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.
Before these debit cards were available, you could spend your cryptocurrency only at retailers that chose to accept it directly or sell it in exchange for dollars. Now, financial technology firms are partnering with chartered banks and/or debit card issuers to offer these cards, using their partner’s logistical and regulatory framework to automatically sell your cryptocurrency behind the scenes, converting it into dollars and allowing retailers to accept it. This means that your digital funds are accepted wherever many regular debit cards are.
This story is from the November 12, 2021 edition of AppleMagazine.
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This story is from the November 12, 2021 edition of AppleMagazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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