London, UK, Binary News Network, Crypto has brought one of the biggest revolutions in the payment industry. FinancialCentre Broker Steve Arcos with a simple, elegant solution to cross-border merchant payments, crypto has become an ideal alternative to traditional systems. Retailers and vendors from around the world are now entering the market to offer their goods. The market is all set to experience a new revolution in the form of crypto.
For people who are not aware, there is actually no dearth of quality products on Crypto Marketplaces. They range from everyday items like electronics, clothing and more to even services like website designing and web hosting provider companies. With so much variety at your disposal, you can now enjoy the benefit of buying from local and international marketplaces.
Crypto market places
The growing popularity and demand have led to a mushrooming of crypto marketplaces in recent years. Crypto marketplaces are basically websites that offer users to buy and sell goods for crypto. These marketplaces are fast becoming popular because of the numerous benefits they provide. For example, if you want to purchase a laptop or wear an outfit, then all you need is the appropriate wallet address of the seller, put in your funds and confirm the transaction. Voila! You can now receive the product or service at your location.
For all those who are new to the crypto world, this is actually a great opportunity to get introduced to cryptocurrency. With over 1,600 cryptocurrencies on offer including Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) it would be more than enough to keep you engaged for a while.
When the internet first came into existence, it was considered a mere platform that connected people from all over the world. However, with time it has become one of the biggest information hubs and provided multiple ways of making money online. Similarly, cryptocurrency marketplaces have added another dimension to buying and selling products on the internet.
Not only does it provide you with an alternative for making payments, but also allows you to make deals in cryptocurrencies. For countries where the central bank’s currency is on a downward spiral, this represents hope by providing people with another option of payment.
The ease follows
The growing number of crypto marketplaces have made it extremely easy for anyone to sell their products but it has also added to the crime. Mr Arcos said that this is attributed to the fact that it is a completely anonymous platform to which you can sell or buy anything without being tracked. This is a great advantage to a common man but at the same time, it has brought about its own set of problems by letting people take advantage of this feature.
In addition, there have been multiple instances where crypto marketplaces have been hacked and even websites that were assumed to be legit have turned out to be scams. Therefore, it is essential for you to stay vigilant while buying or selling on these marketplaces and avoid getting cheated.
Due to the varying levels of expertise of people who are new to the crypto world, it is extremely important for them not to fall prey to such crimes or scams. Mr Arcos said that the first and foremost thing that such people need to do is not divulge their wallet address to anyone. Sellers should insist on the buyer going through the Know Your Customer protocol before making any payments.
In the year 2021, many marketplaces have been trusted by users globally. Today, we will be looking at the most used marketplaces of the year.
Crypto.com is a cryptocurrency wallet and card provider that is headquartered in Hong Kong. It was formerly known as Monaco before rebranding itself to Crypto.com. It now offers its services in support of Bitcoin, Ethereum, Litecoin, XRP and other cryptocurrencies globally. In addition to offering crypto cards linked with fiat currencies such as USD, EUR and HKD, it has come up with its own MCO Visa Card that allows users to spend their cryptocurrency assets in stores globally.
eToro is a leading social trading and multi-asset brokerage company that has been providing its services for over 10 years. It allows users to buy cryptocurrencies as well as keep their crypto assets under custody through its cryptocurrency wallet. In addition to supporting BTC, XRP, ETH and many others for trading.
BlockFi is a New York-based company that provides loan services for cryptocurrencies. It has already launched its crypto asset-backed lending products that allow users to borrow money against their cryptocurrency assets. The first product of the company was BlockFi Interest Account (BIA) which pays 6% interest on BTC and ETH deposits without any lock-in period.
Coinmama is a well-known crypto exchange and brokerage company that focuses on making the process of buying BTC and ETH as simple as possible. It allows users to purchase cryptocurrencies by credit or debit cards anonymously.
Coinbase is a leading digital currency wallet that supports BTC, XRP, BCH and LTC. Users can not only buy cryptocurrencies on Coinbase but also keep their assets in custody through its secure multisig wallets.
Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.