Financial Revolution Under Way
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I have overseas bank accounts that I use here in SA and no questions are ever asked in much the same way I will use a crypto debit card in the near future.
When crypto currencies first came on the scene it was about investing and making a quick buck or holding on certain coins hoping for a bigger pay off further down the road. The idea of spending crypto in an every day use case was not really part of the plan. The problem was that the idea of blowing some like the pizza guy did could turn out to be you. I know I haven't bought anything with my crypto bags as the hope is it will be worth a hell of a lot more maybe next year or the year after, but not right now.
With the introduction over the last year of the Binance debit cards plus a few others like Crypto.com, coti etc the mindset is changing. For crypto to become main stream it has to start being used in everyday life and not just for trading on exchanges.
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Buying groceries, a home loan or a car are all available through Coti or are all very close to being a reality.
Originally one had to go in and out of the trading exchanges by buying and selling Bitcoin but that no longer is the case. These days you can load your crypto onto one of the various cards mentioned above and it is that simple.
I expect that I will never move crypto earnings between my bank accounts as there is no need to these days. The idea of highlighting to the various Government agencies of what I am doing is not something that excites me. Currently we have a $600 cap before you get flagged for extra attention and that will never happen in my case.
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One of my main reasons for investing in Coti is to have a ready made full bank account once it increases in value. This is like getting a head start in my eyes.
What does excite me is seeing more use cases for being able to spend crypto such as travel through the likes of Travala. This is also being heavily promoted via Binance and something I will take advantage of once travel opens up later this year hopefully. Who knows but it has to open up at some point surely as it has been announced many airlines will be returning to the South African skies in July.
The long term plan is to have one bank account for a just in case and have two crypto cards that I can use for everyday living. I see more security long term in crypto than the local currency and with DeFi being a decent way to earn why have and use money at all?
Thinking back to 25 years ago we all carried cash as using a card for payment was not that common. My parents used a cheque book so the method of payment has progressed with every generation as now crypto has to take over at some point. I honestly can't wait to get my hands on one of these cards as it is not about being able to use crypto for purchases, but more the ability to do so. The rest of the world will wake up soon as it isn't a pipe dream or some crazy internet money anymore.
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I use Binance pay. I wanted to order myself a crypto.com card, but they have a moronic KYC. I keep on uploading bills pics and they say they're not compliant. Funny, but crypto wasn't supposed to be about KYC...
Lets see what Coti does as they say less than 1 minute to apply for a card. You are right as it is against everything crypto was about. I have had enough with the main stream crap and just not interested in being like that.
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Will have to check COTI if I'm eligible for the card.
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Truth be told.....
method of payment has progressed with every generation as now crypto has to take over round the universe.
The payments space has always been the area I feel crypto will shine most, or at least shine first. It will replace banks by offering a superior mode of transacting. imagine sending money to someone in another continent all in the blink of an eye. Hive has already made that possible even
HIVE!D.BUZZ
@chrisrice