In this article, I will dive into why credit card companies should allow customers to make payments with cryptocurrency! As someone who gets paid primarily in cryptocurrency, I have looked around for a solution or a service that allows me to payoff or pay down any debts (mainly credit cards) directly with cryptocurrency. Unfortunately, after months or research, there does not appear to be a way to do this directly in the United States. Interestingly enough in my journey for looking for a solution, I was able to come across an article that an Australian start up company called Living Room Of Satoshi was doing this (successfully, I might add) in providing a way for users to pay for every day bills using bitcoin. This includes: Car Registration, Electricity Bills, Cell Phone Bills, Bank Fees, and even (yes, you guessed it) Credit Cards. It’s been reported that the number one bill paid by consumers is credit card debt, according to CreditCards.com.
THE 3 CREDIT CARD BEHEMOTHS 
However, there is no direct solution in today’s world to make payments directly with Visa, Mastercard, or American Express with our crypto assets to help pay down our debt. Any one of these companies would have a MASSIVE edge over any other bank or credit card company that implements this feature first, because there are millions of active cryptocurrency users who would use this feature in a heartbeat. We need to take a page out of Australia’s book and create solutions that will allow us to either have these corporate giants begin accepting this directly, or create a bridge to do so. There are a few work-around options you can use to leverage your crypto holdings and use the collateral to get a crypto-backed loan with very low and reasonable interest rates to help you pay down debt. The beauty in doing this, is you don’t have to spend your crypto to use this option, you just send it to a protected account with them until your loan is paid back. It is also backed by the FDIC (if that gives you any confidence). For some people, that last tidbit gives them peace of mind knowing that this company is not going to disappear and simply lose all your crypto funds if they go under. I have done business with them recently in earning interest for some of my holdings and I can attest to their integrity and have had nothing but a positive experience using Blockfi.
CRYPTO-BACKED LOAN SOLUTION
Let’s get back to the 3 credit giants for a minute. The average interest rate the average U.S. consumer is paying with “good” credit is still over 20%. That is highway robbery, but what other options do consumers have when the inflation and cost of living is outpacing the paying wage in America? It almost seems like a perfectly formulated trap by these big banks to rob the american people of their freedom and to impose financial slavery for the rest of their working lives. It’s madness, however, it’s even harder for people who get paid in cryptocurrency to pay these bills, because we have to use a 3rd party service (like Coinbase) in order to pay a fee to convert our crypto into fiat, and then pay additional fees to pay our credit card on top of our interest rates. This seems like a good plan when looking from the vantage point of these credit card companies, because that means we will be paying interest even longer. Wrong! The default rates on credit cards are on the rise, because it’s becoming too cumbersome and people are drowning in debt. A growing number of folks figure it’s worth it to take a hit to their credit score or even delay paying this by having it go to collections, just so they can keep up on their required living expenses like food and shelter.
There is another option that was found for use in Canada to pay your credit card bills, but still, you have to pay extra fees to do this. For some, it may be worth it and it can help you reduce the amount of interest to pay to the banks. I still think the credit card companies need to accept this directly as there is a need in the marketplace and it will ultimately help them receive more revenue in the long term as bitcoin is a deflationary currency. The banks have never needed to make any innovation into their services or processes because they have a monopoly, and therefore have no need to compete. This is just another reason why bitcoin is going to be the currency of the future and will soon become adopted mainstream as it’s very own existence and foundation was built on innovation and fungibility.
CONCLUSION
The bottomline: It’s in the bank’s best interest and the consumer’s best interest to have this ability in place. People will have more options to pay down any debt, especially if they do not have access to a bank account or have otherwise been cutoff from legacy financial services. Consumers will also be more likely to pay their balances down faster, because bitcoin year over year has only increased in value since it’s inception.
Please sound off below! What do you think? Would you start paying your credit cards with crypto if given the option? Please me know in the comments.
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
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Trezor One Vs. Trezor Model T – Is One A Clear Winner? (2020)
In this article, we are going to unravel the differences between the Trezor One Vs. Trezor Model T. I have been personally using each of these devices for years. The Trezor One first made it’s debut in August 2014 and was the first commerical hardware wallet out on the market. It paved the way for many competitors and started a revolution with a mission of keeping your private keys safe and completely offline in your control.
The Trezor Model T was unveiled in 2018 after years of development and tweaking. I was a reseller at the time and I received one of the first batch of devices to test out and even actually did a tear down and compared the internals and was very interested to see the differences between the two devices. Before that occurred, I tested it with many different coins and was a very pleasant experience.
They have even added a large number of “Native” apps (or coins) that were supported with their web-based wallet, and they will continue to do so for years to come. But does that make the Trezor One irrelevant now? Stay tuned for the whole article to find out!
First Look And Unboxing
The Trezor One is a very simple device and yet, the complexity comes in it’s security packaging. Let me explain. The device is in the shape of a small plastic trapezoid with 2 mechanical buttons and a small OLED screen. When you first receive the device, it comes in a small plastic box and you will see that it has 2 holographic anti-tampering stickers on the box covering the seals. One is on the top and one is on the bottom.
This was put in place to not only show if the box has been tampered with, but also has some visual clues that reveal it’s authenticity. This was put in place as a preventative measure and to avoid supply chain attacks. Additionally, it has some vert strong adhesive glue that is designed to destroy the box in it’t opening.
This self-destructive box again is a secondary security measure designed to reveal if the box has been tampered with it’s journey from the manufacturer to the end user. In my opinion, it’s very simple, yet clever solution, as MIM attacks and supply chain attacks are a very real threat.
The Trezor Model T, however decided to go with a much simpler box design that does not include these contraptions. Why? Well, they decided that evidence of tampering really only matters on the device itself, so they forewent the process of securely packaging the device. Instead, they decided to put a very adhesive and protective seal on the device itself over the USB-C port.
The one downfall of this design, is that it when you unbox it and peel off this protective seal, it leaves a very sticky and noticeable sticky residue that is VERY difficult to take off. And as the device is plastic, it cannot be removed or scraped off, as it will completely scratch the device. I touched on this on my dedicated review of the Trezor Model T that I wrote HERE.
Trezor One Vs. Trezor Model T: Supported Coins
This in my opinion is the large differentiator between these two devices and the distinction will ultimately sway most of you in deciding which device you should buy. Both coins have a lot of the same coin support, at least in terms of the larger cap coins and what is supported in third-party wallets, such as MyEtherWallet or Mycelium.
I will note the primary difference here is noted in the available “Native Apps”. What are Native Apps? These are the wallets built directly into the web application that Trezor has built to manage your coins directly on your platform. They are very easy to use, manage, and view in a very easy manner. This is NOT the case when you deal with certain coins that are only supported with 3rd party integrations. As a result, they are fundamentally better for the end user.
I am going to list a handful of what I consider the notable coins that are supported by these native apps and differences. I will not overlap these and point out some coins that are only supported by the Trezor Model T, and NOT supported on the Trezor One. Note this below:
Dash (DASH)
Digibyte (DGB)
Vertcoin (VTC)
Namecoin (NMC)
Dogecoin (DOGE)
Trezor Model T Supported Coins:
Ripple (XRP)
Ethereum (ETH)
Chainlink (LINK)
Holochain (HOT)
USDcoin (USDC) *Stable Coin*
This is just a brief example of some popular coins that are supported on each wallet natively using Trezor’s web app. Ther are some additional coins that are supported on the Trezor Model T through 3rd party wallets that will not work with Trezor One, such as Tezos (XTZ) and Monero (XMR).
This is important to know, as there are over 1,000 ERC-20 tokens that are expanding into native app support by Trezor Model T, that is not going to be supported by Trezor One, however, using some 3rd party wallets, will still support them, if you’re so inclined.
Trezor Security
I will briefly touch on this here as most of this was gone over in depth in my Trezor One Review. As mentioned above, the physical security measures and differences are pointed out in its physicality of it’s packaging, but I will point out that there is one feature that I particularly like that is available on the Trezor Model T.
Both have an option to set a “passphrase” or a 25th seed word when accessing your account. This means that if/when you have to use your recovery seed to restore your device, you not only need the 24 seed words in the correct order, but you will need to enter in the custom passphrase in order to fully restore your wallet.
Here is the main difference on the Trezor Model T. Because the device has a touch screen, both the PIN and the custom passphrase (if you enable it) will be entered in on the device itself, and not the web app. Why is this important? Well, in the event that your web app is compromised or you have a key logger on your computer, you have a separation from your device and what you enter on the web app to unlock or access your device.
The Trezor One requires you enter in your PIN on the web application with a number grid, since it does not have a physical touch screen that allows you to enter it in on the device. Pretty cool if you ask me.
Trezor Prices
The Trezor Prices are pretty significant in terms of the difference between the Trezor One and the Trezor Model T. As we’ve discussed above some of the differences of coins that are supported and the overall design, the prices are pretty notable as these devices cover a lot of the same ground. The current prices are listed below as of this writing:
Trezor One – 69 Euros or Approx. $78.00 USD
Trezor Model T – 149 Euros or Approx. $169.00 USD
This means that for the almost the same level or security you can get the original hardware wallet, the Trezor One for $91 less than the upgraded model. However, you have a lot more room to grow in terms of coins and token supported natively on the Trezor Model T, which means it will be more “future proof” and more expandable than the original.
Setup And Recovery Seed Differences
The primary differences in the two devices is fairly straightforward. The Trezor One includes a 24-word seed phrase when setting up and backing up your device. The Trezor Model T includes a 12 word seed phrase when you receive the device and that limitation is indicated on the included recovery seed cards in the box.
Why did they make this difference? Whether you choose a 12, 18, or 24 word seed phrase, it ultimately includes the same level of security. Additionally, since the Trezor Model T includes the option to set a custom passphrase you can enable on the device in addition to requiring the PIN, they felt that it was extra secure that way, although it’s optional.
Trezor Vs. Ledger Vs. KeepKey
The highest end device of these 3 is going to go to the Trezor Model T. Not because of the price tag, but because of the extra security features and the vast coin support that is way ahead of the competition currently. The Ledger Nano X is on par with this and even allows you to manage your device via bluetooth and can hold up to 100 apps directly on one device, which has it’s own edge over the rest.
The KeepKey is one of the oldest devices, but it is the “nicest” in terms of it’s physical presentation as it’s a very solid and sleek device that just “feels” premium. Additionally, it is going to release their new platform very soon that integrates directly with native coin support and non-custodial trading directly on the hardware wallet, that makes it probably the safest trading experience I have seen yet. I have tested this platform and have a detailed review of it HERE.
Additionally, if you want more details on the key differences of these devices, I will link that specific article here that I wrote entitled “KeepKey Vs. Trezor Vs. Ledger – Which One Should I Buy? (2019)“.
Conclusion
So which one is better? Well, to be honest there is no clear cut answer and it varies for each person. Here’s how I would put it to you. Are you going to be getting more and more into crypto and expanding into more altcoins as time goes on? If so, go with the Trezor Model T. If you are simplistic and you just want to “HODL” Bitcoin, Ethereum, and maybe a few other larger cap coins for a long period of time? Then Just got with the Trezor One.
The truth is, both will continually receive security and firmware upgrades as time goes on and will be very usable for years to come. In this professional’s opinion, it really comes down to any specific coins you want native support for (VERY IMPORTANT) and if you plan on expanding. You can’t go wrong with either one, as they have stood the test of time and I’ve used both for various coins over the years and I’ve seen the positive changes in both devices. Click the links below to buy The Trezor One and The Trezor Model T below directly from their website!
***CLICK HERE TO BUY THE TREZOR ONE WALLET***
***CLICK HERE TO BUY THE TREZOR MODEL T WALLET***
What do you think? Would you choose the Trezor One Or Model T? Which one do you use? Sound off below!
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
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How To Convert Bitcoin Into Cash (USD, GBP, EUR) – 3 Best Ways
In this article, I am going to cover how to convert bitcoin into cash. Bitcoin has become a worldwide phenomenon due to it’s revolutionary technology and unbeatable economic model. If you are serious about getting into cryptocurrency, I would strongly recommend focusing on how you can slowly (but surely) start stacking and earning Satoshis on a consistent basis. It’s not just the die hard believers, bitcoin has grown year over every January since it’s inception.
I believe it is going to be the reserve currency of the future and it’s only a matter of time before the masses will realize this. However, some people may need to go the other way and convert their bitcoin into fiat cash for various reasons. Although I recommend avoiding this at all costs, here are some ways you can do this fairly easily.
1.) FIAT ACCEPTING EXCHANGES
There are a handful of fiat accepting exchanges that I will link below. I will list the top 3 that I recommend first, since I’ve personally used them and can vouch for their integrity and I have personal experience with them. For others, you may not have access in your country or otherwise unable to use the exchanges I’ve used myself.
I will link reviews to them as well so you can do your due diligence. You can utilize these exchanges as a way to get cash directly in the form of a paper check, or a direct deposit.
Coinbase – This is a U.S. based exchange and the onboarding is fairly simple. You can add your bank account or even use Paypal to sell your bitcoin on the spot (for a fee) to convert it into your local currency. It then is setup in a direct deposit and usually takes about 1-3 business days before you see it in your bank account.
Kucoin – This is a Hong Kong Based exchange, but I’ve used it on several occasions and it works just fine. It is roughly the same process as Coinbase, but there is no Paypal option and it can take anywhere from 3-7 business days from start to finish.
Binance – This is the largest exchange by volume and has a sterling reputation. It is currently based out of Taiwan, but originated in China. You can also sell your bitcoin for fiat in a very seamless and easy manner. I was able to receive my deposit to my bank in about 2 business days.
Kraken – This is another U.S. based exchange that has been pretty consistent in terms of delivering what they advertise. If you are based in the U.S. (or you bank account rather), it’s possible to get your money in as little as one business day.
Other options – I cannot comment on them, however, I will link them to a trusted review source so you can do further research and see if it will work for your situation.
Note: All of the above options will require KYC in order to complete your transaction.
2.) LOCAL BITCOINS
Local Bitcoins is a good way for people to cash out their bitcoin and do not want to the route of an exchange. It’s usually conducted in person and in an agreed upon location. This is a good option if you want to maintain your privacy and do not want your information on an exchange, or if you simply cannot gain access to an exchange for any reason. This also applies to folks who do not have have access to other financial services.
Local Bitcoins is a Bitcoin start-up based out of Helsinki, Finland, which has been operating since 2012. It is a P2P Bitcoin exchange. It has on-ground buyers and sellers in more than 15,000 cities across 248 countries. Chances are, you will find a buyer in your country via Local Bitcoins.
The beauty of Local Bitcoins is that you dealing with the buyer directly and you can receive money in any of the supported formats (bank deposit, PayPal, Payoneer, cash). When it comes to converting Bitcoin into fiat, Local Bitcoins is one of the most preferred choices of those who don’t want to use an exchange.
I have used this personally before, and the only caution I can express is first, make sure you are not meeting in a private location or at someone’s residence for your own safety. Meet in a well-lit public area and ensure you have good cell reception and internet access.
My experience (for buying) was setting up a free wallet on my phone and then having the seller scan my QR code to make a deposit. Once I had at least 3 block confirmations, I released the cash and we went our separate ways. This is usually a seamless and safe method, just make sure to use common sense when meeting a stranger.
3.) USING A USD-BACKED FIAT COIN (USDT, USDC, ETC…)
Now this is a good option if you are trading and want to convert your profits into a stable coin until you are ready to make another trade, or you simply do not want to incur a taxable event when depositing into your bank account. You can also hold USDT (Tether) on a hardware wallet like the Trezor One, for even safer long term storage.
This is also an advantage because it is pegged to the U.S. dollar so you don’t need to worry about any volatility or price swings when dealing with a stable coin. Coinbase also supports USDC (USD Coin), which is essentially the same as Tether. You can hold it on a mobile wallet or on a Ledger Nano S, if you plan to hold it for more than a few days.
CONCLUSION
Ultimately, it depends on your goals and what method works best for you. This also would be a good opportunity to talk to your friends and family about bitcoin and making a transaction with someone you trust, while at the same time teaching them about this valuable tool and spreading the good word. Talk to your co-workers and even your boss. Ask if they use bitcoin or if they’ve even heard of it and strike up a friendly conversation about it.
It’s instances like these where we start to see awareness and mass adoption start to take place and every time you do this, you’re directly helping the overall cause and also doing them a favor. Trust me, they will thank you later.
Please sound off below! What exchanges have you guys used? Do you have any other fiat-based exchanges you can recommend not listed above? Let me know in the comments.
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
