FROM CRYPTOCURRENCY TO CASH: WAYS TO BANK YOUR DIGITAL COIN

Cryptocurrency, the blockchain-based digital currency that has captured the interest of investors and financial service firms alike, has a challenging problem. It can be hard to actually spend this currency like you would regular money. But there are new services on the horizon that could help people use bitcoin and other digital coins in more mainstream ways for their day-to-day finances.

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Here’s a look at how to use these banking-style services for cryptocurrency, as well as their benefits and barriers.

WHAT IS CRYPTOCURRENCY BANKING?

The term cryptocurrency banking could be considered a misnomer, since the exchange companies and firms that offer these services aren’t technically banks, but it generally refers to the ways in which consumers can manage their cryptocurrency balances. At this stage, this kind of banking mostly just allows people to hold their funds in a digital wallet or spend it like they would spend traditional money.

BENEFITS OF CRYPTOCURRENCY BANKING

At this time, the main benefit of this kind of banking is cryptocurrency debit cards. They allow you to use your digital coin balance like any other currency to make everyday purchases or withdraw it as cash instead of keeping it as an investment.