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December 22, 2023

How to spend your cryptos easily

For several years, many have ventured into the world of cryptocurrencies. Glorified by some, criticized by others, these famous digital currencies have become, over time, one of the most talked-about subjects. This notoriety is mainly due to a financial aspect. You have surely heard stories or witnessed people becoming literal millionaires overnight. This happened simply by purchasing a virtual currency called Bitcoin back in 2011.

The Context Surrounding Cryptocurrencies

Not wanting to miss another opportunity to join the ranks of the fortunate winners, most people rushed to specialized platforms to buy cryptocurrencies. Some of the most well-known platforms include Binance, Kraken, Huobi, Coinbase, and Kucoin.

After undergoing the steps to create an account with the intention of buying cryptocurrencies, they encountered a problem. They quickly realized that it was very difficult to buy, and especially to sell, their cryptocurrency for practical use. Furthermore, the unique design of these platforms and the overwhelming amount of information do not make things easier for beginners.

Buying a cryptocurrency is one thing, but being able to use it as you wish is another. As simple as it may sound, this concept is crucial when it comes to investing. This is something that the French app Lyzi has clearly understood. In this article, we will explore why it is essential to be able to use your cryptocurrencies at any time and how Lyzi, a recipient of the FinTech Finance Innovation label, is relevant for achieving this with ease.

An Alternative Above All

Cryptocurrencies are experiencing growing success due to the fact that many people recognize them as a major technological revolution. Notably, the Blockchain technology comes to mind. Without delving too deep into the details, cryptocurrencies were designed to function on a decentralized infrastructure, ensuring a higher level of anonymity and financial accessibility than traditional currencies.

This includes a guarantee of long-term capital growth through an anti-inflationary system. All these advantages have been made possible thanks to Blockchain technology, allowing people to be independent of banks and have full control over their finances. This desire is particularly understandable given the current economic context. This technological advancement has ushered in virtual currencies and new payment methods.

Increasing Your Purchasing Power

The devaluation of traditional currency, namely the euro in our case, is a consequence of excessive inflation caused by central banks. While this has been justified many times, especially to pull us out of financial crises that the banks themselves had created, it has been detrimental to us.

Since the recent COVID-19 crisis, central banks have never printed as much money. This explains the general increase in prices and the subsequent loss of your purchasing power, making the cost of living higher over time.

From Euros, Yes, But Not Only

Nowadays, simply having euros in a bank account is no longer synonymous with security. Whether you have thousands or even hundreds of thousands of euros, if the currency is devalued, your savings evaporate. And if a crisis occurs, your bank will prioritize its survival over yours.

In the worst-case scenario, your account will be temporarily frozen or your transfers and withdrawals will be limited until the crisis passes. Uncertainty about the future evolution of the economy has gained momentum in recent years.

This situation has sparked fear among people who wish to protect themselves in case the worst happens. This sentiment has been reinforced since the war in Ukraine, causing a sudden increase in gasoline and food prices. All this while purchasing power is rapidly declining. To cope with this and shield against a potential recession, many have turned to cryptocurrencies.

More Than a Digital Currency, a Store of Value

Owning cryptocurrencies means, thanks to their design, long-term growth in purchasing power and an effective store of value in times of financial crisis. This is why, despite some volatility, the value of Bitcoin has continued to rise over the years.

It's a reserve that only you will control, and no one can freeze or decrease its value by manipulating inflation. According to a survey conducted in February 2022 by the consulting firm KPMG, nearly 8% of French citizens, or about 5 million people, have already invested in cryptocurrencies.

While a significant portion may be bought for speculation, the fact is that everyone has secured a portion of their money. But of course, being able to spend in cryptocurrency is another matter.

How to Use Lyzi for Cryptocurrency Payments?

Having cryptocurrencies without knowing how to use them is akin to not having cryptocurrencies at all. While this statement may sound absurd at first, it is indeed true. Being able to directly use your cryptocurrencies for any type of transaction is essential.

Of course, this is possible on all cryptocurrency platforms, but the drawback is that the process is generally lengthy and cumbersome, rendering this means of payment inefficient. To address this issue, the mobile application Lyzi appears as the ideal payment solution.

A Simple and Efficient Payment System

Lyzi has developed an incredibly simple payment system that allows for any purchase in-store or online to be securely made without the need to manually convert cryptocurrencies into euros. This is similar to traditional payment methods with a bank card.

How a Payment Works

When you want to buy a product with your cryptocurrencies, you'll need to open the Lyzi app and enter the amount you're spending. An equivalent in cryptocurrency will be displayed, and a QR code will appear. The merchant, who also has the Lyzi app, will simply need to scan your QR code to validate the transaction and be instantly paid in euros and with complete security. It's a very straightforward electronic payment.

It's also worth noting that this transaction incurs no fees on your side, and you receive cashback ranging from 1% to 8%. Additionally, to find out which merchants accept cryptocurrency payments via Lyzi, the app provides a map listing all the businesses that accept such payments, and they are also exempt from transaction fees.

A User-Friendly Crypto App for Everyone

Ease of use and simplicity are the key features of the Lyzi app. Available on the App Store and Google Play, the goal is to make cryptocurrencies accessible to everyone. Everything is designed to make the user feel comfortable.

The app aims to be as intuitive and pleasant as possible. With a minimalist and colorful design that presents only the features the user needs, even those without an in-depth knowledge of the crypto field can embark on this journey with confidence and easily manage their cryptocurrencies. In case of any issues, the Lyzi app has a customer service team dedicated to meeting your expectations

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