Most financial agencies consider crypto trading a threat. Many countries regulate or ban digital assets. As a result, some banks refuse to process payments and let people open accounts for blockchain ventures. To navigate through the updates, many investors turn to digital asset management solutions.
Banks Are Not Essential in Crypto Trading
Most people rely on banks when buying and selling cryptocurrencies. But that may no longer be the case soon, as many banks are enforcing measures against such ventures. Fortunately, there are ways to do business with digital assets without banking.
People can invest in cryptocurrencies, such as Bitcoin and Etherium, even if they do not have a bank account. More often than not, they just have to use a blockchain platform.
Blockchain platforms run on a decentralised ledger, so no one has full control over the system. This removes the need for mediators. Blockchain technology providers usually use smart contracts to hold everyone involved to their word.
How to Invest in Blockchain Without Relying on Banks
Avoid the setbacks that come with counting on banks that are cautious about crypto investments. Here are some great alternatives to banking:
• Open a crypto savings account.
A crypto savings account is ideal for investors who are interested in investing for a long time. It lets people earn interest and gives them access to the cryptocurrency market.
Once they have opened an account, owners can invest their funds into cryptocurrencies, such as Bitcoin and Ethereum.They will receive a portion of the interest when the account provider loans out their digital assets to borrowers.
To clarify, most crypto savings accounts do not have insurance. But that does not make them any less promising as their traditional counterparts. After all, they boast a higher annual percentage yield (APY). Crypto savings accounts can help people earn up to 8.6% APY on their initial investment.
Investors can open crypto savings accounts in various platforms, such as:
• BlockFi
• Coinbase
• Gemini
• Linus
• Outlet Finance
• Use a brokerage account.
First, investors must open an account in a brokerage firm that supports crypto ventures. After that, they must deposit funds into the account and use them to buy cryptocurrencies. Then, they can start buying and selling digital assets. Note that the process may vary per platform.
Digital asset blockchain experts recommend comparing platforms before choosing one. Here are some of the most popular investing sites today:
• Coinbase
• Gemini
• BlockFi
• Kraken
• Robinhood
Not all banks are against crypto trading. In fact, big names like Morgan Stanley and Goldman Sachs have launched blockchain initiatives. So, it’s definitely only be a matter of time before cryptocurrencies achieve mainstream status. And what better time to start your investment journey than today?
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