Paying with crypto, what should I expect?

Paying with cryptocurrencies is a topic that is being searched for by more and more people, televisions, 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 complete guide on virtual currency.

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What is cryptocurrency?

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Cryptocurrency is described as a decentralized digital currency that is exchanged peer-to-peer (P2P) 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 “physically” represented in the form of a token and exists in various forms such as Doge Coin, Cardano, MINA, Bitcoin, and Ethereum, the latter two commonly referred to as BTC and ETH. Once you have acquired these tokens, you can start trading with other users and transacting securely.

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Where can you get cryptocurrency?

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Websites like Kraken and Binance continue to be the go-to places to buy cryptocurrencies. However, Lyzi also offers the ability 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. Plus, we have the world’s most popular digital currency tokens.

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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 the language of Molière? The answer is simple: neither yes nor no. Payment in cryptocurrencies is not regulated and is not part 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 the 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. Consequently, cryptocurrencies are currently not regulated." According to the government, if you want to get them, you can buy them, own them and freely carry out real transactions, resell them and exploit them. However, no one will come to your rescue if you unfortunately fall victim to 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 in terms of security; indeed, the risks associated with cryptocurrencies are real. This is a far cry from the corner of the schoolyard where we used to exchange Pokémon cards purchased at local tobacconists. Here, we are dealing with real money.

Whether it is tangible or virtual money, care must be taken, but security is paramount.

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Frequently Asked Questions About Cryptocurrencies

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Of course, you’ll need some knowledge before you jump in and start shopping 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 to pay in cryptocurrencies instead of cash or credit cards. Some company CEOs even offer a monthly payment in digital assets.

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Is cryptocurrency stable?

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Due to the volatility of the above-mentioned currencies, 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 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. BNP Paribas and Société Générale, however, are more inclined to embrace cryptocurrency and blockchain by forming partnerships. But don’t expect much more; almost all major 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 carries certain 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. Hacking: No electronic currency, regardless of its type, is immune to hacking.
3. Theft: The proliferation of websites promising cryptocurrencies is no longer a surprise. However, some act unethically and do not hesitate to steal investors' money, including by not delivering on their promises.

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Will I have any transaction fees?

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Binance transaction fees are set at 1.8% for purchasing your digital assets. As a reminder, Kraken and Binance are competing for the top spot 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 rules emerging and disappearing. However, there are advantages: full control over your market capitalization, your portfolios in general, thousands of fast transactions made with complete confidence and this famous decentralized network that attracts the most people. Lyzi offers you the possibility to try cryptocurrency without going through any broker: our platform focuses on your security with efficiency.

The unknown can be scary, especially when it comes to our cryptocurrency. Whether it's Ether, earning bitcoins or simply receiving your tokens, Lyzi has its app 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 crypto enthusiasts ready to do anything to steal a cent from you. No need to learn how to buy bitcoin or its price. We save you time and additional costs. No speculative bubble, sleep well!

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