Purchasing Tokens Through Cryptocurrency

Could cryptocurrency replace the way we conduct transactions

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Purchasing Tokens Through Cryptocurrency

Ideal options regarding the purchase of crypto

Purchases depend a lot on how much one buys and where one is based. One can probably use a crypto exchange in a country that has not prohibited the purchase of digital currencies (attitudes vary worldwide). There are dozens of outlets to choose from and each supports different fiat currencies so one can get their hands on Bitcoin, Ethereum and other currencies regardless of whether they  use US dollars, euros, pounds or Japanese yen as a payment method. Many of these centralized exchanges say that cryptocurrencies can be bought as easily as purchases made on Amazon. Although this is true to some extent, some legal requirements must be considered. Depending on how one pays and how much crypto is bought, a photo identification is needed to verify one’s identity. Decentralized exchanges are another option, with intelligent contracts and atomic swaps that make peer to peer transfers easier and eliminate the need for a middleman. 

It is also important to investigate whether the transaction fee of an exchange is higher than the market average –and to double-check whether an organization is respectable. Losing out on money to a great extent just to get cryptography is one thing, but to lose one’s finances to a devastating hack is another. Even large brands like Mt. Gox have, in the past, been the victim of cyber attacks. Thus, convenience is not always risk free. 

Can ATMs act as an ideal mode through which bitcoins can be purchased? 

“As reported by Cointelegraph, the market for crypto ATMs is expected to soar to $144.5 million by 2023 – that’s compared with a meagre $16.3 million in 2018. Demand is likely to be spurred on by so-called ‘two way’ machines which enable users to convert digital currencies to fiat, and vice versa.”

However, the coverage of crypto ATMs is not geographically universal and one’s nearest machine could be hundreds of miles away if one is not in a major city. One can most likely pop into a machine if they are based in North America, which is expected to have the largest crypto related market share in five years. Finding the same may turn out to be a lot easier for someone looking in Germany or Japan where the adoption of cryptography is significant.

That said, there are obstacles particularly from the point of view of legal issues such as those related to regulation. The scandal last year that consisted of the disappearance of two Bitcoin ATMs in St Petersburg shook investors to their core. Whatever occurred happened in the midst of issues that had risen in relation to the authorities. Meanwhile, back in August, a Japanese security specialist uncovered malware to exploit vulnerabilities in these ATMs, allowing hackers to steal $ 6,750 worth of Bitcoin without the knowledge of a cardholder. These instances may serve to discourage those that want to invest in this up and coming finance related advancement. 

Can one get paid more efficiently through Bitcoin?

The effects of taxes onto the general populace and, more importantly, the employers differ considerably depending on the place where one lives and its subsequent policies. The changes that occur when one works with any kind of cryptocurrency can make both an employer and a worker uneasy. According to research, in Germany only about 6% of the citizens genuinely believe that cryptocurrencies could proceed efficiently with ventures such as the buying of cars within two years. About 300 financial experts from major corporations concluded, in their surveys, the fact that most people were heavily doubtful of the opinion that cryptocurrencies may be used to buy some form of beverage (a cup of coffeee?) by 2020. 

All in all, where cryptocurrencies stand at the moment is highly speculative and somewhere up in the air. This, however, does not mean that it may not advance to something lucrative in the future or that no one has the appetite for it. “A survey of 1,000 Sage people in South Africa showed that 31 percent are happy to receive all or part of their salary in cryptography–with men and thousands of years most likely to agree.” It has increasingly become the case that several companies have chosen to invest in voluntary schemes that enable workers to join this new kind of technological revolution with hopes that that would further its results. 

References: Blenkinsop, Connor. “Imaginative Ways to Buy Crypto, Explained.” Cointelegraph, Cointelegraph, 22 Nov. 2018, cointelegraph.com/explained/imaginative-ways-to-buy-crypto-explained.

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