Cryptocurrency tip: How to make money from your bitcoin stash

Written by By Lydia Murray, CNN Budapest, Hungary Written by Lydia Murray, CNN Budapest, Hungary You’ll find bitcoin , Ethereum , Litecoin , Dash, and more with just a quick scan of the virtual…

Cryptocurrency tip: How to make money from your bitcoin stash

Written by By Lydia Murray, CNN Budapest, Hungary Written by Lydia Murray, CNN Budapest, Hungary

You’ll find bitcoin , Ethereum , Litecoin , Dash, and more with just a quick scan of the virtual currencies you’re used to in the modern day of e-commerce, cryptocurrency trading, and online shopping. But there’s a whole host of currencies that have not yet found their own following.

Russian-based Cryptobuyer bills itself as “the leading third-party conversion service for cryptocurrency.” Some of their offerings include pricing , discounts , and five different ways to reinvest your cryptocurrency earnings. Not only are they helping to make bitcoin more accessible in the Western world, but they’re doing the same in the Eastern one as well.

“We find that people from Eastern European countries who are very tech-savvy like to use cryptocurrency as it is more secure and less susceptible to seizure than a traditional currency,” Vlad Shpilband, a Cryptobuyer employee, told CNN.

He’s not exaggerating. Cryptobuyer investors could be on the receiving end of a pretty substantial fee: Once a customer gets their bitcoin, they’re asked to convert it into fiat currency (be it euros, dollars, pounds, or yen). Then they get their fiat back in the form of cryptocurrency. This involves bitcoin transaction fees (6% on average) and conversion fees (1.5% on average).

And you’re not the only one to pay for currency conversion; there are several others involved. For example, Cryptobuyer takes a commission fee on every transaction made through their platform. Because the company’s success is entirely dependent on advertising, they’re willing to help people convert their digital wallets into fiat currency. With cryptocurrency trading growing in popularity , this transaction volume has increased quickly.

A tale of two cryptos

Source: CorporateCoin.com

But how is it that Western technophiles are being introduced to these other currencies, while Easterners are receiving no benefit, and in fact paying a fee on top of the charges?

According to Shpilband, the reason is entirely due to various differences in regulations governing the systems between the two countries. Although Cryptobuyer is based in Russia, they’re no more “the euro of the East” than they are “the dollar of the West.”

“In Russia, cryptocurrency is a form of currency, but because it is highly unstable, banks — especially state-run banks — don’t lend against it,” he said. In other words, it’s more difficult to use cryptocurrency.

Shpilband is therefore “confident” that the currency will soon be accepted in the Eastern market as well as the Western one. He believes this is more likely to happen in the next six months to a year.

While cryptocurrencies are not considered officially legal tender in Russia, it’s not against the law for people to hold them as personal property.

“The rule is not entirely clear,” Shpilband said. “But if someone does have a 3%-4% and wants to keep it, then they should be able to do that.”

Bitcoin in 2024?

While the United States and Europe have clearly established the borders of their digital economy, it could be 2024 before Ukraine becomes the world’s official crypto-capital.

This is what former President Victor Yanukovych predicted in 2014. One of the downsides of having a rogue currency is that it is often difficult to switch currencies. Although the Ukrainian hryvnia (aka the “Hryvnia”) will become the official currency of the country soon, it won’t trade anywhere near on the same level as the “real” one.

Yet in a hypothetical scenario, Ukrainians could see a strange chance to explore the world of digital currency, with money being minted and being prepared with gold-type coins.

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