Working in the blockchain market, we often deal with clients either working directly or indirectly with cryptocurrency. It is an area that has gathered quite a following lately as Blockchain's influence and impact grows.
Decentralised currency is also making a massive splash with retail traders in the stock market. That's why we thought providing a blog piece on some of the latest cryptocurrencies and questions surrounding them might be of value to our candidates and clients.
Crypto Worth Investing in 2021
*THIS IS NOT FINANCIAL ADVICE*
Whether you are working within Blockchain and crypto or a retail trader just wanting some insight, there are quite a few cryptocurrencies worth investing in. From both a business and personal investment perspective, cryptos such as Bitcoin, Etherium, Neo Coingeko and Dogecoin are just a few of the more popular ones on the market. These cryptocurrencies are ones that many businesses have taken onboard.
Aside from the enthusiastic acceptance from Elon Musk and Tesla, many brands across the UK and Europe have started to accept bitcoin as a form of payment. For example, Pizza Express, Cafe Nero and Wagamama now accept Bitcoin as a way of paying for gift cards. Meanwhile, Overstock, Gipsybee, and Shopify all accept Ether for their purchases. While Neo Coingeko has become as widely accepted, Dogecoin was recently accepted as a form of payment by SpaceX.
While there are many forms of crypto arriving onto the scene, the critical point to remember is that you want to do your research before deciding on buying or accepting any form of cryptocurrencies.
Crypto-Friendly Bank Accounts
One of the main concerns with businesses and consumers alike is how financial institutions and cryptocurrencies work together. While in the offset, many felt that crypto had little staying power, banks have begun to adapt to the new era of currency. Crypto-friendly banks and financial institutions allow clients to withdraw and deposit funds from their accounts to cryptocurrency-related platforms. These banks allow customers to use their credit and debit cards to buy and sell cryptocurrency openly, make wire transfers to cryptocurrency exchanges and other businesses and take money out of their cryptocurrency investments. So what are some crypto-friendly UK and US banks, you say? Well, have a look below.
Crypto-Friendly UK Banks
Barclays is an early adopter of blockchain technology, allowing their customers to perform crypto transactions in a safe and secure environment. Cryptocurrency can be purchased with Barclays credit and debit cards. These transactions are subject to a few conditions, but they are usually straightforward to complete.
Revolut is a European bank that started small. They are based in the United Kingdom and serve customers in the United Kingdom and across Europe. They have a number of accounts available, all of which accept cryptocurrencies. Revolut customers can buy cryptocurrency with their debit or credit cards. They can also make transactions through their checking accounts.
Crypto-Friendly US Banks
Ally Bank are fully interactive, with no physical banking locations. They provide a wide range of services to their customers and are cryptocurrency-friendly. Unlike several major commercial banks, Ally allows consumers to purchase Bitcoin and other cryptocurrencies using their Ally debit or credit card.
USAA provides a broad range of programmes to predominantly military families. Their accounts are crypto-friendly, and consumers may use their credit or debit cards to purchase, sell, or invest in cryptocurrencies, including Bitcoin. Cryptocurrency wire transfers are also permitted.
In the United States, this is a relatively new bank. It began in Portland, Oregon, in 2009, and it currently only accepts customers who are citizens of the United States. Simple Bank has partnered with cryptocurrency exchanges to enable their customers to perform cryptocurrency transactions. Essentially this Simple Bank Crypto allows their customers to buy Bitcoin and other cryptocurrencies with their credit or debit card in a safe setting.
The Future is Decentralised
As the market for competitive crypto grows and matures and as financial giants such as Goldman Sachs continue to invest in this sector, it appears that cryptocurrency is here to stay, at least for the foreseeable future. Suppose you are a business looking to provide or accept new forms of payments or a retail investor looking for a particular area of growth in the financial market. In that case, crypto is a crucial consideration to make.
If you're looking to hire Blockchain talent or for more insights into cryptocurrencies and your business why not reach out to one of our Emerging Technologies consultants by clicking here.