More and more people over the past few years started using the term “digital wallet.” In China, it is well known that their application WeChat is also used for money transfer and payments, not just chatting. They are often surprised when you pay in cash.
Now that cryptocurrencies are well-established and people have at least a general idea of what they are, we can start talking about having cryptocurrencies in your bank. IBANbit is one of the pioneers who realized that people want to have a secure way to store and exchange their crypto money, instead of using various applications that are not so secure.
What IBANbit offers.
The refreshing thing is that you can exchange cryptocurrencies at IBANBit (and, of course, every regular currency exchange). You can buy or sell Bitcoin, Etherium, or Stable Coin. This allows you to have control over your finances in one place. This makes it easier to make a financial plan and take into account where you’re spending your money so you can better organize your finances. Money transfer is a lot easier, and you can withdraw money from any ATM worldwide for free.
How to use cryptocurrency in daily life.
Although you technically can pay things with cryptocurrency, you still need to convert it to cash before spending it for anything you want in your everyday life. We can expect that kind of “normal” maybe sometime later in the future, but for now, you still need to shop with regular cash. Some cities might like Vienna or Stockholm, but other cities are far from that kind of reality. Uses and implications behind adapting to cryptocurrencies are still unknown to the general public. Although it is already well known what Bitcoin is, many don’t know what it exactly is or how you can use it, so we can learn a bit more about this and put it to good use, especially if you are a trader.
To be able to use the cryptocurrency you want, first, you need to
- Create a wallet on IBANBit
- Receive cryptocurrency on your account or in your wallet
- Convert that cryptocurrency into cash
Converting crypto to cash is the main obstacle of the crypto-economy pending its adoption, as it is directly referring to its real-life worth.
Try keeping your currency stored before converting.
Ibanbit allows you to easily create a wallet or an account for you to use it the right way. It is still essential to have basic knowledge about wallets, so you don’t get confused. Plus, it is not that hard.
It is crucial to know that the Bitcoin or any other cryptocurrency blockchains are networks like the internet itself. The wallets we are going to talk about are the most essential, and you should know whether you use cryptocurrencies or are just interested in the topic. You may access a blockchain through different points, and some are more secure or user-friendly than others:
- Hot wallets
- Software wallets
- Cold wallets
First, no matter the wallet you have decided to use, it is NEVER to share your private keys with anyone. They are the equivalent of the PIN of your debit card. You know yourself that you don’t even want people to know your phone password, so when it comes to money itself, we can assure you that you are safe with us, but we can keep it like that as long as you are responsible yourself. We trust that is the case if you are reading this. Anyone knowing your private keys has access to your funds without your consent, so triple-check if your password is something that anyone can assume (which is not the best idea).
You can check every cryptocurrency on the market here.
Receive crypto in hot wallets.
The term ‘hot’ wallet means that a cryptocurrency wallet is connected to the internet. The most typical hot wallets refer to the wallets you own solely on cryptocurrency exchanges.
However, software wallets that are software installed on your computer are connected to the internet too and can be considered hot wallets.
Before downloading a wallet, it is vital to know which cryptocurrency you want to have and transfer to your wallet. If you want to convert Bitcoin to USD, you will need a bitcoin wallet, which IBANBit already has so that you can keep in check your Bitcoin and regular cash. This way, it will be easier for you to track your expenses and make saving plans.
Having a bank account using IBANBit opens multiple options and changes your perspective on money in the right way. It is safer, more comfortable, and makes you feel like you always have everything you need in one place.