Cryptocurrencies have gained a lot of attention and fame over the years, especially in 2017. Along with providing a secure means of money transfer, it imposes no limits, unlike banks or the government centralised systems. The cryptocurrency market is on a roll and there are 3 basic concepts that need to be understood before you think of jumping into all this technical money scenario. Those are Lend, Send and Spent. These have been elaborated for you as follows.
Lend: In case of cryptocurrencies, revenue or small profits are earned by the use of coins. Lenders earn some amount of interest when they trade their bitcoins. You can lend your cryptocurrency to earn a specific amount of interest over your currency. However, this must be understood that currencies cannot be exchanged by lending. None of the platforms available presently support this. There have been some platforms developed which allow the users to lend their cryptocurrency. These are as follows.
- Coincheck: This is a platform which was introduced for cryptocurrency lending. On this, lenders can earn about 5% interest rate.
- Poloniex: Poloniex is a great lending source which is known for supporting a wide range of currencies. The loan offers for Bitcoin on Poloniex are 0.15% presently.
Lending cryptocurrency is a good idea to keep your currency safe and earn a little something meanwhile.
Send:
Sending money with cryptocurrencies is way cheaper and faster than the traditional international bank transfers. For the transactions made via banks or platforms such as MoneyGram, they usually take a cut out of the transaction as the service charge which is not always a good thing. Using cryptocurrency such as Bitcoin is way more efficient. In order to send money abroad, you will be required to purchase bitcoins online. This can be done through a bank transfer or PayPal or any other payment service. Bitcoins wallets are maintained to store bitcoins and other cryptocurrencies. After acquiring the bitcoin equivalent of the amount, you wanted to send, you can now transfer the bitcoins to the bitcoin wallet of the receiver. And this is how money is sent over cryptocurrencies.
Spent:
Cryptocurrencies would really waste away if we simply store or trade them. They need to be spent in order to provide you with the various advantages they have to offer. Bitcoin, for example, is accepted by various merchants nowadays as a payment method. There are a lot of areas where you can spend your bitcoin and cryptocurrencies. These are mentioned as follows.
- Online purchasing: You can buy things online. Using Bitcoins may even get you some handsome discounts. There are various online tools that help you in finding the best stuff online with Bitcoin as a payment method. Like Spendabit which is basically a search engine. You can look through over 2.5 million items to buy on this. It acts as a hub and collects search results from multiple platforms. Others include OpenBazaar and Purse.io.
- Brick and Mortar: Sometimes it is hectic to go around searching for merchants who would be willing to accept bitcoins. For this, there are many tools which help you to easily find merchants that would allow you to spend your bitcoins. For example, Coinmap. This one is like a world map and it displays the locations where merchants and businesses accept bitcoins. Other include online tools like SpendBitcoins, which allows you to search the internet and the world for bitcoin acceptors. One is the CoinATMRadar which tells you about a bitcoin ATM instead of a bitcoin-accepting merchant. These ATMs help you convert your bitcoins into flat currency easily. You can always use this one when you are full of bitcoins but unable to find an accepting merchant.
Cryptocurrencies are making their way in the world of quick and easy money transfers, local and abroad. With a few basics cleared out, you can also become a user of this super-fast way to transferring money online. The money is protected and there is no chance of hacking or theft issues. Everything is network maintained and perfectly safe and easy. All the conversions to flat currencies are easy too, so you need not worry about that part!