Pay with cryptos, what should I expect?

Paying with cryptocurrencies is a subject sought after by more and more people, televisions, computers and tablets. Blockchain promises 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 complete guide to virtual currency.

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What is cryptocurrency?

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Cryptocurrency is described as a decentralized digital currency that is traded on a peer-to-peer (P2P) basis and does not require a central bank. Most blockchains use Web3, a decentralized data network that aims to be a transparent and neutral Internet. A cryptocurrency is represented “physically” in the form of a token and exists in various forms such as Doge Coin, Cardano, MINA, Bitcoin, and Ethereum, the latter two of which are commonly referred to as BTC and ETH. Once you acquire these tokens, you can start trading with other users and transacting securely.

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Where can you get cryptocurrencies?

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Websites like Kraken and Binance continue to be the go-to places to buy cryptocurrencies. However, Lyzi also offers the possibility of acquiring your future virtual currency and starting financial transactions. Lyzi even allows you to create your own tokens for your businesses, giving your customers the choice to pay with cryptocurrencies. Plus, we have the most well known digital currency tokens in the world.

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Is it legally possible to pay with cryptocurrencies in France?

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Yes, the question arises! Is it legally possible to pay in cryptocurrency in Molière's language? The answer is simple: neither yes nor no. Payment in cryptocurrencies is not regulated and is not one of the currencies recognized in France. To quote the government itself: “Unlike electronic money, virtual currencies or cryptocurrencies do not currently have an explicit legal status, and their regulation by public authorities is still in its infancy. Under French law, cryptocurrencies do not have a clear legal status and are not recognized as financial instruments. As a result, cryptocurrencies are currently not regulated.” According to the government, if you want to get them, you can buy them, own them, and freely transact in real ways, resell them, and mine them. However, no one will come to your rescue if you are unfortunately the victim of a scammer.

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What are the risks I face if I decide to pay with cryptocurrencies?

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

Whether it's tangible or virtual money, you have to pay attention to it, but security is paramount.

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Frequently asked questions about cryptocurrencies

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Of course, you will need some knowledge before you start and make purchases with cryptocurrencies. What can you buy with cryptocurrency? Pretty much anything. The first transaction took place about ten years ago and the person ordered large pizzas to test the validity of the new currency. Today, entire stores offer the option of paying with cryptocurrencies instead of cash or credit cards. Some business CEOs even offer monthly payments in digital assets.

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Is cryptocurrency stable?

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Because of the volatility of the currencies mentioned above, cryptocurrency, like any other currency, involves risks. The value of even the most famous Bitcoin fluctuates every second. However, cryptography is coming to the aid of skeptics with its predictions.

What does my bank think about cryptocurrencies? French banks are relatively cautious about cryptocurrencies, mainly because of the insecurity they can create. However, BNP Paribas and Société Générale are more likely to adopt cryptocurrency and blockchain by establishing partnerships. But don't expect much more; almost every major French bank is wary of it as a payment method.

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

1. Money laundering: Due to the anonymous nature of virtual money, there is no way to monitor it, and many people use it in criminal organizations or contribute to terrorism.
2. Piracy: no electronic currency, regardless of its type, is safe from piracy.
3. Theft: The proliferation of websites promising cryptocurrencies is no longer a surprise. However, some act unethically and do not hesitate to steal money from investors, including by not keeping their promises.

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Will I have transaction fees?

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The transaction fees on Binance are set at 1.8% for the purchase of your digital assets. As a reminder, Kraken and Binance are competing for first place in terms of daily bank transfer transactions, in a decentralized manner. These two websites are the best cryptocurrency exchanges in the world, followed by eToro, a virtual wallet for your digital currency.

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Lyzi: the solution for paying with cryptocurrencies

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The world of cryptocurrencies is still murky, with emerging and disappearing rules. Nevertheless, there are advantages: total control of your market capitalization, of your portfolios in general, thousands of fast transactions carried out with confidence and this famous decentralized network that attracts the most people. Lyzi offers you the opportunity to try cryptocurrency without going through any broker: our platform focuses on your security effectively.

The unknown can be scary, especially when it comes to our cryptocurrency. Whether it's Ether, earning Bitcoin or simply receiving your tokens, Lyzi has an 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 fictional transactions with so-called cryptocurrency enthusiasts who will do anything to steal a cent from you. No need to learn how to buy Bitcoin or its price. We save you time and extra costs. No speculative bubbles, sleep well!

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