Acquire and Secure Digital Currency Through Crypto Bank

  • June 30, 2021
  • Jennifer Moore

Crypto is focal to a number of innovations, most of which emulate the functions of traditional banks only better, faster, devoid of intermediaries, and more inclusive.

When you have an innovation that serves as the lifeblood to a myriad of other innovations, that, in turn, generate a stream of opportunities, it is bound to scale in leaps and bounds. Bitcoin was an instance. Cryptocurrency, at large, necessitated the development of exchange solutions. The exchange allowed the digital currency holders to liquefy their assets at will.

Also Read: PayBito Crypto Bank And Everything It Offers

Friction in the path of seamless operation with digital assets has always appeared in the form of storage. More so, when Bitcoin skyrocketed and within a couple of years, the chance-holders were millionaires. Under these circumstances, the importance of crypto storage increases many folds as does the risk of theft.

Innovation covers the entire lifecycle of crypto with a holder: from with the purchase to though transaction or liquefaction.

Owning Crypto

Well, hardly anything. Owning crypto comes with the knowledge of its private key. To explain in wee detail, you have to understand that most crypto including bitcoin is not rooted in any tangible asset of exchange value. Its price swings depend on the market demand and availability.

Some people prefer to buy crypto and hold on to it while others frequently transact or exchange.

On buying crypto the owner is in possession of a private key comprising a 256-bit number, between the values:

0x01 and 0xFFFF FFFF FFFF FFFF FFFF FFFF FFFF FFFE BAAE DCE6 AF48 A03B BFD2 5E8C D036 4140, representing nearly the entire range of 2256-1 values.

The private key must be a closely guarded secret, the loss of which implies the owner irretrievably losing access to his own assets.

The owner is also in possession of a public key which is akin to a bank account number that people share with others to receive payment in.

Crypto Bank

For safe-keeping, close monitoring, and convenient access, crypto wallets were made available. Wallet software comes in online and offline modes. While offline wallets are cumbersome to handle but a risk-free option, online ones are exposed to online threats but are easier to access and transact with.

Also Read: What To Know About Custody Application For Digital Assets?

Enhancing the wallet solutions, Crypto Banks was introduced. The Crypto Banks were designed in a way close to the operation of a traditional bank but with their digital currency.

The term crypto bank is relatively new in the finance world and is propagated by the fintech that transacts in cryptocurrencies for value storage and ease of cross-border settlements. The term relates to the newly bred, regulated cryptocurrency banks, offering interests on savings accounts and other financial products and services for holders of cryptocurrencies.

PayBito Crypto Banks put forth the options for:

Savings Account

The Savings account offers an interest of 7.4%, accrued daily and paid monthly. This requires no minimum balance and incurs no hidden cost. PayBito’s platform assures full transparency and total control over your account and assets. The PayBito App enables you to operate from any smart device.

Further, PayBito allows you your choice of crypto to earn interest in along with updated security measures and protocols.

Payments

In and outwards payments are made in USD, INR, AED, SGD. conversion from fiat to crypto and vice-versa happens at a heightened pace. Payment success notification reaches our clients within seconds of transfer and at a nominal price.

Crypto Collateral for Payments

PayBito allows you to use BTC in your account to collateralize against a loan. When a sum is borrowed, the corresponding amount in BTC is transferred from your BTC wallet to a designated collateral wallet which will now hold your BTC. BTC collateral can only be withdrawn from your collateral wallet once the loan is repaid, which can be made over the following 12 months.

Loan

PayBito floats a diverse collection of cryptocurrencies to be borrowed from and to be collateralized in. PayBito implements risk control procedures through various collateral rates in distinct currencies for ease of use; also ensuring the instantaneous withdrawal of your borrowed crypto, irrespective of your location.

Wrapping Up

As mentioned, cryptocurrency is the focus of a number of innovations, most of which emulate the functions of traditional banks only better, faster, devoid of intermediaries, and more inclusive.

Crypto banking for instance covers most of the basic needs of a person with their banks.

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