If you invest in or trade cryptocurrency, you will need to use a bank that deals with cryptocurrency. This will allow you to have the right opportunities to be most successful and to maximize your profits. You will need to review the different cryptocurrency banks then evaluate the pros and cons for each of those options. Crypto-friendly banks will help you avoid the risk of having your account frozen or suspended. Your account could be blocked because the banking institution suspects that you are either buying or selling bitcoin or cryptocurrency.
You will want to choose a crypto-friendly bank that allows clients to buy, sell, and store cryptocurrency easily. Ask about the fees associated with withdrawals and trades. Some banks have accounts that offer a couple of cash withdrawals per month. Some banks then charge a fixed price for withdrawals. Also, ask about the fee for using a debit card with the account.
When choosing a crypto-friendly bank, you will want to make sure you choose a bank that is well-established and respected. Also, consider availability. Some banking institutions aren’t readily available globally, so make sure you can access your accounts whenever and wherever you will need to do so. Also, consider if you will need other financial services, such as loans, and ask whether the bank you are considering offers those options.
What Is Cryptocurrency?
Cryptocurrency is a broadly defined term used to describe digital currency or virtual money, which is traded as coins or tokens. It is a changing market, and a great new digital token could be released at any time. Out of all cryptocurrency, the leader continues to be bitcoin, which ranks above the rest in popularity, user base, and market capitalization.
Other forms of cryptocurrency, such as ripple and Ethereum, are becoming popular but are most frequently used as enterprise solutions. There are some altcoins that are being endorsed for advanced or more improved features over bitcoins. The cryptocurrency was created to be free from the control and manipulation of governmental entities. Since they have grown in popularity in recent years, the industry has been scrutinized and is under fire by several entities.
What Are the Different Kinds of Crypto?
When you hear the term cryptocurrency, you might wonder what that entails if you aren’t familiar with the process. While most people have heard mention of bitcoin, it is not the only kind of cryptocurrency out there. There are several other options. Here is a rundown of some of the more common cryptocurrencies:
Bitcoin – the king of all cryptos, Bitcoin (or BTC for short) is what all other cryptos were spawned from and is the most widely traded (and excepted) crypto for fiat transactions.
Litecoin – Litecoin was one of the initial cryptocurrencies that were launched after bitcoin. Litecoin has been around since 2011 and is based on an open-source global payment network that isn’t controlled by a central agency using “scrypt” as proof of work. It is created to have a faster block generation rate than bitcoin, so users get a faster transaction confirmation.
Ethereum – Not launched until 2015, Ethereum is a decentralized software platform that allows Distributed Applications and Smart Contracts to be made and run without downtime, interference, control, or fraud from any third parties. The applications run on Ethereum’s cryptographic token that is platform specific.
Zcash – Zcash is an open-source and decentralized cryptocurrency that looks promising since its launch in late 2016. It offers users the chance to use shielded transactions, allowing encrypted content that uses advanced cryptographic techniques. Earlier in 2019, Zcash had a $49.84 per token value.
Dash – Dash is a version of bitcoin that is more secretive. It allows users to be more anonymous while working through a decentralized master code network that allows most transactions to remain untraced. It has seen as increasing fan base since it was launched in 2014. As of February 2019, the value per Dash token is $74.32.
What Applications Are for Crypto-Currency?
There are several applications for cryptocurrency. Several iPhone and iPad apps are available for utilization with cryptocurrency. Here are a few of those apps:
- Crypto Tracker by BitScreener – Primed to be a one-stop solution; this is an app that allows for monitoring of the real-time prices of about 2,000 different cryptocurrencies.
- Coinbase – A popular Ethereum, bitcoin, and Litecoin app, you can manage private keys as well as receive and send bitcoins with this app.
- CoinCap – This app is for those who want to deal with cryptocurrency quickly and efficiently. You will have to access the real-time market data and the necessary information, so you can make sure your appfolio is in sync with the cryptocurrency.
- Coinstats – This app lets you track altcoin and bitcoin investments so you can stay updated with the related information and lets you readily view price data on more than 1,000 cryptocurrencies and analyze market data.