The phrase “crypto-bank” aptly sums up those crypto friendly banks that allow their clients to withdraw and deposit funds into their personal accounts without any hassle and at very low costs. In other words, they are those that give their clients all the digital banking facilities, such as making credit and debit card transactions free and permitting users to withdraw money from their account. These banks have also implemented policies that ensure proper identification of clients so that funds they withdraw can be accounted for. Most of them are members of the Association of Electronic Traders (AET) and are thus bound by AET rules. They therefore have to follow certain protocols, such as maintaining secure internet connections, handling credit card transactions responsibly and not transmitting sensitive information over the Internet.
Most traditional banks, however, are not members of the association and so are not bound by the AET’s policies. Hence, most of them have implemented measures that make it impossible for someone to open an account using fake or stolen identity documents. This is done by checking the national identity registry. However, many people still try to open a fake account using these means and end up getting caught.
In such cases, a typical UK citizen can become an expert on how to find and close a fake bank account. It is not difficult to find cryptowares friendly banks in the United Kingdom. Thanks to a group of computer experts who have worked out a protocol to check if a particular bank is authentic or not. These people have dubbed their method “blockchain technology”, which permits users to locate traditional banks and their corresponding wallets by analyzing the transaction history of each individual transaction in real time.
This technique is a great help in finding friendly banks in the United Kingdom and anywhere else in the world. It makes it easy to compare cryptowares friendly traditional banking services against those of a competitor bank online. In addition to this, it allows one to see which currencies one is currently trading against other virtual currencies at the time of the trade. Thus, it is a useful way towards understanding various aspects of the market.
Many people have been apprehensive about opening and managing their own wallets due to the perceived risks associated with them. However, thanks to the progress made in the field of cryptography, it has become much easier to access and use these new features. All kinds of currencies from around the world are now supported by the majority of high-traffic cryptocurrens such as the EUR/GBP pair, USD/JPY and USD/CHF pair. Opening and managing such bank accounts become a piece of cake now.
The major problem with non-crypto friendly banks is the lack of knowledge about the diverse facets of the ecosystem where cryptocurrens are exchanged and utilized on a day to day basis. In order to remain competitive and reactive to changing conditions in the market, most financial institutions have avoided integrating the technologies supporting the diverse cryptographic systems of the market such as bitcoins and fiat currencies. They do not even offer information on how to get started with the process of trading. Thus, many potential clients of such institutions are left in the dark and are unable to explore the opportunities available in the marketplace.
With respect to the need for transparency, some people are worried about the relative absence of monetary information in case of non-Crypto currencies. However, there is no real threat posed by non-blockchain currencies in the hands of traditional banking systems. Thus, any apprehensions that users may have are not enough reason to give up on their desire to open an account with such currencies.
Investing in a bank account with a specific token is much easier than investing in a stock. This is because you can convert your Fiat currency easily and effortlessly. Unlike stocks, which need the permission of the company’s shareholders to purchase and sell, you can trade in Fiat using your own private key. In a way, you are acting as a direct shareholder of the company that has the ability to create its own virtual coinage. The ability of using Fiat to access a diversified portfolio ofICO or cryptocurrens portfolio through a bank account with aICO tokens is a remarkable advantage that has created a tremendous revolution in the world of finance.