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Author : Crypto Income Staff 12 August 2017
SOME PROBLEMS TO BITCOIN CASH CONVERSION THAT YOU SHOULD BE AWARE OF. There are some serious problems, costs and even dangers associated with bitcoin cash conversion that you must be aware of. Some of the biggest risks to be concerned about with bitcoin cash conversion include. Conversion losses. If you convert $100 in bitcoin to dollars, and the value of the dollar drops by 10%. You will lose 10% of your buying power. Such losses can really add up; if you convert funds to weaker currencies, such as the Canadian dollar. The fees associated with bitcoin conversion can be rough. Some bitcoin cash cards charge a very expensive bitcoin to cash conversion fee (FYI, Tenx charges nothing however); the average bitcoin ATM fee is between 3% and 5%, and some of them charge up to 7.5%. Inconvenience and time. If you live in most places in the United States or Canada you will have to travel for several hours or even days just to reach a broker or ATM. Then you will have to pay a high fee for the “privilege” of withdrawing your own money from your own account. Physical danger. Many bitcoin ATMs and brokerages are located in some pretty bad neighborhoods. Coming out of a business that pays out large sums of cash in such a place; is a great way to attract the attention of criminals. Permanent loss. Something that many people forget is that if cash gets lost, destroyed or stolen it is often impossible to replace. Large sums of cash in your pocket or your car are not as secure as money in a bitcoin wallet.
Any pickpocket or thug with a gun can take it from you. Money in a bank account will be insured by the CDIC in Canada, or the FDIC in the United States. Credit and debit cards can be cancelled with one phone call to the provider. Cash simply is not as secure as other methods of storing money such as cryptocurrencies and bank accounts. Tracking if you go to a physical location to get bitcoin; you can put under surveillance by authorities – or worse by criminals. There might be permanent records of your transactions or even surveillance footage of you in such places. Another risk is that a crook might follow you home and try to rob or burgle your house. At the end of the day the best way for most bitcoin users will be to sell some of their coin and transfer the money to an old-fashioned bank account. That way you can get the small sums of cash you need without great, hassle, cost or risk. Something to remember is that most banks offer free ATM withdrawal from their accounts. SOME GREAT ALTERNATIVES TO CASH FOR BITCOIN USERS. Fortunately there are some really good alternatives to cash for bitcoin users. Most people will be better off using these for the majority of transactions. The best cash alternatives for bitcoin users include. Get a debit card account that converts bitcoin to fiat currencies such as the Canadian dollar or US dollar. There are number of these out there including the Bitpay Visa, and the TenX Visa or MasterCard.
These cards are designed to automatically convert cryptocurrencies in a wallet to dollars, Euros or pounds whenever you swipe your card. If you get such an account make sure it is in Visa or MasterCard so you can use at most retailers. Buy gift cards with bitcoin. Websites like Gyft at https://www.gyft.com/ and eGifter at https://www.egifter.com/bitcoin/ accept bitcoin payment and sell gift cards that can be used a wide variety of brick and mortar retailers including Lowe’s and Walmart. Some mobile cards that can be loaded onto your phone are available. eGifter, accepts bitcoin payment for gift cards that you can at Target, Best Buy and many other popular retailers. eGifter also sells gift cards for some popular restaurants including Dunk’ Donuts. Gyft sells Amazon gift cards. There are some major retailers that accept bitcoin payment. This includes websites such as Overstock.com, eGifter, Newegg, Shopify, Dell, Microsoft, AMC Movie theaters and Dish Network. You cannot use bitcoin directly at Walmart or Amazon, but eGifter and Gyft sell gift cards for those retailers through their websites. Use direct bitcoin payment, bitcoin gift cards or bitcoin debit cards when available and set aside some of your cash from other transactions for smaller purchases. Remember most purchases will not require more than around $20 in cash. For example only withdraw cash when you think you might have a specific need for it such as a garage sale. Mobile-Payment Apps such as Apple Pay, Android Pay, Alipay, Walmart Pay and Samsung Pay.
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