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Author : Crypto Income Staff 10 August 2017
Wallets like the Tezer are electronic devices; similar to USB drives, that let you store altcoins offline. Such a wallet is the ultimate cryptocurrency solution, some of them are even small enough to carry in your pocket or send through the mail. Use a cryptocurrency wallet with an app that you can access via your phone. That way you can access your bitcoins without a computer and make payments anywhere. TenX recently unveiled an app that allows people to make Ethereum and bitcoin purchases at businesses such as McDonald’s. Use bitcoin to make purchases if possible because that can help you save money and avoid putting your account information at risk. There are many retailers that accept bitcoin including Dell, Microsoft and Overstock.com. You can also buy gift cards you can use on websites such as Amazon and Walmart.com with bitcoin at online stores such as Gyft. This means that it can be very safe to use bitcoin online. In fact bitcoin can be safer than fiat currency because it might be less vulnerable to inflation. BITCOIN AND BANKING. Unfortunately most banks will not accept deposits of bitcoin and other cryptocurrencies because of the laws. Banking authorities like the Federal Deposit Insurance Corporation (FDIC) and the Canadian Deposit Insurance Corporation (CDIC) will come down hard on any institution that accepts currencies not recognized by governments. Part of the problem is that entities like the FDIC and CDIC will not insure bitcoin and other altcoins. That means banks take a far greater risk if they accept those mediums than if they take fiat currencies. There are some banks that will accept bitcoin deposits but they are all outside the US and Canada.
That means you might get yourself in trouble with tax authorities like the IRS or Revenue Canada if you use them. If you are interested the most reputable institution that accepts bitcoin is the Falcon Private Bank at https://www.falconpb.com/en/ a boutique bank with branches in Switzerland, London and Dubai. Falcon offers some banking services in bitcoin, including cash management and blockchain management. Unfortunately Falcon is a very exclusive solution designed for rich people. THE FUTURE OF BITCOIN AND BANKING. Average people will probably have to wait a few more years before they can bank in bitcoin. Most banks will probably avoid all cryptocurrencies until governments start recognizing them as legal tenders. Although a few big banks including Goldman Sachs, Bank of New York-Mellon and JPMorgan Chase are experimenting with cryptocurrencies. One intriguing possibility is that some banks might create and issue their own cryptocurrencies. Goldman Sachs and New-York Mellon are working on such currencies. Another is that banks might start using Ethereum to create their currencies; because Ethereum is designed to enable users to create markets and securities such as bonds. Another possibility is that some banks will offer accounts, digital wallets or debit cards that automatically convert fiat currencies into altcoins and back. Such mechanisms are possible right now, TenX claims to have one up and running in Singapore. Other solutions might be CDs and money market accounts that invest in cryptocurrencies and lines of credit you can use to purchase altcoins with.
The most likely organizations to offer such solutions will be investment banks such as Goldman Sachs, or international banks such as Bank of New York-Mellon. Other possibilities might be the ability to deposit bitcoins in savings and checking accounts or to pay your car loan or mortgage with altcoins. Many banks may also specialize in providing altcoin payments and services to businesses as well. Or helping businesses accept cryptocurrency payments. Until then you’ll be able to purchase bitcoins with bank transfers but you may not be able to deposit them into your bank accounts. Unless of course you convert your cryptocurrency into dollars before you make the deposit. WILL THERE BE AN ALTERNATIVE TO BANK TRANSFERS. Currently the only really cost effective alternative to bank transfers, when purchasing bitcoin is to use other cryptocurrencies such as Ethereum or Litecoin on the few exchanges that have such pairings. Unfortunately, that is only available to persons who already own altcoins. Unfortunately, that is only available to persons who already own altcoins, which you need Bitcoin first to buy anyways. That makes a bank transfer one of the best ways to get started in the world of cryptocurrency and the most cost effective option for buying Bitcoin. If you want to add some bitcoins to your investment portfolio or create a cryptocurrency hedge against inflation – a bank transfer is often the best way to begin. If you want to add some bitcoins to your investment portfolio or create a cryptocurrency hedge against inflation – a bank transfer is often the best way to begin. Just remember to be very careful when you make the transaction and take steps to protect your banking information. Taking some time to research bank transfers; and taking some time to research bank transfers; and bitcoin in general, will give you the tools you need to protect your money – and profit from the next generation of finance.
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