Introduction
If you’re looking to reduce your reliance on traditional banks and fiat currency, cryptocurrency can be an excellent alternative. It offers more control over your finances, helps you avoid bank fees, and can even grow your savings at higher rates than most banks or investment institutions provide. Here’s how you can get started with key services to make the most of crypto in your daily life.
Coinbase: A Modern Bank for the Crypto Era
Coinbase is one of the oldest and most trusted cryptocurrency platforms in the U.S. It lets you buy, sell, and trade a wide variety of cryptocurrencies. You can fund your account through direct bank deposits, PayPal, or any bank account.
The standout feature is their Coinbase Debit Card , which allows you to spend cryptocurrency just like you would with a regular bank debit card. Here’s why it’s special:
Available as both a physical card and a virtual card for Apple Wallet or Google Wallet, so you can tap and pay at most stores in the U.S.
- Spend any cryptocurrency in your Coinbase account, automatically converted to U.S. dollars at the time of purchase. Or, use their stablecoin, USDC.
- Earn 4.35% APY on USDC held in your account.
- Get 0.5% crypto rewards on every purchase, credited in Bitcoin (BTC), Ethereum (ETH), or other cryptocurrencies of your choice.
You can apply for a Coinbase Debit Card here . The virtual card is available immediately, and the physical card arrives by mail.
BitWage: Get Paid in Crypto
BitWage is a service tailored for contractors and freelancers, especially those dealing with international payments. It simplifies cross-border transactions and offers unique flexibility:
- Create invoices for clients or set up direct deposit with your employer’s payroll system.
- Payments can be converted automatically into Bitcoin, Ethereum, USDC, and other cryptocurrencies, which are sent directly to your crypto wallet.
- You can even split payments between cryptocurrency and your traditional bank account in any ratio you choose.
BitWage is perfect if you want to incorporate cryptocurrency into your paycheck without hassle.
FluidKey: Privacy-Focused Bank-to-Crypto Transfers
Fluidkey offers a seamless and privacy-focused solution for purchasing Ethereum (ETH) using ACH bank deposits. By leveraging Fluidkey’s platform, users can securely link their bank accounts and initiate ACH transfers to purchase ETH without exposing sensitive personal details. The service prioritizes privacy, ensuring transactions are discreet and handled with industry-leading encryption and compliance standards. Fluidkey simplifies the ETH acquisition process, offering a reliable alternative for individuals seeking secure and efficient methods for private cryptocurrency purchases.
Learn more about how to use this service via their documentation . For a more technical overview read the following blog entry .
Phoenix Wallet: Harnessing the Bitcoin Lightning Network
The Bitcoin Lightning Network is a technology that enables fast and low-cost Bitcoin transactions, avoiding delays and high fees.
The Phoenix Wallet is a user-friendly mobile app that lets you manage Bitcoin securely and use the Lightning Network easily. Here’s why it stands out:
- Full Control: With Phoenix, you hold the private keys to your wallet. In the crypto world, “Not your keys, not your crypto” means you’re in charge of your funds, ensuring no third party can freeze or seize them.
- Privacy and Security: Phoenix uses tools like the TOR network for anonymity and allows you to connect to private Bitcoin nodes, adding layers of security.
- No Custodians: Unlike exchanges like Coinbase, Phoenix is a non-custodial wallet. This means you are responsible for backing up your recovery phrase (a 12- or 24-word mnemonic) to restore your wallet if needed.
Phoenix Wallet is an excellent choice for secure, private Bitcoin transactions.
Hardware Wallets: The Ultimate Crypto Security
For those holding large amounts of cryptocurrency, a hardware wallet is the most secure option. It stores your private keys offline, away from potential hackers.
Here’s why hardware wallets are essential:
- Offline Security: Unlike software wallets, hardware wallets keep your private keys isolated from the internet.
- Multi-Currency Support: Most hardware wallets can store Bitcoin, Ethereum, and a wide range of other cryptocurrencies.
- Recovery Options: With a backup recovery phrase, you can restore your wallet on another device if your hardware wallet is lost or damaged.
Ledger is a leading manufacturer of hardware wallets. They offer models like the compact Ledger Nano and the advanced Ledger Stax , catering to both beginners and experienced users.
By incorporating these services into your routine, you can take full advantage of cryptocurrency to manage, spend, and secure your funds more effectively.
Note: this article is primarily catered towards US residents. Crypto and crypto-banking service rules and regulations vary vastly from country-to-country. The US, in particular, has lagged behind much of the world in terms of catering to “un-banking” for a variety of social and political reasons.