The use of Crypto rapidly increased during 2021, when people decided to alter their investments from traditional currencies. The pandemic has made people less conservative about their financial positions and that gave cryptos a more mainstream appeal. The quick flip towards the world of blockchain and cryptocurrencies created the need for a reliable open crypto wallet, which is the way you can securely buy and trade such coins.
Cryptocurrency can easily be defined as a digital currency, created in controlled numbers by computers. Cryptocurrencies are money that doesn’t come out of any central bank or government’s mint or printing machine. They are scarce and issued by decentralized computers using the so-called blockchain technology, enforcing a strict algorithm for their mining procedures.
Open crypto wallets are popular places to hold your digital currencies and trade them in markets. They are unique and secure for each user, having several passwords to ensure their transparency. Two major ways to have cryptocurrencies would be to buy them from a cryptocurrency exchange or mint them online using your computer power.
Embed is a pioneer company to introduce you to the cryptocurrencies world, and keep your wealth growing. You can have an open crypto wallet to keep your cryptos and transfer value from other traditional currencies which are in a declining trajectory.
It’s impressive that cryptocurrencies have taken the world by storm and changed cross-border payments forever. Several years ago, it used to take many business days and a lot of effort to send money abroad.
Traditional currencies have variable values, and you need to exchange them at a special rate. There is a higher commission for fiat currency money transfers. However, everything has changed in the crypto world.
If you have an open crypto wallet, you can buy and reserve tokens. Using the Embed platform, you may choose the Send Funds option, and your tokens would go to any other wallet in the world. Cross-border money transfers take only one hour to complete and cost a lot less.
The World Bank has announced that the average cost for a traditional fiat currency cross-border payment was over 6%. That’s not the case for cryptocurrencies. You need to pay only a fee of close to 0.5% to transfer your tokens to other persons living abroad. That’s a revolution for international payments.
An open crypto wallet offers you access to the universe of cryptocurrencies sold today. But what would it look like if you stopped estimating the cryptos’ value using the old fiat money? The next step would be getting paid in cryptos for your work.
People are getting used to the everyday use of cryptocurrencies in their lives. Even though they still calculate their value based on fiat money, they would all love to switch to the new era of digital payments and payroll. The advantages of using cryptos for your payroll are obvious.
Accountants will not have to calculate the border fees and exchange costs for employees who live abroad. The world would be a unified area, and the payroll process could be the same for any “digital nomads” offering their services to a company.
Embed platform offers an advantage for businesses combining the open crypto wallet for employees and the integration of payroll processes. You may expect to start paying your payroll by the end of the month, just with a few clicks.
People who have second thoughts about crypto payroll should think twice. The US Government and IRS consider cryptos to be financial assets fully compliant with taxation. Therefore, accountants could depict all the transactions (especially monthly or weekly payroll payments) in the company books.
Cryptocurrencies have also changed the way we pay for goods and services. Lately, Tesla, the world-known electric car manufacturer, announced that cryptos would be an acceptable form of payment for their cars. More and more companies accept cryptos as a mainstream form of payment.
The whole process has been made easy thanks to the cryptocurrency payment gateways. These are online platforms like the one Embed has created for its customers, where businesses and physical persons could exchange their cryptocurrencies for fiat money and vice versa.
Even though cryptocurrencies are highly volatile financial instruments, their increasing acceptance from the public would eventually stabilize their value. Their use as primary payment sources for goods and services will also allow further stability to the system.
Companies like PayPal, Microsoft, AT&T, Amazon, and Whole Foods widely accept cryptos (especially Bitcoin) as a mainstream form of payment for their goods and services. Using your open crypto wallet, you may also buy a hamburger at certain Burger King locations.
Crypto wallets give you access to the universe of cryptocurrencies. Embed platforms allow you to have a different account with fiat currencies and another where you keep your cryptos. You may exchange them as often as you like.
Cryptocurrencies are also convenient for large multi-currency payments. For instance, when you run a contractor business and send multi-currency payments to your overseas partners, you could easily complete the process through the open crypto wallet.
The fees for overseas payments remain low when executed in cryptocurrencies. Today large-scale multi-currency payments can take a single form. Blockchain technology facilitates the accounting process and minimizes the fees for all parties involved.
The first and obvious difference between fiat money and cryptocurrencies is inflation. Fiat money is vulnerable to inflation since central banks may easily print fresh money to satisfy the demand for growth. That makes people skeptical about their fiat money value in the long run.
Cryptocurrencies are stable coins. That means people who buy them know their capitalization and how many coins are in circulation at any given time. Also, their mining process needs lots of energy and effort, so it’s easy to flood the world with cryptocurrencies.
Fiat money is widely accepted as a form of payment in many countries. Cryptocurrencies have only recently become a major form of payment for many people and will reach their peak acceptance in a few years. They also have smaller denominations to ensure the right comparison between items of different values.
The biggest advantage of cryptocurrencies compared to fiat money would be their governance. Blockchain technology issues new cryptos only strictly and securely. A certain code is there to ensure the scarcity of these coins and increase their value.
On the other hand, we have seen many times in history fiat money printing through world turmoil periods. Central banks could easily reprint more fiat currency due to political pressure deriving from social unrest. Storing your wealth in cryptos will always be safe.
New platforms like the one Embed has recently presented to the public are ambitious enough to bridge the old and the new era. The embed platform offers you the chance to have a traditional fiat money wallet, credit cards, and a separate open crypto wallet.
Don’t hesitate to ask for more information at Embed where you may find all the answers you need about cryptocurrencies and their use. Embed offers basic and advanced plans for customers with different financial needs.
You may also choose to borrow money against your payroll as a user at the most competitive interest rates you will find online. Embed offers the vendor management service to businesses wishing to change their payment methods and enhance their online transactions.
Finally, cash advances are another feature you can benefit from when being in the Embed platform environment. Keeping a single account to have both fiat money services and increased crypto wallet security is Embed’s primary goal.