Did you know that the global cryptocurrency market is worth over $2 trillion? This all-time high shows that Bitcoin and other digital assets are here for the long haul.
Here, we’re going to talk about some of the basics of crypto banking so that you can start spending and saving. Read on to learn about buying Bitcoin and saving it for the future.
What Is Crypto Banking?
Crypto banking is simply when a banking entity provides crypto services. This is becoming increasingly popular in recent years as Bitcoin’s popularity explodes. These professionals don’t give out crypto — you would need to buy it from a Bitcoin ATM or exchange — but they may help you to manage it.
Crypto banking comes in many forms. You may buy crypto from a banking machine or discuss crypto investments with an expert. It encompasses just as wide a range of services as traditional banking does.
Why Access Bitcoin?
There are several reasons that you might want to access Bitcoin. The first is for a lucrative investment since the crypto market is growing by 13.8% yearly. This means that you would get $13.80 in one year if you invested $100 today.
If you kept this crypto in your eWallet for 10 years, you would wind up with a $138 profit for doing literally nothing but waiting. This is well over twice the original $100 investment.
You also might be interested in spending Bitcoin. It is untraceable and secure, so online transactions cannot be linked to your IP address. This stops people from accessing your identity when they buy or sell goods and services.
It also prevents your personal and financial information from being stored and shared on a network. You’re at a much lower risk of a security breach when you spend cryptocurrency. It’s easy to spend it online, but Bitcoin debit cards make it easy to spend in stores, too.
Accessing Cryptocurrency: The Basics
Bitcoin ATMs are the best way to access crypto in 2022. Check them out!
You’re likely to find them at your local corner store, grocery shop, or bank. They’re everywhere, and their presence in our daily lives is only growing.
Using crypto ATMs is a simple step-by-step process:
- Use ByteFederal’s Bitcoin ATM locator to find a machine near you
- Bring your photo ID (driver’s license), eWallet QR code, and cash to the ATM
- Scan your license to prove your identity
- Scan your QR code to link to your eWallet (it will match the eWallet owner information to your ID and know to let you make a transaction)
- Insert the cash that you want to convert to crypto
You will see the Bitcoin in your eWallet within 5 minutes. Once it’s there, you can log off the machine and walk away. It will save none of your information to keep it safe.
Start Investing in Bitcoin Today
While taking the leap and investing in Bitcoin may sound like a challenge, crypto is actually extremely accessible.
Now that you know some of the basics of crypto banking, it’s time to get started. Check out the “technology” tab on our home pages to learn more about online transactions, the blockchain, and more.