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Author : Crypto Income Staff 6 December 2017
A disadvantage is that they can be tracked. Credit Cards – Most of the bitcoin brokers, wallets and exchanges found online will take MasterCard and Visa payments. Credit cards have several advantages including the ability to contest payments, online statements and ease of use. Some providers; like Coinbase will accept credit card payments from countries like Canada, even though they refuse bank transfers from those nations. Another advantage is that you can use your credit card balance to buy bitcoin if you wish. Debit Cards – Almost any website that will take MasterCard and Visa will accept debit cards from those brands. This means that you can use your bank debit card, a reloadable debit card or a PayPal debit card to make bitcoin purchases – as long as it has a Visa or MasterCard logo on it. Gift Cards – Wallets and brokerages that accept MasterCard and Visa credit and debit cards should accept gift cards from those brands. The advantage to these is you can purchase them for cash at many brick and mortar stores. Altcoins – Almost all the bitcoin sellers online will accept bitcoin payments. Some of them also accept ethereum and litecoin payments. The advantage to this method is that it is usually the cheapest. The disadvantage is that you will have to have cryptocurrencies to buy crypto currencies. Will Altcoin take the Place of Paper Cash?
An interesting question raised by the advent of bitcoin is; will digital currencies like bitcoin take the place of paper money? The answer to this question is maybe. Digital currencies certainly have some advantages to paper, they are easier to keep secure and insure. Digital cash is also far easier to replace if it gets lost stolen. Other big advantages include storage; cryptocurrencies can be kept in the cloud, or in small pocketed sized devices known as bitcoin hardware wallets. Hardware wallets; such as the TREZOR, can store thousands or even hundreds of thousands of dollars’ worth of currency in a gadget that is smaller than a pocket calculator. The cost of moving altcoins around is almost nonexistent once you own them. Cryptocurrency is also very to move you can shift it around with the press of an app on your phone if necessary. Other advantages include the potential to add documentation including contracts to currencies such as ethereum, and easy verification of payments. Another tremendous advantage is protection from inflation, and government tampering with money. HOW CASH COULD DISAPPEAR OVERNIGHT. The people of India learned how undependable paper money really is when their Prime Minister Narenda Modi declared most of the cash in the country worthless on November 8, 2016.
Modi simply went on television and told his people that their two largest bills the 500 and 1,000 rupee notes were no longer legal money, The New York Times reported at https://www.nytimes.com/2016/11/09/business/india-bans-largest-currency-bills-for-now-n-bid-to-cut-corruption.html. That meant 80% of the cash in India, including all the money had in their wallets or under the mattress was not worth the paper it was printed upon. One result of that was a panic in which people rushed to ATMs to get bills they could spend. Disturbingly there has been pressure from economists, law enforcement, and others to get rid of large bills in other countries. The European Union stopped printing its largest bill the 500 Euro note because it was favored by gangsters in May 2016, The New York Times reported at https://www.nytimes.com/2016/05/05/business/international/ecb-to-remove-500-bill-the-bin-laden-bank-note-criminals.html?action=click&contentCollection=Business%20Day&module=RelatedCoverage®ion=Marginalia&pgtype=article. Some “experts” want to go farther, Kenneth S. Rogoff; a former chief economist for the International Monetary Fund, wants to abolish all paper money. Rogoff even wrote a book called The Curse of Cash at https://www.amazon.com/Curse-Cash-Kenneth-S-Rogoff/dp/0691172137. which recommends that curse of action last year. Therefore converting cash to bitcoin might be short-lived thing. There might come a time when you make all your purchases with cryptocurrency and paper money is nothing but a memory.
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