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Paying and Getting Paid with Cryptocurrencies: Advantages and Disadvantages
1. Low Fees
One of the main advantages of cryptocurrencies is the reduction of transaction costs.While credit card payments or traditional bank transfers may include fees charged by banks and intermediaries, crypto transactions usually have much lower fees, especially when using efficient networks such as Arbitrum, Polygon, Solana, Base, or Tron.
You also save on account maintenance fees or the need to meet the conditions many banks impose to avoid those charges.
It should also be noted that people who already own cryptocurrencies and want to convert them to euros usually have to use off-ramp platforms, which often charge fees for converting cryptocurrencies to euros.
2. Speed in International Transactions
Sending money abroad from Spain can be slow and expensive using traditional methods.In contrast, with cryptocurrencies, payments can be made in just minutes, regardless of the destination country and without needing to convert currencies or rely on the banking system.
3. Accessibility and Financial Freedom
Cryptocurrencies don't require a bank account to operate, which is an advantage for unbanked individuals or those who want more control over their finances.Additionally, users can access their funds from anywhere, at any time, as long as they have an internet connection.
4. Privacy and Security
Although not completely anonymous, many cryptocurrencies offer more privacy than traditional payment methods.Also, since no personal data is needed for each transaction, the risk of fraud and identity theft is reduced.
Thanks to blockchain technology, all transactions are recorded and are nearly impossible to forge.
5. Protection Against Inflation
While the euro is a relatively stable currency, inflation is still an economic factor to consider.Some people view cryptocurrencies like Bitcoin as a way to preserve value over the long term, due to its limited and decentralized supply.
This is especially appealing during times of economic uncertainty.
6. Innovation and Growing Adoption
In Spain, more and more businesses are accepting cryptocurrencies as a form of payment. From cafés and hotels to online stores, the crypto payment infrastructure is expanding.Platforms like Bit2Me or Binance Pay are making it easier for companies and consumers to send or receive money.
It's also possible to make decentralized transfers from one wallet to another, although it is advisable to have some knowledge of blockchain technology or work with someone who can guide you.
You can also shop with crypto using the Bitrefill card at stores like Amazon, Zara, Decathlon, MediaMarkt, Carrefour, El Corte Inglés, Ikea, and many more. Here you can find a list of businesses that accept crypto payments in Madrid
Businesses that accept cryptocurrencies in Madrid
The Interservit real estate agency connects property owners with buyers or tenants who want to get paid and pay in cryptocurrency, respectively.
Possibility of Transaction
It is feasible to buy or sell a property using cryptocurrencies, as long as both parties agree on the method of payment.
Security of Cryptocurrencies
Transactions with cryptocurrencies are considered secure due to blockchain technology, which is decentralized, immutable, and allows direct transactions between individuals without intermediaries.
Conversion to Euros
To formalize the purchase before a notary and comply with tax regulations, it is necessary to convert cryptocurrencies to euros at the time of the transaction.
Cryptocurrency Volatility
Since cryptocurrencies can experience significant fluctuations in value, it is recommended that the buyer and seller agree on a specific exchange rate and a specific moment to make the conversion and minimize risks.
Tax Considerations
It is essential to declare transactions made with cryptocurrencies and be aware of the tax obligations that may arise from these operations.
Summary
In summary, although it is possible to carry out real estate transactions with cryptocurrencies, it is crucial to seek professional advice to ensure the transaction is carried out safely and in compliance with current legislation.
