From Cryptocurrency to Cash: How to Bank Your Digital Coin | Personal finance
How to try cryptocurrency banking
To start using this type of banking service, you must first purchase a cryptocurrency, such as bitcoin, litecoin, ether, or any other currency you want to invest in. Cash App, Coinbase, and PayPal are just a few companies with apps that have made it easier to buy and sell cryptocurrency, even in small amounts, and store it in a digital wallet.
If you want to spend your balance easily, you’ll need to open an account with a company that offers cryptocurrency debit cards and uses whatever type of digital currency you own. Coinbase, for its part, has a special debit card that allows customers to spend any Coinbase assets they own and earn rewards in cryptocurrency, but there is currently a waiting list for new ones. clients. BitPay, another company, offers a prepaid Mastercard debit card that customers can use to spend their digital currency. There are others, but it is not a very widespread banking offer.
In the future, cryptocurrency could potentially be a source of peer-to-peer lending, where individuals can quickly and securely process loans to each other, according to a study by CB Insights. That’s huge untapped potential, but at the moment the world of cryptocurrency banking is limited to a small group of gamers with brand new products and services.