pace and schedule with easy access to lectures and study materials anytime.
Cost-effective: Online courses for cryptocurrency are relatively cheaper than offline programs. You can even get free online cryptocurrency courses.
Mentorship sessions: The best crypto courses online offer one-on-one mentorship sessions and comprehensive career assistance, features that are often absent in offline programs.
Global exposure: Online courses on cryptocurrency often partner with globally reputed companies so that students get the flavour of real-life, industry-focused projects.
Although the syllabus for crypto courses may vary with the platform, the general content should include the following concepts:
Introduction to cryptography and cryptocurrencies
Applications of Bitcoin and security
Bitcoin mining mechanics
Bitcoin mining strategy
Anonymity, traceability, and mixing
Privacy-enhancing and zero-knowledge cryptocurrencies
Overview of altcoins and Ethereum
Programming smart contracts on Ethereum
Legal aspects of virtual currency
Applications of cryptocurrencies and blockchains in the real world
According to Vantage Market Research, the global cryptocurrency market had a valuation of USD 1,542.9 million in 2021 and is projected to reach USD 2,302.5 million by 2028. The market is predicted to grow at a CAGR of 6.9% during the forecast period 2022-2028. North America and the Asia Pacific are the most prominent players in the sector. While North America dominates the global cryptocurrency market with a market share of 41.3%, the Asia Pacific is one of the fastest-growing regions in the crypto segment.
The increasing adoption rate of cryptocurrencies among businesses and customers is one of the primary reasons for the booming industry. Several key players in the global cryptocurrency market include Xilinx (USA), Bitmain (China), Intel (USA), NVIDIA (USA), Ethereum Foundation (Switzerland), Binance Holdings (China), and Bitfury Group (Netherlands), to name a few.
Considering the far-fetched potential of blockchain, renowned online platforms and premier institutes in India are experiencing a spike in demand for blockchain courses. The emerging crypto industry has also created numerous job opportunities for those skilled and experienced in blockchain technology. Furthermore, the need for blockchain professionals is high across industries, including banking and legal. Although it remains to be observed how the regulatory environment around the crypto industry in India will transform in the future, career opportunities in the field are worth exploring for students and professionals.
The average annual estimated salary of a Blockchain Developer in India is Rs. 6.7 LPA. However, as of now, there is no job title called ‘Cryptocurrency Specialist’ in India.
Blockchain Developer salary in India primarily depends on the experience and skills of the applicant. Salaries may also vary with the employer/company.
Average Salary Hike
Restaurant finder is a basic application that finds restaurants on the basis of their names and shows their details such as timings and menu.
True Value Seller is a static car selling and reselling website. It showcases different promotions and has a ‘Contact Us’ component.
Mobile Cart is a simple frontend application which allows authorised users to add different mobile phones and their respective information on a website which can then be viewed by different users.
The project aims to create a Phone Directory application which allows a user to add subscribers to a service by entering the subscriber’s name and phone number; and delete the subscriber if necessary.
With this application, which is named BookMyMovie, users can browse upcoming and released movies;
HireWheels is a car rental service application.
Price volatility, cybersecurity issues, and lack of scalability are some of the major drawbacks of cryptocurrency.
The Internal Revenue Service (IRS) terms crypto as property. Thus, crypto transactions are taxable by law, and you must pay taxes when you profit from any crypto transaction.
Cryptocurrency is not something vague anymore. The adoption of cryptocurrency has been profound over the last few years, and the ownership rates for the same globally stand at 3.9%. There are 300 million plus users of crypto in the year 2021 globally.
A cryptocurrency is a form of currency in a digital avatar that comes with the support of related cryptographic security. This helps in conducting trusted transactions. The technology underlying cryptocurrency is blockchain. This also offers a ledger that helps document all transactions.
Cryptocurrencies operate as a decentralised system or network without permitting total control to any specific entity.
Blockchain is a publicly accessible, transparent, trustless, as well as secure ledger. The first cryptocurrency, called Bitcoin, is the very first successful implementation of blockchain technology in the real world.
Blockchain technology leverages decentralised consensus to maintain a network. This process excludes all intermediaries like the government, banks, and even corporations.
As per any cryptographic system, there are two distinct types of keys known as the public key and the private key. Both keys in pairs can support all crypto transactions. Public keys help in identification and must have public visibility. Private keys aid in authentication as well as encryption. By this, you get to know that this is a secret.
Cryptocurrencies like Ethereum or Bitcoin work using three information pieces. The first is the address related to any specific account. The next information piece is the balance you can use to send and receive funds. The other important aspect of cryptocurrency working is the keys associated with any specific address.
Cryptocurrency is supposedly the currency of the near future. Moreover, cryptocurrencies remove the need for banks as well as any other financial institutions as intermediaries in order to focus on the reduction of the value of money.
As per blockchain technology, no entity allocates control to any single entity for cryptocurrencies. However, developers of cryptocurrencies will be able to set forth specific guidelines for the purchase or sale of cryptocurrency.
Cryptocurrency investment does not lead to cash flow generation and is volatile. They aren’t stable either, making it difficult to deem it a viable investment.
You may purchase cryptocurrencies like Bitcoin directly using fiat currency such as US dollars. You may purchase a few cryptocurrencies using Bitcoins or other cryptocurrencies.
A crypto wallet is a platform that helps to secure the storage of all digital assets when compared to exchanges. A cryptocurrency wallet helps store private keys to cryptocurrency on the blockchain.
You can join a Bitcoin exchange and then obtain a crypto wallet. Next, link the same with any bank account. Place your Bitcoin order. Once you receive the same, you can invest in liquidity pools, yield farming, or even stake to earn passive income.
ICO or Initial Coin Offerings is a method for fundraising that developers and starters use for launching tokens of a new cryptocurrency.
You get better chances to improve the transaction priority if you have higher fees. Lower transaction fees reduce the precedence of all your transactions.