New Crypto BYOB — Be Your Own Bank
Nearly 12 years ago, bitcoin was born during the pit of the global financial crisis.
The cryptocurrency was created to eliminate middlemen for peer-to-peer financial transactions, setting the stage for the creation of other cryptos.
Fast forward 12 years, and the crypto market has evolved into its own global financial system.
With recent developments in the crypto space, people no longer need banks — they can be their own.
Cryptos Offer Something for Everyone
Nearly every financial product or service has a viable crypto alternative. And the best part is, there is no need to apply for them at a bank or broker.
The crypto market is providing equal opportunities to financial participants around the world:
- Crypto wallets are replacing checking accounts, as crypto assets can be instantly exchanged, bought or sold. By skipping the settlement periods associated with traditional financial transactions, investors can spend more time making gains.
- Crypto debit cards can be linked to crypto wallets to enable payments at vendors that use cryptocurrencies. Cardholders benefit from rewards programs and the ability to skip the conversion of crypto to fiat currency. Merchants benefit by paying less in transaction fees than they would to traditional card companies.
- Yield farming enables people to lend their crypto to earn rates of return that dwarf those of government and corporate bonds. It can be done with a diverse group of cryptos, which appeals to a wide range of investor types. This has been a huge hit in the crypto community, which has seen its total value locked skyrocket in 2020.
(Source: DeFi Pulse.)
(Editor’s Note: There’s still time to sign up for Ian King’s Next Wave Crypto Fortunes event on Thursday, December 17. Click here to enjoy exclusive, first-look VIP access to the event.)
With cryptos, investors can skip traditional money market funds and savings accounts when parking their money.
Instead, they can hold stablecoins, which are cryptocurrencies that are pegged to an asset such as the U.S. dollar.
Stablecoins in crypto accounts receive 18 times more interest than a traditional savings account.
(Source: Smart Asset, BlockFi.)
And now, loans can be secured using crypto as collateral — no credit check required.
This is a big deal for people with poor credit history or large, unrealized crypto gains.
VantageScore estimates 30% of Americans have credit scores below 600 — meaning a large portion of the U.S. is at a disadvantage when applying for loans.
With crypto collateral, there is no need to convert cryptos to fiat to secure loans, which could lead to a huge tax savings for some investors.
Now Is the Time to Take Action
The products I mentioned are just a few of many.
As you can see, the crypto markets are evolving into their own financial system.
With so much change happening in the crypto community, it can be hard to keep up.
That’s why on Thursday, December 17, at 1 p.m. Eastern time, Ian King is presenting a special event called Next Wave Crypto Fortunes.
As you’ll see in Ian’s presentation, this next wave of cryptocurrencies could hand you 12 times your money in just the next 12 months.
You don’t want to miss out on this crypto boom and its potential to create life-changing wealth. So, click here to reserve your spot now.
Analyst, Automatic Fortunes