Having Bitcoin funds was, in the early days, a means to an end, in that the entire point for owning Bitcoin was to own some digital currency. Things have moved on in the following years, and today the digital currency industry is focused on ensuring that any cryptocurrency is not just easy to purchase, but easy to use, and the more uses the better. It has transitioned from an idea to a platform that wants to be a genuine alternative to fiat currency, and with the latest announcement from Straits Financial LLC, that users of their trading platforms will be able to fund accounts directly using Bitcoin, the industry has taken another step closer to that goal.
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Financial trading and investment accounts are part of the income and retirement provision of an increasing number of people, the internet has largely removed barriers to entry and enabled many to actively trade, and profit, from home. Until now, this was a system built upon the fiat money platform, but US Brokerage company Straits Financial LLC is looking to change that.
In partnership with payment processor BitPay and digital bank WB21, Straits are now offering their customers the ability to fund their trading and investment accounts directly with Bitcoin. The trading accounts offered by Straits allow asset trading in the energy, precious metal, stock indices and commodities markets, and this kind of trading is definitely increasing in popularity as many move to take control of their own funds as uncertainty with traditional financial management organizations falters.
The system works by converting bitcoin into the relevant fiat currency in real time, powered by BitPay’s engine, with WB21 providing the real time rates for currency conversion. The idea behind this is that Bitcoin payments into the system are faster and less costly than funding through the fiat monetary system would be, and provides those with Bitcoin savings the opportunity to make use of those funds through trading without resorting to going through the fiat system at all.
The growth of Bitcoin within the financial trading industry has been increasing for a while, with blockchain increasingly being researched to provide a more secure and reliable platform, as well as Bitcoin slowly becoming recognized as a tradable asset in its own right on various exchanges.