Sending cryptocurrencies to friends and family, or to pay bills, isn’t as complicated as it might initially sound. Before we dive into how we’ll first cover some of the advantages that sending cryptocurrencies provide over its fiat counterpart. The world of crypto is fast integrating with the mainstream world so let’s get you up to speed.
The Benefits Of Using Cryptocurrencies?
Cryptocurrencies came into existence over a decade ago, but have become a permanent fixture in the financial landscape in more recent years. With more merchants accepting crypto, more card services popping up facilitating using crypto on the high street, and services like Oobit streamlining the whole process, cryptocurrencies have proven that they are here to stay.
Below are several outlines on the benefits of cryptocurrencies:
Crypto Is Decentralized
Instead of being run by a bank or financial institution, cryptocurrencies operate in a decentralized manner, making them exempt from any political or other meandering input that fiat currencies are accustomed to. Users are entirely in control of their own funds.
Keep Your Information Private
Using cryptocurrency allows you to bypass the lengthy paperwork and personal information usually required by banks. Users can keep their sensitive personal information to themselves and instead engage in pseudonymous transactions. Blockchain technology records all transactions using the wallet addresses of the sender and recipient, however, they do not attach any personal information to this so only if someone were to know your wallet address would they be able to view your transactions. Users are entirely in control of their personal information.
The Global Digital Currency
Cryptocurrencies can be accessed from anywhere in the world allowing you to manage your portfolio, access your funds and spend your cryptocurrency. With the Oobit card, you will be able to use your crypto as you would your fiat currencies anywhere in the world with a simple swipe or tap of the card.
Faster And Cheaper Transactions
Due to the nature of blockchain technology, cryptocurrencies are able to execute cross-border transactions more cost-effectively and quicker than fiat currencies. As the networks are peer-to-peer, the funds leave the sender’s wallet and are sent directly to the recipient’s. With international fiat bank transfers, the funds go through multiple portals and currencies before they reach their destination, incurring fees (and time) along the way.
Safety And Security
Blockchain provides a trustless means of transacting value. There is no need for intermediaries or human interference, instead, a large network of nodes around the world operate and maintain the network by following the specific cryptocurrency’s protocol.
How To Send Cryptocurrencies
Before we begin, let’s start by saying that sending crypto is akin to sending an email. In order to send cryptocurrencies, you will need to have a crypto wallet and obviously the funds. We’ll use Bitcoin as an example however this process will relate to any cryptocurrency.
Open your Bitcoin wallet, or your Oobit account for more convenient access to your crypto funds and select the Bitcoin wallet. Enter the amount you would like to send, and the recipient’s wallet address in the space provided. Wallet addresses are long alphanumeric codes, so be sure to check that it is correct (alternatively, use the QR code for the recipient's wallet address).
The wallet will then indicate the network fees required in order to execute the transaction. These fees are paid directly to the miners that facilitate the transaction (learn more about how crypto transactions are executed here). Fees fluctuate with how busy the network is at that time, however, wallets typically include a network fee that will ensure the transaction is picked up by miners.
Once you have confirmed the transaction, it will be processed by the network and the funds will arrive in the recipient’s wallet. To make things even simpler, Oobit allows users to send funds directly to a recipient’s cellphone number without the need for a wallet address.
Use Cryptocurrency With The Same Ease As Traditional Money
With Oobit users are provided with the most efficient and seamless means of using their cryptocurrencies. From buying and selling crypto to managing various portfolios, long and short term storage, trading and even spending, Oobit offers it all.
Oobit Technologies Pte, 50 Raffles Place #37-00 Singapore Land Tower, Singapore (048623). is a company registered in Singapore (no:201716443G), that has been approved as Appointed Representative of Oobit Technologies OÜ, Harju maakond, Tallinn, Lasnamäe linnaosa, Väike-Paala tn 2, 11415, (no: 14852617 ). Which is authorized and regulated by the FIU (no: FVR001421 and FRK001304).