It is already possible to move from fiat to crypto–but it’s not fast and it’s not cheap. Most current exchanges charge transaction fees of upwards of 25% while taking up to a week to process one way or the other: from bank to exchange and especially from exchange back to fiat: dollars, euros, etc. The delay and the cost result in cryptocurrency not being the money of choice for many people who just want to buy coffee, pay their taxes and bills and rent, or even reimburse friends and family.
Since its inception, Crypterium has had the goal of making buying and spending crypto coins as simple, cheap, quick, and easy as it is to buy a coffee with your Starbucks card or Apple Pay.
According to a recent news release, Crypterium has just released a feature that allows users to spend their cryptocurrency on everyday expenses by cheaply and quickly transferring their crypto directly to their bank accounts in their native “fiat” currency. In fact, as long as their banks offer an IBAN number, Crypterum customers can make bank transfers directly to any personal or business account.
“If you were to go to an exchange with your bitcoin or any other coin, it would probably take you 3 to 7 days to get that money paid out into your bank account,” – says Marc O’Brien, CEO of Crypterium. “What Crypterium offers is a very easy-to-use way of cashing out your crypto holdings as well as spending your crypto in everyday life. Pay your taxes or bills, send money to friends and family – it’s all very simple now.”
Mass Cryptocurrency Adoption
The number of Bitcoin users is expected to reach 200 million within the next seven years. All of this development has one goal in mind: return all the benefits that cryptocurrency was designed to enjoy back to it. From Satoshi Nakamoto’s White Paper until today, the ethos of Bitcoin and all the altcoins is to offer an alternative to fiat that is decentralized, cheap, quasi-anonymous, immutable, convenient, and global. The most important aspect of crypto that seems to be eroding is that crypto was and is supposed to be peer-to-peer, to remove costly intermediaries. And that’s what Crypterium is building, this is what Crypterium has built and will be rolling out. Crypterium predicts to expand its customer base to at least a million by 2025.
To encourage this, Crypterium it will soon become possible to transfer crypto simply by using the recipient’s card number, not by their account. Once the feature is live, crypto transfers won’t be any different from the way we send fiat. In addition, Crypterium is seeking a partnership with Visa’s and Mastercard’s issuing banks to launch cryptocurrency-backed debit cards. The idea is to join a card to its user’s crypto account and link it to Apple Pay or Android Pay so the user can enjoy shopping with crypto in any store around the world.
American and Canadian Banks Still Don’t Use IBAN
Sadly, as an American who mostly uses American banks, I cannot take advantage of this new feature right now. Banks in the United States do not use IBAN as account numbers for U.S. accounts, though I do believe that non-European banks accept IBANs for accounts in Europe. I believe I still have a small account in Berlin-based Deutsche Bank Privatkunden, so maybe I’ll be able to try out the Crypterium app personally if I can sort it all out. So, unless you’re already living the global life or live and bank outside of the United States (or Canada, because they haven’t adopted IBAN either).