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Author : Crypto Income Staff 12 August 2017
To use these you will have to have a credit card, debit card or bank account that will support them. Then you will be able to make payments at the tap of an app. Be advised that you cannot pay with bitcoin through these now, although a number of companies including TenX at https://www.tenx.tech/ and Plutus are testing mobile bitcoin conversion apps. There are a number of payment apps that are designed to enable bitcoin or ethereum payment at retail stores. One example of such an app is Omise at https://www.omise.co/ which is designed to create a network of retailers that accept ethereum pay in Asia. Omise is working with one of the world’s most popular mobile payment apps Alipay from Ant Financial. Unfortunately apps like Omise are far from mainstream acceptance. Bitcoin hardware wallets. These wallets are small electronic devices that you can use to store large amounts of cryptocurrency offline. Some of the popular models such as the TREZOR or Nano Ledger S are small enough to fit in your pocket or be shipped via the mail. Unfortunately, there are no devices on the market that allow for direct bitcoin payment or cash-conversion yet. THE FUTURE OF BITCOIN TO CASH CONVERSION. Bitcoin cash conversion is tough and somewhat rare these days because most governments do not recognize cryptocurrencies as “legal tender.” Among other things that means you cannot deposit them in CDIC and FDIC insured accounts so banks will not touch them.
It also makes major credit card providers such as American Express, Visa, MasterCard and Discovery leery of altcoins. TenX and Bitpay try to get around this by converting altcoins into regular currency then depositing it in a debit card account. The gold standard of cryptocurrency debit cards; which TenX claims to have, would be a card or app that instantly convert altcoin to fiat currencies. If TenX is successful expect to see a number of such products appear and at some point companies like American Express might start issuing altcoin products. The most likely scenario is that governments will not start accepting cryptocurrencies until they can tax them. It will probably take one government, such as that in Australia; which has recognized bitcoin as currency, to start collecting tax in bitcoin for others to follow. WHEN WILL BITCOIN CONVERSION GO MAINSTREAM? Another scenario is that a government will start making benefit payments to citizens in crypto currency. Several governments including that of the People’s Republic of China are experimenting with cryptocurrencies. One reason why governments would use cryptocurrency to distribute welfare or other payments is that it would be cheaper and more secure than traditional methods. Direct bank transfer payment because popular in the United States after Social Security; the federal basic income program for the elderly and disabled, adopted it. Today most of the 61 million Social Security recipients in the United States their payments via fund transfer. If that many people were to start using cryptocurrency every business would accept it and you would be able to convert bitcoin to cash everywhere.
The best outcome would be to be able to convert bitcoin into fiat currencies and withdraw the cash at any ATM, bank branch or cash register. How much Bitcoin should you convert into Cash? The best answer to the above question is as little as possible. The big advantage to cryptocurrencies is that they are very private and highly secure cash is not. Something else that everybody should remember is that the future value of cash is not ensured. If you are over 10 years of age you probably remember a time when you were able to buy more with a dollar. Many of us can still remember a time when items like comic books, cans of soda and cups of coffee cost less than a dollar. The reason for that is inflation which slowly destroys the value of money. Inflation’s ability to destroy money is incredible. $1 in currency from 1980 would be worth $3.15 in 2017 currency, Dollar Times calculated at http://www.dollartimes.com/inflation/inflation.php?amount=1&year=1980. That means the longer you hold money in fiat currencies such as the US dollar or the Canadian dollar the more value you will lose. This means it is always a good idea to only hold those funds you plan to spend right away in cash. If you don’t plan to spend money right away it is always a good idea to convert it to something capable of gaining value at a much higher rate such as bitcoin. Cash is still very useful, but you can make a lot more with altcoins such as bitcoin or Ethereum. If you have extra funds in bitcoin consider using them to buy other cryptocurrencies instead of cashing out. You will be less vulnerable to inflation and might make more money.
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