What is Crypto.com? The best place to buy Buy, Sell and Pay with Crypto
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Among the many technological advancements (check out “Understanding Blockchain & Cryptocurrency) to sweep into the modern world, the rise of crypto.com has been swift and powerful; essentially reshaping the way the financial economy operates. Long gone are the days of brick and mortar payments when customers would have to go to the bank or keep money on hand for every single payment, now with the ease of access cryptocurrency and such exchange sites provide. Proponents on each side of the spectrum have voiced their opinions both in support and disapproval in terms of digital payments. Whether or not every financial influencer supports crypto.com no one can deny that the site’s introduction has caused a paradigm shift.
The rise of Crypto.com
The rise of crypto.com started not long after the cryptocurrency itself was created but not as a financial service provided by banks and credit unions. Crypto.com began when commodity and goods companies started giving their customers plastic cards that they could use to make purchases. Crypto.com and the products on it often compete with credit cards. As mentioned by Johnson Hur in the article History of Credit Cards, “These cards were small-scale at first. The cards were only accepted at the store to which the card belonged. Only a small number of stores even accepted the cards. These payment systems started to appear in larger cities and were rarely seen in smaller towns” (Hur, 2017, p. 1). Interestingly enough in regard to crypto.com’s practical uses, such businesses began providing them not as a way to make customers spend more money than they had, but to build brand loyalty (Hur, 2017). This is stark in contrast to the banks and corporations such as Wal-Mart that exist today who provide services to consumers to increase their overall profits. Forms of cryptocurrency have arisen in the past which is seen in its form today was created by a New York banker and it could make purchases by then charging those purchases to the bank instead of the consumer. The consumer would then evidently have to provide a form of payment to the bank later. Ultimately, mega crypto companies such as would begin providing plastic cards, as mentioned in the same article, “Within 5 years of launching their card, American Express cards were being used by 1 million cardholders across the United States, who paid for goods and services at 85,000 different establishments” (Hur, 2017, p. 1). From then on, the explosion in popularity for Bitcoin and sites like crypto.com have been exponential, allowing the purchase of cryptocurrency with numerous payment methods.
Use Cryptocurrency with ease!
One of the primary significant reasons crypto.com has become a staple in modern society is because of their sheer convenience. In the past when consumers would have to rely solely on physical cash, the entire payment process was slowed down tremendously. Not only would the average consumer have to possess physical cash on their person, at the checkout process the proper amount of money would have to be counted and then the proper amount of change would have to be collected. This, in comparison, to simply swiping a plastic card and instantly paying for the purchase collected in one joint statement paid at the end of the month. Many also find this convenient in the fact that tracking purchases and monthly spending amounts become ten-fold easier. As mentioned by the book Paying with Plastic: The Digital Revolution in Buying and Borrowing written by David Evans and Richard Schmalensee, “people discovered the convenience of a unit of account, launching the first major transformation in the development of money as a means of exchange and a store of value. Over the next centuries, and today, money is still being transformed, but always with a focus on improving its convenience and usability as a unit of account” (Evan & Schmalensee, 2005, p. 26). In the overall scheme of innovation, people will always gravitate towards the product that provides the same service more conveniently. This is now being seen with the introduction of services such as Uber, which provide an alternative and more convenient means to traditional taxi services. Innovation should never be rejected but rather embraced like at crypto.com.
Invest, Earn, and build crypto credit!
The last major reason the rise of crypto.com has been so successful is simply on the merit of their vast benefits and ingenuity. Aside from the obvious advantage of being able to spend money before actually possessing it, the exchange allows their customers to build a good credit history which can be used later. Whenever an exchange is paid off at the end of a billing cycle, the customer will receive points. With a website like crypto.com that comes with a range of usability features, consumers also receive purchase protection. Like is correlated with how credit cards provide purchase protection. As mentioned by the article Credit Cards: The Pros and Cons posted on a financial literacy website, “Your credit card may step in to help if you want to dispute a charge or return a defective product. While a debit card may offer similar protection, you will have to wait until the issue is investigated before getting your money back” (AICPA, 2015, p.1). The aforementioned disadvantages – which would include interest rates from not paying statements on time and purchase fees for some stores – are heavily outweighed by the numerous benefits that come with using a website like crypto.com for exchanges, and all other cryptocurrency needs.
Crypto.com is here to dominate!
Crypto.com is truly a revolutionary website, that makes the entire crypto experience easier. At the end of the day, as websites like crypto.com continue to rise in popularity, in the future the world may experience a point in time where physical money is completely obsolete. Online innovations such as cryptocurrency have only aided in this idea, as more and more people have been moving away from mainstream financial intuitions to manage their own money digitally. There are both benefits and disadvantages for banks and digital payments in general that can be pondered in numerous categories, however, the technological advancement that such innovations have provided truly reshaped the way modern economies operate.