What Financial Transactions Can Be Made with Crypto Deposits?10 min read

What Financial Transactions Can Be Made with Crypto Deposits?10 min read

Do you hold cryptocurrencies like Bitcoin and Ethereum but aren’t sure what to do with them beyond hoping they increase in value? 

If so, you’ll be excited to learn that a crypto deposit allows you to use your digital assets for way more than just sitting around! In this article, we’ll take a fun look at the surprisingly versatile world of financial transactions you can conduct when you have cryptos on deposit with The Kingdom Bank.

What is a Crypto Deposit?

To start off, it helps to understand exactly what a “crypto deposit” entails. In simple terms, it’s like a regular old bank account – except this one holds your cryptocurrency instead of dollars. 

When you open a crypto deposit with The Kingdom Bank, you’ll get your very own secure digital crypto wallet set up to store your Bitcoin, Ether and other supported coins.

Think of it like a safe place within the bank’s walls (but in cyberspace instead of bricks and mortar) where you can keep your crypto keys protected by The Kingdom Bank’s technology and security protocols. From there, you’ll be able to access a whole new realm of possibilities for using your digital assets.

Can I Earn Interest on a Crypto Deposit?

Earning interest income is one of the main appeals of a standard savings account. The good news is that with certain banks like The Kingdom Bank, you can also earn interest on cryptocurrency deposits rather than just fiat currency.

Many traditional banks avoid cryptocurrency due to its volatility. But The Kingdom Bank recognizes crypto has become a legitimate investable asset class. 

We aim to provide the same services for crypto holders as any other clients. This includes earning compound interest directly on deposited coins without needing to sell for legal tender first.

Interest rates vary depending on market conditions and the type of currency in your deposit. For example, at time of writing The Kingdom Bank pays around 2% APY on USDT deposits. 

Either way, it’s a nice passive income without having to actively trade your holdings or worry about price swings eating into returns.

Interest is paid every 30, 90, 180 or 365 days depending on your preference and is credited directly back to your deposit balance in the same cryptocurrency. 

Over time, this can significantly increase your total coin count without any additional effort. For many crypto investors, earning interest is a much safer way to generate returns than gambling on short-term market moves. If that appeals to you too, open a The Kingdom Bank account today!

Can I Make Payments With My Crypto Deposit?

Once you have cryptocurrency on deposit at The Kingdom Bank, you gain the ability to directly utilize those funds for payments. This is a big advantage over simply holding coins in an isolated personal wallet. Let’s explore some of the payment options available with a crypto deposit account.

One way is paying merchants that natively accept cryptocurrency at the point of sale. Major online retailers like Overstock, Newegg, and Microsoft allow shopping with digital currencies. 

With a The Kingdom Bank account, you can checkout directly with deposited Bitcoin or another supported coin.

Another option is converting your crypto to fiat currency for traditional purchases. The Kingdom Bank enables swapping deposit balances between major cryptocurrencies and over 50 fiat currencies including USD, EUR, GBP and more. This makes deposited funds usable anywhere major credit cards are accepted worldwide.

You can also send cryptocurrency directly to friends, family or other The Kingdom Bank account holders. Just input their deposit address or mobile number and the transfer is instant. 

Likewise, deposits allow receiving crypto payments from external sources like an online freelancing project.

By depositing cryptocurrency with The Kingdom Bank, you gain the freedom and convenience to actually utilize digital assets for real commerce in addition to just holding as an investment vehicle.

Is It Possible to Trade With a Crypto Deposit?

While a crypto deposit primarily serves as a custodial account, The Kingdom Bank also empowers active cryptocurrency trading directly through deposited funds. 

This flexibility helps maximize the value of holding balances with them versus isolated personal wallets.

Within your The Kingdom Bank account interface, you’ll find built-in trading features allowing purchase and sale of over 10 supported cryptocurrencies with a few clicks. 

Trades are executed instantly at real-time exchange rates with no commissions or hidden fees.

Swapping between different coins provides opportunities to take advantage of short-term market fluctuations. 

For example, you may deposit Bitcoin but choose to temporarily trade into Ethereum if its price is rising faster in a given month based on technical analysis. Profits can be locked in by selling back to your deposit currency.

Alternatively, you have the option to trade in and out of more stable fiat currencies as well. If Bitcoin looks overvalued but you still want crypto exposure, simply swap it for USDT stablecoin deposits earning interest until conditions seem more positive to buy back in.

Can I Set Up Recurring Payments With Crypto Deposits?

Absolutely! Recurring payments are a fantastic way to automatically dollar cost average into positions over the long run.

Through its scheduling features, The Kingdom Bank lets depositors set up all sorts of recurring crypto transactions like clockwork.

For example, you can arrange to automatically purchase $50 of Bitcoin each payday by transferring funds from your bank account. 

Bills can also be paid in crypto on a schedule you determine. And for traditional expenses, recurring swaps of a set amount of crypto into fiat currencies make spending a breeze.

By taking the manual effort out of repeat buys, depositors gain powerful hands-free tools for convenient, long-term crypto accumulation right from within their accounts.

The Kingdom Bank crypto deposits unlock a whole new world of practical uses for digital assets. To learn more about the unique features, visit The Kingdom Bank’s website today. 

The future of finance is digital – don’t miss out on the opportunity to start exploring new frontiers with crypto deposits. 

Your funds stay securely banked while maintaining optionality for both long and short-term investment strategies as the digital asset space continues evolving.