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Withdrawing Cryptocurrency – A Risky and Difficult Process

Withdrawing Cryptocurrency – A Risky and  Difficult Process

As the popularity of cryptocurrency grows, concerns about the safety of cryptographic transactions are also rising persistently. Buyers are converging over cryptocurrency to make an investment that can give them a pool of money that is continuously expanding and growing.

When buying cryptocurrency worth $10 can turn the same amount into $200 or more, people are bound to take the investment seriously and even try to grab any opportunity to purchase cryptocurrency. However, when they actually try to use the profit for purposes that are important to them, things get a bit more complicated.

You can’t turn your digital assets into physical money very easily and fulfill all sorts of purposes. The reason is that banks don’t promote or even support withdrawals or transactions involving cryptocurrency at all. That is a major risk for them and they often try to circumvent it as much as possible.

Even if some banks do allow it, they charge high fees for it and make the users go through complicated processes. The real problem behind that phenomenon is the fact that cryptocurrency is decentralized while banking is completely and highly centralized. Crypto provides users with a chance to retain their anonymity and privacy with each transaction.

There’s no governing body to trace the transaction back to anything or intervene for its reversal or monitoring. The entire process is self propagating and only dependent on cryptographic processes. That makes it a huge risk for a bank to process a cryptocurrency based transaction. The bigger the sum being exchanged, the more the risk.

Hence banks try to reduce the net amount that they’re requested to process and discourage cryptocurrency withdrawals by levying taxes and additional costs. That makes it a very sticky situation when you’re a person who has invested a sizeable portion of your assets in cryptocurrency.

Banks are intent on taking calculated risk in terms of cryptocurrency withdrawals. Therefore, consumers are increasingly looking for ways to use their digital assets in making digital purchases rather than trying to withdraw them to use them in the form of a physical currency. BoutikShops.com provides them with a valuable opportunity to turn crypto into goods that they need.

Being able to use cryptocurrency to pay for all types of online purchases and having physical goods delivered to your door subsequently is a luxury that was unheard of in the industry, before the advent of platforms like Boutik Shops

categories : News

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