What is cryptocurrency? Cryptocurrency is a type of digital currency ( e-cash, digital currency, digital money, digital cash) designed to be an alternative to fiat money. Cryptocurrencies use algorithms to secure and confirm transactions and control the creation of new units in a given cryptocurrency network. Cryptocurrency payments and stored on the Internet, computer systems, smartphones, and electronic payment cards. Electronic money is a form of limited input database, and no one can change it without meeting certain predefined conditions.
Cryptocurrencies allow instant transactions that can be done seamlessly. Cryptocurrencies issued by the Government are known as fiat currencies. Non-fiat electronic money is called digital currency. Cryptocurrencies (most notably Bitcoin) are a subset of cryptocurrencies.
What is a crypto business account?
If you own a business account in crypto and are looking for a new set of conceivable customers, accepting cryptocurrency payments can be an exciting solution. Cryptocurrency profits have never been so high. Along with the increasing popularity over time, cryptocurrency ATMs are also growing. According to data from Coin ATM Radar, there are currently about 4,415 ATMs in 58 countries around the world. So technically, a crypto business account is when your business accepts cryptocurrency payments from your customers.
First and important, you need to let your customers know that your business is accepting cryptocurrency payments. The payment can be made via device, phone app, or simply wallet address via QR code.
Many different services help you accept cryptocurrency payments. For example, CoinPayments currently accepts over 75 other cryptocurrencies and takes only 0.5% commission per transaction. Various popular services like Cryptonator, CoinGate, and BitPay currently only accept Bitcoin payments.
In the US, Bitcoin and other cryptocurrencies have been recognized as a convertible currency that can act as a means of payment, similar to existing card payments. in.
And to collect taxes, US businesses that use crypto need to keep a record of the sales, the amount of the cryptocurrency, and the date of the transaction. When sales tax is due, the tax amount will be based on the average exchange rate at the time of sale.
How to create Crypto Business Account?
“What do I need to make a business account?”, “I am a student. Can I create a crypto business account?”,… These are common questions from users, but to answer all of these in one sentence, you can be student, middle age,… any term in your life, and you can make a crypto business account as long as you have the security of this domain; below.
According to traditional business, when you want to accept your client’s payment, you will have to go through a bank to receive and send money through your business account. Or, when you want to make your website promote your works, you need a domain company to backup your safety on the internet. For the cryptocurrency field, you also need a “domain” company to backup your business account. You can trust a few names, and millions of other crypto business accounts have used them.
Cryptocurrency business accounts
Below is listed a selection of the best cryptocurrency business accounts in the market today and all helpful information such as: the rates, features, and services that potential investors will likely be most interested in.
- Deposits in USDT, USDC and ETH can earn up to 20% APY (this rate is considered the highest currently offered by any DeFi account)
- Quick to use, within an in-house insurance pool to protect deposits and platform-wide insurance coming soon. Funds are never locked.
- No fees required on deposits and minimal fees on withdrawals
- A recommendation payment program shortly
- Earn up to 10% APY on 18 dissimilar cryptocurrencies, with a 2% bonus for payments on Nexo
- Ledger Vault used to protect crypto advantage up to $150 million
- Up to five free taking-outs per month are allowed to be made; then gas fees are applied
- No additional extra is currently offered
- APYs up to 9.3% on BTC, ETH, LTC, USDC, GUSD, and PAX
- One free taking-out can be made a month.
- Withdrawal cost charged are 0.0025 BTC, 0.0015 ETH, 0.0025 LTC, and 0.25 USD
- Sign-up extra of $10, referral extra of $25, and Bitcoin credit card sign-up bonus up to $250
- Belongings in over 30 cryptocurrencies for APYs is around 18%
- No minimum sense of balance and payouts are made every week
- Advantages are insured by PrimeBlocks and FireBlocks
- No fees are charged, and there are loyalty reward bonuses
- APYs up to 11% on USDC and BTC
- Taking out funds at any time
- Interest gross payments are made every month
- $10 fee for withdrawing USDC
Traditional business accounts
The “traditional” to mean accounts holding fiat (pound, dollar, euro,…), or “physical world” cash currency (including money in your internet banking) rather than crypto, so these sorts of companies accounts could include those provided by online banks and not just brick-and-mortar banks. In the information below, we are going through a few examples of the traditional banks to make it more straightforward for you to see the difference between these two kinds of business:
- 0.25% APY for Business Money Market Accounts and Business Savings Accounts
- No bank cards or checkbooks are offered
- To sign for an account, the deposit should be at least $25 and a minimum balance of $1
- FDIC insured up to $250,000
- No fees are charged
Live Oak Business Savings
- 0.50% APY in business savings record.
- Helpful and easy to open and manage accounts online and make use of the mobile app
- No minimum deposit or balance
- FDIC insured up to $250,000
- No monthly or maintenance fees are charged
Axos Business Savings
- 0.20% APY for business savings accounts
- Online, mobile banking, and remote deposit, with a minimum deposit of $1,000
- Deposit accounts are FDIC insured
- Each month, it costs $5 unless daily balance exceeds $2,500 in general
- Welcome bonus of $100
Prime Alliance Bank Business Savings
- APYs up to 0.50% for balances from $200,000
- Online business bank services and mobile tools for users.
- Six times taking-out for bank account’s owner per month are allowed
- All accounts are FDIC insured
- No fees are charged
First Internet Bank Money Market Savings
- 0.40% APY for business savings accounts
- One bank card is available
- Six transactions are allowed every month
- All accounts are insured by FDIC
- Every month, it costs $5 unless average daily balance exceeds $4,000
To summarize, we consider each platform like YIELD App, Nexo, BlockFi,… like a bank we trust to put our money in with our transfer record. In each platform, there are different rules to make a business account that you have to do research on their sign or have their staff analyze you every step. The easiest way is to google and look for their sign name, type in the keyword you are looking for and follow their tutorial.
How to open/create a Nexo account?
- Type in Google the link https://nexo.io/
- Choose the button “Create Account.”
- You will be lead to another link https://platform.nexo.io/new
- Type in your email, choose a high-secure password, choose “Click to verify” button.
- New verification window will be opened. With the slider, please slide the puzzle piece in the right place to complete the puzzle.
- After clicking on the “Sign Up” button, you will be asked to verify your email address by clicking on the link in an email sent to the email address you used when registering your Nexo account.
- Go to your email account.
- Open the email from Nexo and click “Verify Email.”
- Your email with be verified, and after you click on “Continue to your Nexo Account,” you will be redirected to the Nexo platform.
- You should now be logged into your Nexo account. Congratulations!
- Before you start using the platform, go to the “Security” tab to enable Two-Factor Authentication for your account.
And it applies differently to the different domains you want to use. Just follow the tutorial closely, you will have a business account that accepts crypto within an hour. It is necessary to have your crypto business account connect to this platform to ensure your money is safe, under protection…
One of the most widely publicized benefits of Bitcoin is that governments, banks, and other financial intermediaries have no way of disrupting users’ transactions or freezing Bitcoin accounts. The system is entirely peer-to-peer; users experience a greater degree of freedom than with national currencies.
Purchases are not taxed.
Since there is no way for third parties to identify, track or intercept the transaction depicted in Bitcoins, one of the main advantages of Bitcoin is that sales tax is not added to any purchases.
Very low transaction fees
Standard wire transfers and foreign purchases often involve exchange fees and costs. Since Bitcoin transactions do not have intermediaries or government involvement, transaction costs remain low. This can be a great advantage for travelers. In addition, any transfer in Bitcoins will happen very quickly, eliminating the inconvenience of typical authorization requirements and waiting times.