customers to use when filing taxes, but the
consumer is still responsible for keeping track
of their tax liability.
HOW TO TRY CRYPTOCURRENCY
BANKING
To start using these kinds of banking services,
you must first purchase cryptocurrency, such as
bitcoin, litecoin, ether or any other currency that
you would like to invest in. Cash App, Coinbase
and PayPal are just a few companies with apps
that have made it easier to purchase and sell
cryptocurrency, even in small amounts, and
store it in a digital wallet.
If you want to spend your balance easily, you’ll
need to open an account with a firm that offers
cryptocurrency debit cards and uses the kind
of digital currency you own. Coinbase, for one,
has a special debit card that lets customers
spend any Coinbase assets they own and earn
cryptocurrency rewards, but there’s currently
a waitlist for new customers. BitPay, another
firm, offers a prepaid Mastercard debit card
that customers can use to spend their digital
currency. There are others, but it’s not a
widespread bank offering.
In the future, cryptocurrency could have the
potential to be a source of peer-to-peer loans,
where individuals can quickly and securely
process loans to each other , according to
research from CB Insights. It’s a huge area of
untapped potential but for right now, the world
of cryptocurrency banking is limited to a small
pool of players with some very new products
and services.