The financial system has changed since cryptocurrencies have become widely used. Most businesses —small, medium, and large enterprises— have advanced and are starting to accept cryptocurrency as payment for their products and services. This has made it feasible to access different services in various regions and made it possible to conduct cross-border transactions without paying high fees.
Although cryptocurrency is yet to be established as a mainstream payment method globally, it has become a daily payment alternative for most of us. So, rather than having all of my revenue in my local currency and incurring income tax, bank fees, and other taxes unique to the traditional system, I convert a small percentage to fiat to carry out basic operations within local establishments that do not accept crypto as payment.
Using Cryptocurrency For Daily Transactions
Since cryptocurrency functions as both a store of value and a medium of exchange, it became a valuable financial tool for my daily transactions. To begin, I use cryptocurrencies as a payment method for all of my online transactions. As a result, using my crypto possessions to make payments for services like mobile top-ups, booking hotel and flight reservations, online shopping, and other digital product purchases all works seamlessly.
Interestingly, using cryptocurrency allows me to avoid paying a significant amount I would have had to pay if I had done similar transactions in my local currency. For example,
- I don't have to pay local taxes when booking my flights.
- I don't pay any processing costs when I pay my phone bills.
- On e-commerce websites, I don't have to pay third-party online payment processors.
- I don't have to worry about international conversions when making foreign purchases.
All these and many more of my transactions are entirely done utilizing cryptocurrency. In fact, some brick-and-mortar stores in my neighborhood have begun to accept cryptocurrencies. As a result, there's little or nothing that can't be paid for using the revolutionary currency. Indeed, crypto is the future and solution to all payment concerns.
Tax Reduction With Cryptocurrency
Interestingly, since cryptocurrencies are decentralized and not supported by a centralized authority or a government, they are uncontrolled, and a central bank does not guarantee their supply. As a result, many of the taxes associated with traditional payment systems are avoided when utilizing cryptocurrencies. Unfortunately, paying taxes is a necessity. For instance, when I make a profitable trade, I pay capital gains tax on my profit. Likewise, when I exchange a crypto asset for fiat currency, I pay income tax on the transaction. However, sales and value-added tax are reduced or eliminated when I make purchases with my crypto assets.
However, despite the technicality and complexity of cryptocurrencies and blockchain technology, using cryptocurrency for payments is relatively simple. All I needed was a crypto wallet to provide me with the best experience possible.
Processing Payments With Cwallet
As previously stated, a crypto wallet is required to properly use cryptocurrency to make both local and international payments. However, with hundreds of crypto wallets in the crypto space, I found Cwallet the best because it combines the functionality of custodial and non-custodial crypto wallets.
The Cwallet serves all my needs in a single platform as it supports multi-currencies and allows sales and purchases with any crypto asset of my choice from the range of 800+ crypto assets available.
Using the Cwallet has no transaction fees, and I don't have to copy long strings of addresses when paying for services because the platforms accept QR codes. My payment is complete with just a scan.
Surprisingly, I saved 20% of my income by using the Cwallet service instead of paying with fiat money to service payment merchants. This considerably aided my finances and the lower tax I spend on my everyday cryptocurrency purchases. Among other benefits are;
- Zero transaction fee: this is the most significant benefit, as there are no charges on withdrawals or deposits, and all transactions are processed at no cost.
- Instant transaction: using the Cwallet instantly reflects payments without any fees charged.
- Investment opportunity: my crypto holdings may increase in value, allowing me to enjoy capital gains without paying taxes on my investment.
Opening the Cwallet account is straightforward. There was no time-consuming sign-up process, KYC procedure, or other unnecessary verification processes. Only by linking my social platform can I access the one toolbox that offers multiple solutions.
You can't go wrong with using the Cwallet Tool for your daily transactions. It is easy, instant, and secure. In addition, you can get a Cwallet account with your mobile number or third-party networks such as Twitter, Telegram, Discord, and Reddit to save money on transactions and taxes on your daily expenses.
Cwallet does not charge any deposits, withdrawals, and token swap fees. Therefore, using this wallet is absolutely FREE!
So, what are you waiting for? Download Cwallet NOW.