28 Jan So You’re Now in Crypto, But How Do you Get Out?
Benjamin Franklin said that they only sure things in life are death and taxes. Benjamin Franklin didn’t live in the cryptocurrency age. Because if he did, he’d expand that list. Death, taxes, and the volatility of cryptocurrencies. This is to be expected, however, it’s not every day that the way we’ve been handling currency for over 3,000 years gets a shake-up you know.
This volatility shouldn’t scare us away from the potential and future of blockchain. But it does cause a hurdle to overcome. It makes sense. If you had $100 in your pocket for the weekend, but only $80 when Friday night rolled around without spending a cent, you’d be pretty upset. To combat this, crypto users want better and easier ways to cash out of their cryptocurrencies. So what options do crypto users have to cash out?
The Exchange Site
The most common way to cash out of a cryptocurrency is through an exchange site like Coinbase or Poloniex. Typically, users go to the same exchange site that they used to purchase the coin to exchange out of it. This is a good way to go if you can use the same exchange site for all of your coins. Keeping it on a single platform helps with managing your crypto.
However, as more coins are created, not every coin can be traded on your exchange site of choice. This obviously makes cashing out on these more obscure or newer coins more complex. Cashing out becomes a multistep process, where the transfer must first be into a popular crypto token like Bitcoin or Ethereum before it can be fully cashed out into a fiat currency.
It’s not necessarily the difficulty of this that becomes frustrating, but the time spent doing it. This can take days before the transaction is completely finalized and the funds are in a fiat currency. It is this process that often causes people to shy away from crypto.
The Bitcoin ATM
Bitcoin ATMs are another way to cash out. They are extremely convenient (assuming one is around) and extremely expensive. Also, as the name suggests, they are only available for Bitcoin. While this can help if you are in a jam, it’s not a great long-term solution for those looking to live regular day to day lives by spending crypto.
The Crypto Debit Card
Another way to cash out blockchain and into fiat currency is through a crypto debit card. These are becoming increasingly more popular as the demand for immediate cashouts from the crypto community becomes louder and louder.
The first blockchain based debit card was TokenCard (TKN). These cryptocurrency access points, like TokenCard, embody the true definition of a currency, spendable money. Through crypto credit cards, you can swipe the card to pay for basically any item, just like your bank debit or credit card. The cryptocurrency you paid with is then immediately transferred to the local currency at a cheaper than usual rate.
Other blockchain debit cards other than TokenCard are TenX (PAY) and Monaco (MCO). Benefits for these cards are similar to traditional debit cards like cash back, premium metal cards, and a companion mobile app. Crypto debit cards also allow you to transfer funds between cryptocurrencies, send and receive money in either crypto or fiat, and manage it all through the app.
Crypto debit cards also allow you to use the card anywhere in the world. This is one of the benefits of a cryptocurrency, played out in real time. Since there is no central bank or government controlling the currency, it can be spent anywhere. The blockchain then does the work of exchanging that cryptocurrency payment into the local fiat currency necessary, all while avoiding bank fees.
Along with purchasing items with a crypto card, TokenCard is unique because it allows you to track your spending in real time through the respective app. This app, along with the debit card and the smart contract wallet, are what make up the primary features of TokenCard. When you swipe the card, the funds are removed from your wallet similar to a bank account. The charge is then immediately reflected on the app.
You can also purchase more of a token or invest in an ICO through your wallet. The wallet manages your TKN, the official token of TokenCard. This feature can also be used to send and receive money in a secure and quick way.
As the ways to cash out on cryptocurrencies grows, the more acceptance it will receive, and the less volatile it will become. Blockchain technology has the potential to change the world. It’s just time for some of the supporting technology to catch up with the internet age and the way we’re used to doing things. When that happens, we’ll see a brighter future.