In the past few years, cryptocurrency has been making the march towards the mainstream. Between Elon Musks’ support, bitcoin mining, and the prevalence of blockchain technology, you might be considering making a bitcoin investment yourself.
But what’s the right way to start crypto banking? How can you be sure that your investments are safe?
This article will answer your questions and hopefully teach you a thing or two about cryptocurrency.
Where Can You Invest in Crypto?
Cryptocurrency isn’t yet supported by the government. In fact, there’s a strong possibility that it won’t ever be. Some of the biggest supporters of cryptocurrency are free-market capitalists and libertarians, who don’t believe in government interference.
Cryptocurrency is instead protected by blockchain technology. Crypto miners make use of codes to check to see that every bitcoin interaction is secure. This system of peer-reviewed checks and balances ensures crypto’s safety without federal intervention.
Bitcoin, in particular, keeps itself secure by limiting the number of bitcoins available at one time. They do this so that devaluation doesn’t happen as quickly.
Generally, if you want to invest in crypto, you have to go to a crytpocurrency exchange. Exchanges work similarly to banks in that there are limits to the amount of money you can put in and take out. You’ll have to create an account with them as well.
You can also invest in cryptocurrency through P2P (person to person) interactions. Cryptocurrency wouldn’t be possible without the internet — and that’s not just because the currency is digital. Internet culture and tip-sharing have helped many people get into cryptocurrency.
If you meet a safe and reliable crypto seller on a P2P platform, that could be your way into the world of crypto. It’s also a good way to sell.
Cryptocurrency has also taken steps into the world of banking with cryptocurrency ATMs. There are currently cryptocurrency ATMs in every state. The market for cryptocurrency ATMs grew during the COVID-19 pandemic; experts believe this might have been because of stimulus checks.
Cryptocurrency ATMs are rather simple. All you need to do is insert cash or a debit card, and you’ll get cryptocurrency in exchange. However, they’re known to charge higher rates than standard ATMs.
Check out this page to learn more about bitcoin ATMs, and find a great ATM near you. By knowing how many ATMs are near you, you’ll better be able to plan your banking.
Understand Crypto Banking
As cryptocurrency becomes more and more popular and wheedles its way into the brains of more and more people, the options for crypto banking are expanding. The presence of cryptocurrency exchanges, P2P systems, and especially ATMs, goes to show that government regulation isn’t required for functional banking. With these evolutions in technology shaking things up, who knows what the future holds for banking?