.svg)
Sébastien Estines
Co-founder Lyzi
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.
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.
Exchanges such as Kraken or Coinbase let you buy cryptocurrencies. Lyzi is not a platform for buying crypto: it is a payment infrastructure that lets you spend your cryptos and stablecoins at equipped merchants.
Yes. A merchant can accept a cryptocurrency payment when the customer offers it voluntarily. Since the European MiCA regulation, crypto-assets and stablecoins are governed in the European Union, and the providers that process these payments are supervised. Lyzi is a brand of Proofeo SAS, a payment agent registered with the ACPR (REGAFI no. 749869).
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.
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.
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.
For the payer, a crypto payment costs the blockchain network fees (gas), set by the blockchain and not by the merchant. Fees for buying cryptocurrencies depend on the exchange used.
Lyzi is a crypto and stablecoin payment infrastructure for merchants. The customer scans a QR code, pays from their wallet or from an integrated exchange (KuCoin, WhiteBIT), in USDC, EURC, ETH or other cryptos, and the merchant is settled in euros or in stablecoins, with no exposure to volatility.
No app to download: the payment page opens in the phone's browser. To learn more, read our complete guide to paying with crypto.
.png)
