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December 8, 2023

Pay with cryptos, what should I expect?

Paying with cryptocurrency, that's a topic searched by more and more people, TVs, computers, and tablets. Blockchain is shaping up to be the future of our digital wallets, or maybe not, with its bitcoins and ethers. But what should you expect when you decide to pay with cryptocurrencies? Lyzi offers you a comprehensive guide to virtual currency.

What is cryptocurrency?

Cryptocurrency is described as a decentralized digital currency that is exchanged peer-to-peer (P2P) and doesn't require a central bank. Most blockchains use Web3, a network of decentralized data that aims to be a transparent and neutral internet. A cryptocurrency is "physically" represented as a token and exists in various forms such as Doge Coin, Cardano, MINA, Bitcoin, and Ethereum, with the latter two commonly known as BTC and ETH. Once you acquire these tokens, you can start trading with other users and carry out transactions securely.

Where can you get cryptocurrencies?

Websites like Kraken and Binance continue to be the go-to places for buying cryptocurrencies. However, Lyzi also offers the opportunity to acquire your future virtual currency and start financial transactions. Lyzi even allows you to create your own tokens for your businesses, giving your customers the choice to pay with cryptocurrencies. Furthermore, we have the most famous tokens in the world of digital currencies.

Is it legally possible to pay with cryptocurrencies in France?

Yes, the question arises! Is it legally possible to pay with cryptocurrency in the tongue of Molière? The answer is simple: neither yes nor no. Paying with cryptocurrencies is not regulated and is not among the recognized currencies in France. To quote the government itself: "Unlike electronic money, virtual currencies or cryptocurrencies do not currently have explicit legal status, and their regulation by public authorities is still in its infancy. In French law, cryptocurrencies do not have a clear legal status and are not recognized as financial instruments. Therefore, cryptocurrencies are not currently regulated." According to the government, if you wish to obtain them, you can buy, own, and freely conduct real transactions, resell, and mine them. However, no one will come to your aid if you unfortunately fall victim to a scammer.

What risks do I face if I decide to pay with cryptocurrencies?

A cryptocurrency enthusiast in France remains somewhat precarious when it comes to security; indeed, cryptocurrency risks are real. It's a far cry from the corner of the schoolyard where we used to exchange Pokémon cards bought at the local tobacco shops. Here, we're dealing with real money.

Whether it's tangible or virtual money, it requires attention, but security is paramount.

Frequently Asked Questions About Cryptocurrency

Of course, you'll need knowledge before you dive in and make purchases with cryptocurrency. What can you buy with cryptocurrency? Pretty much anything. The first transaction took place about a decade ago, and the person ordered large pizzas to test the validity of the new currency. Today, entire stores offer the option to pay with cryptocurrencies instead of cash or a credit card. Some business CEOs even offer monthly payment in digital assets.

Is cryptocurrency stable?

Due to the volatility of the currencies mentioned above, cryptocurrency, like any other currency, carries risks. The value of Bitcoin, even the most famous one, fluctuates every second. However, cryptography comes to the aid of the skeptics with its predictions.

What does my bank think of cryptocurrency?Banks in France are relatively cautious about cryptocurrency, mainly due to the insecurity it can create. BNP Paribas and Société Générale, however, are more willing to embrace cryptocurrency and blockchain by forming partnerships. But don't expect much more; almost all well-known French banks are wary of it as a means of payment.

What are the risks of paying with cryptocurrencies?Buying, mining, selling, and paying with cryptocurrencies are not without risks. Digital currency comes with some risks that should not be underestimated.

  1. Money Laundering: Due to the anonymous nature of virtual money, there is no way to keep an eye on it, and many people use it in criminal organizations or contribute to terrorism.
  2. Hacking: No electronic currency, regardless of type, is safe from hacking.
  3. Theft: The proliferation of websites promising cryptocurrency is no longer a surprise. However, some operate unethically and have no qualms about stealing investors' money, especially by not delivering what's promised.

Will I have transaction fees?

Transaction fees on Binance are set at 1.8% for purchasing your digital assets. Just a reminder, Kraken and Binance compete for the top spot in terms of daily transactions via bank transfer, in a decentralized manner. These two websites are the best cryptocurrency exchange platforms in the world, followed by eToro, a virtual wallet for your digital currency.

Lyzi: The Solution for Paying with Cryptocurrencies

The world of cryptocurrency is still murky, with emerging and disappearing rules. Nevertheless, there are advantages: complete control over your market capitalization, your wallets in general, thousands of rapid transactions carried out with confidence, and that famous decentralized network that attracts the most people. Lyzi offers you the opportunity to try out cryptocurrency without having to go through any brokers: our platform focuses on your security with efficiency.

The unknown can be frightening, especially when it comes to our crypto. Whether it's Ether, earning bitcoins, or just receiving your tokens, Lyzi has its application to keep an eye on and start your new experience at any time, anywhere in France. This is done without the need for multiple specialized virtual wallets or third-party platforms. So, no fictitious transactions with so-called cryptocurrency enthusiasts willing to do anything to rob you of a penny. No need to learn how to buy bitcoin or its price. We save you time and extra fees. No speculative bubble, sleep soundly!

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