Crypto as an asset basis and how to pay for daily purchases with Bitcoin, Ethereum & Co.

I would like to dig a little more into bitcoin and cryptocurrencies, how I feel about this topic and the impact it can have on our daily lives.

Let’s take a step back and ask ourselves: What does money mean to you? In terms of wealth as such. When we invest our money to make a profit, we usually think of “dollar”, “euro”, etc. Money as the main denominator of what we see and use in our daily life. Well, not for everything, but in most cases. So for me personally my current understanding of wealth is based on the euro. It’s totally normal as I live in Latvia, the member state of the EU. And I believe that this “base” means something different to each of us, which is perfectly normal and understandable.

For example, a forest owner most likely considers his forest (measured in hectares or acres) as his “base” of wealth, as does a farmer who owns a certain amount of hectares or acres of agricultural land. For real estate developers, the basis can be square meters and so on. And I believe that for some, BTC has become their “base” of wealth.

I’m quite convinced that there will be more and more people who will eventually stick with BTC or some other cryptocurrency that would become their main “base” of wealth. I’m pretty sure ETH (Ethereum) is the basis for Vitalik Buterin, the creator of the Ethereum cryptocurrency, the second most popular crypto after Bitcoin. Imagine how cool it is that you no longer have to convert certain cryptocurrencies as a base to “Flat Money”!

Many may argue that cryptocurrencies are not that integrated into our daily lives yet. However, when you see how PayPal has already integrated BTC, is accepting payments with it, and how many retailers are actually using PayPal, it’s not hard to imagine the emerging trend. In addition, VISA is considering adding cryptocurrencies to its payment network as well. Well, this isn’t an exercise, this is getting serious.

As a matter of fact, VISA card can already be used to pay with cryptocurrencies, however, only through intermediary companies. For example, one of the largest crypto exchanges binancein co-operation with Contis Financial Solutions Ltd already offers the possibility to pay daily with cryptocurrencies.

How does it work? All you have to do is register your account with Binance. You can use my link or referral ID (15223813).

Then, as with any broker, you must complete the mandatory registration details and upload proof of address: bank account printout, show address or utility bill with your name and address to be viewed and valid identification document. Once you have successfully registered, go to the wallet – a card section where you can apply for your new VISA card. Then you can add your new VISA card to your Google Pay or Apple Pay account and you’re all set, without having to stuff a plastic card into your wallet. Once your new VISA card is linked to your Google Pay account, you can use it anywhere VISA is accepted. And the most charming thing is that the Binance VISA Card can be supplemented with the following currencies – BNB, BUSD, BTC, SXP, ETH and EUR!

So how can you add BTC to your VISA account?

Go to your wallet again – select Card – then Transfer. Then add funds to your Binance cash account using BTC or another cryptocurrency. Please note that it is NOT necessary to change the selected cryptocurrency currency to FIAT (Euro)! The conversion takes place automatically upon purchase. For example, if you have 1000 euros worth of BTC in your account and you buy a coffee worth 2 euros, the BTC will automatically be converted to 2 euros. The rest of the BTC value remains unaffected. This way you can pay for your daily purchases with BTC. Simple and easy! Also, it’s a very handy solution if you’ve decided to keep some of your money in BTC.

Think of the future development scenario when people use these kinds of opportunities more and more every day. Many intermediary businesses may become obsolete as you can send or receive your BTC payment directly and see the result instantly. Well, that’s why BTC was created in the first place. Not to mention that integrating BTC billing into your website is beyond easy. In contrast to today’s “classic” payment methods.

For example, if you want to make a BTC payment, you just need to provide the QR code or the BTC address (17csyAnWvroqcuG4cNdx6hRH854f2sajYe).

Everyone likes simple and effective solutions and this one certainly is. Once you’ve tried it and made a habit of using it, there’s no turning back. So right now people have to get used to the notion that BTC or cryptocurrencies are here to stay, it’s inevitable. Then the whole process will escalate pretty quickly until that new habit kicks in. We just need to bridge the gap between the frightening unknown and more convenient handling of transactions.

I see that this process has already begun. Many companies already accept BTC. This is not the latest information, but it can still give you an insight into this trend: Microsoft, AT&T, Etsy, Shopify, BMW, etc. I am proud that Latvian national airline AirBaltic accepts BTC (via Bitpay service).

So, I believe this The process of integrating cryptocurrencies into our daily lives is irreversible. And I believe that it will not be a revolution (as many may think) But more like a evolution. Crypto will gradually evolve and play an ever larger role in our daily lives. Over time, different communities will form that will exclusively use only cryptocurrencies. I might sound a bit futuristic, but I firmly believe that sooner rather than later there will be more and more users who would consider crypto or BTC as their “base currency”.

In addition to noticing the new “base”, cryptos can become a new type of savings. Imagine, many tend to amass part of their wealth in gold. But what is gold? A metal that historically has been a means of payment (money). A metal that is accepted almost all over the world. An asset that isn’t very attractive to investors of the younger generation – those who were born with all sorts of digital things and their possibilities. Valuable assets are undoubtedly stocks (securities). Many millionaires, billionaires, keep their money in stocks in their own companies. People also invest in wines, whiskeys, antiques, cars, jewellery, artwork, stamps, books and more. People tend to collect different things and assign a certain value to them. And suddenly you realize that “software is eating the world”, and almost everything can now be digitized. With crypto, the process of digitization (rather tokenization) is now taking on new dimensions.

So now it is it is possible to tokenize practically anything. And you can give, sell or manage this token to anyone directly without intermediaries. You can exchange this token for another token or money. Today’s young generation easily accepts the new digital values. They are easy to understand, use and accept. And then you start to see how easy it will be to accumulate your fortune, wealth in cryptocurrencies, tokens and other digital assets. You can then sell or return these easy-to-use and always-on assets – effortlessly, with just a few clicks. The asset can change its owner that easily. It’s both at the same time – awesome and scary to imagine the speed of these transactions with no intermediaries.

Last but not least: I see no point in converting my BTC and ETH to Euro.

I have chosen to keep part of my money in cryptocurrency. And if necessary, I can shop with BTC with the help of Binance VISA card. It’s convenient and fast. Binance commissions are great and there are no hidden costs. All costs are included in the cryptocurrency exchange rate. So far I can say that Binance is among the best out there. And since any transaction of crypto or token is mostly about trust, I’m pretty sure they will do whatever it takes to keep it that way.

Stay tuned!

Early

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