Published
Time to read
5 minutes
EN
Why Crypto-Fiat Banks are Getting Trendy
Since the introduction of cryptocurrencies into the systems of personal, corporate, and national finance and economics, the tangent of banking and accounting operations has changed. The nature, extent, and even efficiency of business operations have changed alongside this tangent such that more individuals, and business and governmental establishments are investing their time and capital in the new wave of blockchains and cryptos.
However, the fact that cryptocurrencies and their associated opportunities are getting increasingly popular does not mean that there are no challenges or difficulties to their continued use. Cool cryptocurrency trends like NFTs (non-fungible tokens), digital fractionalization (and tokenization), and lots more have stimulated our imaginations and redefined our way of thinking. Even so, unifying these spectacular concepts with the traditions of finance and accounting that we are familiar with is a herculean task.
The idea of a crypto-fiat bank to tie the old way to the new is a novel idea. With crypto-fiat banks like Kyrrex taking the lead, it is only a matter of time before digital crypto banking perfectly merges with all aspects of our financial lives. Then the blockchain revolution would have completed a circle, and we can move to the next phase of the evolutionary landscape.
In this article, we touch on why crypto-fiat banks are getting trendy. We do this by providing explanations for the divide between traditional banking/accounting and digital crypto banking. We also contextualize the similarities and differences between cryptos and fiat currencies. After this, we highlight the problem of integrating crypto assets and fiat currencies and the need to solve the puzzle. Lastly, we present the first global crypto-fiat bank and use its features to understand what exactly solid crypto-fiat banks have to offer us.
Traditional Banking/Accounting Versus Digital Crypto Banking
The banking landscape is broader today than ever, and it appears to be expanding further and further into everyday life. It is more acceptable to say that the landscape is branching out than to say that it is merely growing. This is because the traditional banking framework is no longer sufficient for offering solutions to customer demands. This is especially the case when the boundary lines for service quality underscore growing demands for customer protection, data privacy, increased customer convenience and control, and other attributes of the new era.
The Shortcomings of the Traditional Banking System
Is there a difference between the old and the new? That is a good question. At first glance, it would seem as if the divergence between traditional banking/accounting and digital crypto banking is a matter of the application of advanced information and communications technology (ICT). This might explain why the banking and financial sector remains subject to all kinds of digital innovativeness, along with their inherent and representative risks and returns. But that is not all there is to the story.
Many variables characterize traditional banking and distinguish it from its present-day cousin. These include economies of scale, physical distribution networks (where the principal-agent interaction is determined by physical accessibility), limited management capacities, overreliance on ‘heavy’ dated equipment rather than the ‘handy’ technological improvements fintech companies are identified by, and more.
The Evolution of Digital Crypto Banking as a Solution to the Inadequacies of Traditional Banking
The apparent insufficiency of traditional banking may be attributed to such factors as customer expectation and experience, and transaction variables such as scale, speed, and convenience). Thus, the application of technological innovations (within which innovations like blockchain networks, cryptocurrencies and assets, and decentralized applications of financial management) have been used to annex customer loyalty and patronage.
Consider one of the most important aspects of banking/accounting often overlooked by the traditional financial management system: customer expectation and experience. Modern customers want greater control over their assets. Therefore, banking stakeholders and agents must personalize (or customize) every service to meet customer demands.
This is the era of seamlessness and so the very existence of interconnectedness (in the form of web services) poses challenges that are far greater than what traditional banking can handle. And this is not including the benefits of distributed ledgers. So, with digital crypto banking prioritizing needed elements of financial services like asset diversity, transaction efficiency, and inclusiveness, more people are likely to join the crypto wagon.
The wagon of crypto banking guarantees higher efficiency, a minimized need for constant human supervision, complex encryption frameworks (and therefore higher security and significantly reduced risk of hacking and theft), low costs, elimination of geographical barriers, increased speed of transactions, and a seemingly unlimited and uncharted field of options and operations, and premium customer experience, among others.
Cryptos and Fiat Currencies: Common Ground and Differences
Irrespective of the deep footprints of blockchain innovations, there is still a lack of clarity regarding the divide between cryptos and fiat currencies.
Common Ground
1-Unit of Account
Both cryptocurrencies and fiat currencies are used to measure the value of products and services. We have come a long way from the barter system, but there are still vestiges of it in the contemporary. Fiat currencies (like the US dollar, euro, British pound, the Japanese yen, etc.) are well-known units of account in some of the developed regions of the world. However, cryptocurrencies like Bitcoin, Ethereum, Uniswap, etc., are also gaining recognition as units of measurement for products and services.
2- Medium of Exchange
Once again, the barter system is the oldest system of exchange known to modern man. Beyond cryptocurrencies and fiat currencies being used to measure the exact/perceived value of goods and services, these currencies also serve as mediums of exchange. As such, 50 US dollars can be used to exchange for a piece of old clothing, for example. Similarly, 0.04BTC may be used to buy shares in a company.
3- Store and Transfer of Value
Beyond their mutual usefulness as mediums of exchange, fiat currencies and cryptos can be used to store and transfer value. In essence, having 1ETH or $230,000 is equivalent to potentially owning something worth these prices.
All in all, both fiat currencies and cryptocurrencies have the same traditional characteristics of money. In the book, DeFi and the Future of Finance by Ashwin Ramachandran, Campbell Harvey, and Joey Santoro, these characteristics were listed to include durability, portability, divisibility, uniformity, limited supply, acceptability, and stability.
Differences between Cryptos and Fiat Currencies
1-Form
The main differences between cryptos and fiat currencies have to do with their forms and valuation. Fiat currencies are generally tangible (that is, physical). As such, one individual can dip their hands into a bag and hand you a bundle of money. Of course, they can also digitally transfer this money to you, which is where there is a bit of a gray area in the differentiation between fiat and cryptos.
Cryptos do not have a physical form. Instead, they are virtual. So, you cannot use any kind of teeth to check their authenticity or use the sun to validate their genuineness.
2-Government roles
Fiat currencies are issued by governments and governed by central banks. You cannot create them by simply printing out paper bills (what Bryan Dawe and John Clarke of Clarke and Dawe humorously called quantitative easing). Instead, the responsibility of deciding the volume/quantity of a fiat currency in any locale at any point in time rests with the government.
With cryptocurrencies, there is more breadth for acquisition and distribution. The currencies are created by decentralized and distributed computing, and users mine them. Regarding the value of these currencies, the majority is the ultimate judge—what is called a network consensus.
3-Transaction speeds, costs, and reversals
Fiat currencies often take a while to change hands especially when geographical distance is a barrier. Also, because banking institutions generally supervise transactions, there are always added costs that might amount to as much as 1%. However, transactions can be reversed in the case of errors.
Cryptocurrencies are the exact opposite. Transactions are relatively speedy with the longest taking 20 to 35 minutes on average. They are also cheaper in terms of transaction fees. However, it is impossible to reverse crypto transactions in the case of errors.
Solving the Crypto-Fiat Puzzle with Regulated Crypto-Fiat Banks
Despite the differences between cryptocurrencies and fiat currencies, it is not so easy to transition from the latter to the former. Considering that the global economy is still significantly driven by fiat currencies, cryptos still have a while to go before taking over the global financial system and ushering in the idyllic and novel blockchain scheme.
This is where crypto-fiat banks come in. These are exchange platforms that allow a synergy of both fiat and cryptocurrencies. Simply put, they remove the excesses of the fiat-driven financial system and introduce the selling points of the crypto industry into the gaps. However, they are primarily crypto-centric in their approach, with fiat currencies taking a secondary role.
Since Satoshi Nakamoto theorized the benefits of blockchains and cryptocurrencies, many innovations have been built around the new system. However, the majority of these lean towards the aspect of decentralized finance, undermining the place of fiat currencies in the new world. This is despite the current situation of fiat currencies still overshadowing their crypto counterparts and being far more popular with the average person.
This is why Kyrrex as a crypto-fiat bank is a novel development. On the one hand, Kyrrex mobilized the features of blockchain substructures and optimized them. On the other hand, Kyrrex adjusted these features so that they can be used with fiat currencies seamlessly and productively.
Kyrrex: A Crypto-Fiat Bank Like No Other
Kyrrex is the very first global crypto-fiat bank. Despite its pioneer status, the exchange platform is solution-specific, which is another way of saying that it was instituted to solve particular problems. In reality, it is a cool cryptocurrency trend that makes the crypto market more attractive, easier to get into and thrive in, and nothing like the complicated venture that many decentralized exchange platforms make it out to be.
Some of the features of Kyrrex consolidate its reputation as the number one crypto-fiat bank. These are highlighted below.
Regulation and Licensing
Kyrrex subscribes to a centralized and regulated model for its operations. This means that it monitors the transactions of its users, has their private information, and helps to coordinate some of their trading activities. Its users trust Kyrrex because it has the highest licensed approval of the Malta Financial Services Authority (MFSA).
Liquidity for fiat and cryptos
Kyrrex devised a liquidity hub for its users. This serves as security against the sporadic rise and fall seemingly built into the crypto market. Due to the existence of this hub, Kyrrex users can easily buy and sell assets without losing money. The presence of this feature helps users pay less attention to the volatility of the market and more to the opportunities therein.
Increased Efficiency and Minimized Costs
The Kyrrex ecosystem was built to be crazy fast. Transactions that ordinarily take a couple of minutes on other exchange platforms are completed in seconds on Kyrrex. Moreover, the transaction costs are so low that the highest you ever have to pay is 0.15%. And this is when you are not using the Kyrrex ecosystem for transactions or the native KRRX token. When you satisfy these other conditions, the transactions fees are lowered.
Security and Safety
Kyrrex requires your personal information by principle, but you don’t lose anything by offering up those details. The system prioritizes the privacy of its database of user information, so it has a multi-leveled digital garrison around it.
User-Centered Design
Perhaps the most attractive feature of Kyrrex is the fact that its web options and mobile apps were designed to appeal to all users. The designs are equally simple, practical, and convenient. As such, both expert and inexperienced users will not have to fling their eyes back and forth across their screens before engaging one feature or another.
Ultimately, Kyrrex is an impressive crypto-fiat bank. As the very first of its kind, it is partly responsible for the increasing attention that crypto-fiat banks are getting. It may not be long before the best parts of traditional banking/accounting are fully integrated into the crypto ecosystem that Kyrrex has built for users around the world.
Related articles
Big Trading Opportunities with Kyrrex: How to Maximize Your Profits in Cryptocurrency Trading
The cryptocurrency market is a rapidly evolving landscape that offers big opportunities for profit. However, navigating this market can be challenging, particularly for those who are new to the space. In this article, we will explore how you can maximize your profitability in cryptocurrency trading by taking advantage of Kyrrex's wide range of trading opportunities.
The Relationship Between Open Crypto Trades and Profitability
Open trades are trades that have not yet been closed. These trades can have a significant impact on profitability, as they represent potential gains or losses. In general, having more open trades can increase profitability, as long as they are managed effectively.
One way to manage open trades is to use stop-loss orders. A stop-loss order is an order that automatically closes a trade when a certain price is reached. By using stop-loss orders, traders can limit their losses and protect their profits.
For example, if a trader buys a coin at $10,000 and sets a stop-loss order at $9,500, the trade will automatically close if the price falls to $9,500. This can help the trader get out of a bad trade before their loss becomes bigger.
Another way to manage open trades is to stay up-to-date with market trends. By staying informed on market trends and using technical analysis, traders can identify potential trading opportunities early and make informed trading decisions.
For example, if a trader notices that the price of a particular cryptocurrency is trending upwards, they may decide to open a long position (i.e. buy the cryptocurrency) with the expectation that the price will continue to rise.
However, it is important to remember that open trades are never risk-free. If the market moves against the trader, they may end up losing money on the trade. To minimize this risk, it is important to use appropriate risk management strategies, such as setting stop-loss orders and diversifying your portfolio. Stop-loss on a winning trade locks in your profits while a diversified portfolio helps to spread risk around.
The Importance of Trading a Wide Range of Cryptocurrencies
Trading several cryptocurrencies, instead of just one or a few, is essential for maximizing profitability. By limiting yourself to a small number of cryptocurrencies, you are potentially missing out on gains that could be made by trading in other coins. Additionally, trading more cryptocurrencies can help to minimize risk, as losses in one coin can be offset by gains in another.
Here are some benefits of a diverse cryptocurrency portfolio:
- Increased exposure to potential gains: By trading in a diverse range of cryptocurrencies, traders can increase their exposure to potential gains in the market.
- Minimized risk: By trading in a diverse range of cryptocurrencies, traders can minimize their risk by offsetting losses in one coin with gains in another.
- More opportunities for profit: Traders can open more orders in more cryptocurrency pairs, which increases the potential for profits.
Wide Crypto Trading Opportunities with Kyrrex
Kyrrex is a leading crypto-fiat platform that offers comprehensive services for individuals and institutional clients alike. With its advanced trading, storage, and payment technologies, Kyrrex is designed to meet the needs of modern cryptocurrency enthusiasts.
One of the main advantages of Kyrrex is its wide range of trading opportunities. Users can access the built-in trading terminal, which allows for seamless transactions in cryptocurrency pairs. Currently, Kyrrex offers a total of 20 currency pairs, including popular options such as AVAX/USDT, ETH/USDT, and XRP/BTC. By offering a diverse range of currency pairs, Kyrrex enables users to trade in a way that best suits their needs and preferences.
The Kyrrex trading platform boasts flexible functionality. Users can easily analyze and track quotes around the clock, select limit and market orders, and enjoy reduced trading commissions. These features make it easy for users to make more trades and analyze market trends, thereby increasing the chances for gains.
In addition to its trading capabilities, Kyrrex offers a comprehensive set of features to help users manage their cryptocurrency assets. With its state-of-the-art storage technologies, Kyrrex ensures the safety and security of user funds. Users can also take advantage of the platform's advanced payment technologies, which enable them to make and receive payments in a variety of currencies.
Conclusion
Maximizing profitability in cryptocurrency trading requires a combination of trading in a wide range of cryptocurrencies and effectively managing open trades. Kyrrex's wide range of trading opportunities, advanced trading tools, low trading fees, and real-time market data make it an ideal platform for those looking to engage with the cryptocurrency market.
5min reads
BTCUSDT: Analyzing Bitcoin's Performance on TradingView
Bitcoin (BTC) has emerged as one of the most popular cryptocurrencies in the world, and its value has skyrocketed in recent years. As a result, traders and investors have become increasingly interested in BTCUSDT trading on platforms like TradingView.
TradingView is a popular charting platform that allows users to analyze and trade financial markets. With BTCUSDT trading, traders can track the performance of Bitcoin against Tether (USDT), a stablecoin that is pegged to the US dollar. This pairing is commonly used on crypto exchanges, and TradingView provides comprehensive BTCUSDT charts and indicators for traders to make informed decisions.
BTCUSDT Price Action
BTCUSDT's price action has been volatile, with sharp price swings and fluctuations. However, the overall trend for BTC has been bullish, with the cryptocurrency hitting all-time highs in recent years. TradingView's BTCUSDT charts provide traders with the ability to track BTC's price movements in real-time, as well as view historical price data.
Technical Analysis on BTCUSDT TradingView
Technical analysis is a popular method for traders to analyze financial markets, and BTCUSDT trading is no exception. TradingView provides a wide range of technical indicators and charting tools to help traders analyze BTC's performance.
One popular indicator used in BTCUSDT trading is the Moving Average Convergence Divergence (MACD) indicator. This indicator can help traders identify trend reversals, as well as potential entry and exit points. Additionally, traders can use other technical indicators like Relative Strength Index (RSI), Bollinger Bands, and Fibonacci retracement levels to gain further insight into BTC's price action.
Fundamental Analysis on BTCUSDT TradingView
In addition to technical analysis, fundamental analysis is also important in BTCUSDT trading. Fundamental analysis involves analyzing the underlying factors that affect BTC's price, such as adoption rates, regulatory changes, and economic events.
TradingView provides traders with access to news feeds and economic calendars, which can help traders stay up-to-date on the latest developments that may affect BTC's price. Additionally, traders can use TradingView's social networking features to discuss and share information with other traders and investors.
Final Thoughts
BTCUSDT trading on TradingView offers traders a comprehensive set of tools and indicators to analyze Bitcoin's performance. With both technical and fundamental analysis options available, traders can make informed decisions about when to enter and exit the market. However, as with any financial market, BTCUSDT trading carries risks and traders should exercise caution and conduct their own research before making any investment decisions.
5min reads
Top 5 Crypto Charities
There are two sides to everything, though humans tend to focus on one side of the coin. The latest weapons can help through deterrence, not just destruction. Artificial intelligence is an incredibly useful tool despite its dangers. And cryptocurrency, just like everything else, can be a force for good in the world.
Crypto is about PnLs, market and limit orders, DeFi and staking, coin offerings and L1s. It is also about borderless payments which can facilitate goodwill donations by anyone from anywhere to any organization that works towards a noble cause.
The philanthropic space, just like health, finance and sports, has realized the benefits of adopting crypto. Some of the best known global and regional charities have created channels for crypto donations.
Bitcoin, Ethereum and stables like USDT are the most popular coins supported by charities accepting crypto. Depending on the type of crypto charity, other popular digital coins like Dogecoin, Monero, Bitcoin Cash and Litecoin may also be accepted.
So if you're moved to reserve some of your cryptocurrency holdings or trading gains for a worthy cause, there are lots of charity crypto projects that would be happy to receive your donation
These crypto-affiliated charities vary by mission. Some are dedicated to helping oppressed peoples in war-torn areas like Ukraine to stand up to the aggressors. Others utilize blockchain technology to support next-gen ideas and technology like effective altruism and AI.
These organizations all have noble goals and have thrived through the benevolence of citizens who use some of their crypto for charity. This article presents 5 reliable and dependable crypto charity projects. So if you're looking for charities that accept crypto, you've come to the right place.
1. Electronic Freedom Foundation
The Electronic Freedom Foundation (EFF) is a U.S. 501(c)(3) nonprofit that has a mission to defend civil liberties and human rights both online and offline, but especially online. It supports outreach and legislation that protect digital rights and provides funding for projects that promote the rights of the individual to free expression in the digital space.
The EFF sees increased legislation and user restrictions in the digital age as a wall that stifles creativity and infringes on the rights to liberty. Thus, it campaigns hard against moves that seek to restrict people's rights and freedoms, especially online. The organization has a long and proud history of canvassing change and is one of the best charity crypto projects around. It accepts Bitcoin, Bitcoin Cash and Ethereum from individual donors and you can also elect to receive some cool swag if you donate at least $100.
2. Kyrrex Charity
The start of the war in Ukraine has led to a groundswell of governmental, institutional and individual support for the beleaguered country which continues to maintain its independence in the face of overwhelming odds. The Kyrrex Charity is the social arm of Kyrrex, a regulated crypto-fiat ecosystem. Its goal is to work towards the war's end and victory for Ukraine by supporting the country's civilians, volunteers and defenders through financial aid.
The foundation organizes charity events and fundraisers all over the western world to raise money which it then distributes to various agencies across Ukraine.
Because of the difficulties caused by the war, crypto donations to Ukraine is one of the best ways to get money across to those who need it on the ground. That is why the Kyrrex Charity's main vehicle is a crypto charity fund. Benevolent individuals and organizations can directly donate Bitcoin, Ether and USDT through the foundation's Ukraine crypto donations wallets and be rest assured the money will be used for a worthy cause.
So if you have excess coins gathering dust in your wallet or cold storage and wondering how to donate crypto to Ukraine, you can send your coins to a Kyrrex Charity wallet and sleep easy knowing you've just done a great deed for humankind.
3. UNICEF Cryptocurrency Fund
Unicef, or the United Nations Children Fund, works in 190 countries across six continents to help children overcome developmental and geographical challenges and achieve their full potential from early childhood to adolescence. It's long been one of the most visible agencies of the UN and its impact has been felt in every corner of the globe for decades.
In 2019, UNICEF launched a crypto fund to simplify fundraising and grants distribution and reach their networks of donors and beneficiaries faster than the complicated web of traditional finance would allow. Donors can send BTC and ETH directly to the UNICEF CryptoFund. To date, the fund has received 8 BTC and 2527 ETH which is distributed to open-source frontier tech solutions showing promising results.
All donations made by the funds are done in BTC and ETH only and capped to $100k. Through this scheme, UNICEF has invested 52 ETH in a digital cash and voucher transfer platform in Nigeria, 43.5 ETH in a platform for digital healthcare savings in DR Congo, and 21 ETH in a tool for visual eye tests to detect vision disorders among children in the UAE.
4. The Giving Block
Would you like more control and flexibility over your charity crypto donations? Then you can check out The Giving Block. This donations service is like a crypto charity marketplace that allows you to give crypto to a nonprofit, charity, university, faith organization, environmental NGO or any other mission-driven agency of your choice.
The Giving Block emphasizes choice and flexibility. Donors are free to choose any of the 100+ organizations that accept crypto donations through the service. You can use their search tool to filter available organizations. For example, a "crypto donations Ukraine" search brings up the Ukrainian American Coordinating Council, the US-Ukraine Foundation and similar organizations. You can also switch to "Impact index funds" and donate crypto to a particular cause, such as the war in Ukraine, women and girls empowerment, or arts and culture.
Another big draw of The Giving Block is the versatility provided for those who use the platform to donate crypto to charity. Most blockchain-positive philanthropic platforms support just a few cryptocurrencies. But on The Giving Block, you have your pick of more than 70 crypto options to donate with such BTC, ETH, USDC, USDT, DAI, MAKER, AVAX, SOL, and many more.
5. The Tor Project
Tor, or The Onion Router, is the free and open-source browser that enables anonymous communication through a network of volunteer nodes spread across the world. The Tor project and its browser allow users to bypass censorship and restrictions on internet usage. It generates a semblance of digital privacy and independence in an environment rife with governmental policy.
The Tor Project accepts donations in crypto and other avenues to keep the Tor network running and protected against intrusion by global institutions and governments. Tor accepts crypto donations in 9 currencies including Bitcoin, Ethereum, Dogecoin, Augur, Dash, Litecoin, Monero, Stellar Lumen, and ZCash.
Donating Crypto to Charity
If you'd love to donate crypto to charity, you can try one of the organizations on this list or another one that accepts digital currencies. You can donate your crypto directly—no need to convert into a stablecoin or fiat money first. Moreover, if you have a stablecoin in your portfolio, you can donate that. The price of a stable fluctuates less compared to traditional cryptocurrencies, which can benefit the charity of your choice more than a volatile coin would.
Making donations to a charity actually helps fulfill one of the founding principles of cryptocurrencies—anonymity. By donating through crypto, you show that you truly care about a cause and aren't donating just to look good in the news or on social media.
5min reads