Cryptocurrencies have come a long way since their introduction to the finance world. Today not only do online digital payment providers offer crypto bank accounts but also traditional banks have started to adapt crypto networks to offer faster transactions to their customers. Crypto assets have been used for daily spending by many people worldwide. Many businesses have started to accept crypto payments through crypto account-linked cards or for online purchases. it is assumed that soon even your utility bills will be paid with cryptocurrencies. Indeed, some countries including India, Pakistan, the Philippines, Egypt, Guatemala, Costa Rica, Honduras, and Malaysia have already initiated this process. In Mexico and the USA, there are third-party platforms that allow paying utility bills through crypto transactions.
Why are international crypto transfers low-cost?
Another benefit of a cryptocurrency account is that transactions are instant and low-cost. It doesn’t matter if you make international transactions or domestic ones, your transfers arrive usually within seconds. When you use a traditional bank account for an international transaction, multiple intermediaries and financial institutions process this transaction, including various currency exchanges, leading to increasing fees and longer processing times. With a crypto account, you can easily avoid all this cost.
Cryptocurrency accounts are generally safe however they are more vulnerable to cyber threats, especially on decentralized platforms. Security very much depends on the security measures of your bank or your payment provider. It is important to check what type of security measures are offered by your payment provider. Top providers implement the most advanced security and authentication features such as 2FA security authentication.
If you have a website, e-commerce stores, or similar online businesses and want to use your crypto account for your business, most payment providers offer crypto gateways. Through APIs, it is possible to integrate crypto payment gateways to enable fast and secure blockchain transactions. You can also use your crypto account for your physical business through pos devices. Please consult your provider to find out if this service is available through their platform.
So if you are thinking of stepping into the crypto scene, first you need to open an online crypto bank account. It might seem a little bit confusing in the beginning. There are various wallets, exchanges, and platforms available online. We will give you the necessary information through this article however please note that this article doesn’t provide financial advice. Once you read and inform yourself you can choose the best option according to your needs. Before opening a crypto account, also keep in mind that crypto assets are associated with risks. Most cryptocurrencies are highly volatile which means they may gain or lose value quickly. Crypto assets are not regulated or protected by any regulation or scheme.
What is an online crypto bank account?
Crypto bank accounts are quite similar to traditional bank accounts. Simply instead of keeping fiat currencies such as dollars or euros, you keep crypto assets within your crypto account. Most platforms call crypto accounts as digital wallets. You can deposit/exchange multiple cryptocurrencies through your online crypto account. Most payment providers support the most popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), and more.
Transactions occur instantly through the crypto accounts. Instead of an IBAN number, you are assigned a digital wallet address or QR code depending on your service provider. It is also possible to exchange between cryptocurrencies and fiat money easily. With a single click, you can convert your Bitcoin to Euros and start spending your money via your linked debit card.
It is possible to open multiple wallets for different currencies. Also, it is possible to exchange between those different currencies. Like in any traditional bank account, you can track your transactions in your crypto wallet.
How to Open the Best Online Crypto Bank Account?
Now we know the basic differences between crypto accounts and traditional options. Although the functionality of the accounts has certain differences, opening a crypto account is quite similar to opening a traditional bank account. Here are the basic steps to open an online crypto bank account with top providers:
First, choose a crypto-friendly bank or payment provider– don’t forget to compare the features of leading options to pick one that best suits your needs. Check how many currencies are available and supported by the provider.
Also, cryptocurrency accounts are generally low-cost or free; however you need to check this information with your provider to avoid unexpected high fees.
Create an account – Visit the bank’s website and click “Open Account”. Fill out the online registration form providing basic KYC information.
Verify your identity – Upload ID documents like a photo ID and proof of address for security and compliance reasons.
Depositing funds – Transfer money from your existing bank via wire transfer or deposit cryptocurrencies for your starting balance.
Set up 2FA security – Enable two-factor authentication for logins with an authentication app to protect your account.
Start using your account – Deposit, transfer and invest currencies seamlessly all from one integrated dashboard.
Order a debit card – All providers offer cryptocurrency account-linked cards to spend balances directly like a regular currency account. You can also exchange crypto assets for fiat money and spend it through your fiat money account.
It is very easy and quick to open an online crypto bank account, it doesn’t take long. Having a cryptocurrency account gives you a lot of benefits and flexibility in this technological era.
Cryptocurrency accounts are suitable for both individuals and business owners. It is possible to expand your investment capabilities and grow your business with crypto account benefits. Also integrating blockchain technology into your investment portfolio will bring a lot of benefits. Through digital wallet service, you can quickly set up a cryptocurrency account without delays or complications.
