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Cryptocurrencies Guide

Welcome to the world of digital currencies! This guide will help you understand the basics of cryptocurrencies and how they work within the Rumble Wallet ecosystem.

What are cryptocurrencies?​

Cryptocurrencies are digital or virtual currencies that use cryptography for security. Unlike traditional fiat currencies issued by governments, cryptocurrencies operate on decentralized networks based on blockchain technology.

Key concepts​

Fiat money​

Fiat money is currency issued by a government, backed by the government, not a commodity, and is legal tender. Its value is based on supply and demand.

Blockchain technology​

A blockchain is a distributed ledger that records all transactions across a network of computers. This ensures transparency and security without the need for a central authority.

Decentralization​

Unlike traditional banking systems, cryptocurrencies operate on decentralized networks, meaning no single entity controls the currency.

Digital wallets​

Digital wallets like Rumble Wallet store your cryptocurrency keys and allow you to send, receive, and manage your digital assets.

Stable coins​

Digital assets that are backed 1-1 with fiat currency, such as USD. Stablecoins get their name because their price remains pegged to the backed currency, resulting in less volative and more stable pricing compared to other cryptocurrencies.

Cryptocurrencies supported by Rumble Wallet​

Rumble Wallet supports several major cryptocurrencies:

  • Bitcoin (BTC): The original and most well-known cryptocurrency
  • Tether (USDT): A stablecoin pegged to the US Dollar
  • Tether Gold (XAUT): A gold-backed stablecoin

Why Use cryptocurrencies?​

Fast settlement​

For assets such as Tether (USDT), settlement can vary from seconds to minutes.

Financial freedom​

Cryptocurrencies give you complete control over your money without relying on banks or other financial institutions.

Global transactions​

Send money anywhere in the world quickly and with lower fees than traditional banking.

Creator economy support​

With Rumble Wallet, you can directly tip creators and support content you love without intermediaries.

Save or spend​

Cryptocurrencies offer flexible options for saving and spending. Here are practical ways to use each supported cryptocurrency:

Tether (USDT)

  • Saving: Hold USDT as a stable store of value that maintains its peg to the US Dollar, protecting your funds from volatility
  • Spending: Use USDT to pay for goods and services online or in-person at merchants that accept cryptocurrency
  • Example: Send USDT to friends and family internationally with minimal fees, or use it to pay for digital services and subscriptions

Bitcoin (BTC)

  • Saving: Hold Bitcoin as a long-term investment and for its store of value potential
  • Spending: Use Bitcoin to make purchases at merchants worldwide or exchange it for other currencies when needed
  • Example: Build your Bitcoin savings over time, then use it to make large purchases or transfer value across borders without traditional banking delays

Tether Gold (XAUT)

  • Saving: Store value in gold-backed assets without physically holding gold, combining the stability of gold with the convenience of digital currencies
  • Spending: Convert XAUT to other currencies or use it for transactions that accept gold-backed stablecoins
  • Example: Diversify your portfolio by holding XAUT alongside other assets, protecting against both cryptocurrency volatility and fiat currency inflation

With Rumble Wallet, you can easily switch between these assets, monitor your balances, and make transactions whenever you need to save or spend your digital assets.