Bitspark works by providing easy access to buy and sell cryptocurrencies with cash but how do we do it? Let's go through how a dollar travels with Bitspark!
We like to describe ourselves like an end-to-end ecosystem where every part of your transaction is looked after under Bitspark, making it much easier and cheaper for you to transact with crypto. This means from cashing in your money to buy cryptocurrency, to sending, exchanging, receiving and cashing them out, you are able to do completely with Bitspark web platform or app.
How cash in and cash out works
We have world wide cash in and cash out locations that provide convenient deposit and withdrawal methods for customers. These cash points range from being Bitspark agents, shops and vaults who help as deposit and withdrawal locations for your cash or crypto, to third party providers like banks or payment providers.
Once you have an account on Bitspark you are able to pick which deposit or withdrawal options are best for you within the product. A great feature is that you're able to withdraw your balance in cash to yourself or friends and family even if they don't have a Bitspark account.
Unless you have deposited with cryptocurrency (bitcoin, ethereum, bitshares or zeph), you will be given a stablecoin balance for your cash deposit. Stablecoins are unique to Bitspark's system having been the first in the world to release stablecoins and providing the most stablecoin access in the industry.
Stablecoins are cryptocurrencies which are tokens of national currencies. They provide all the benefits of cryptocurrency but maintain the stability of national currencies. It's an excellent way for customers to hold balances and avoiding volatility before exchanging, sending or receiving transfers. Think of your account as a wallet where you can keep multiple cryptocurrencies and stablecoins balances to transact with.
Sending and Receiving
Once you have an account balance of crypto or stablecoins you are then able to send and receive these balances. You can send balances to friends and even receive transactions from others.
You are also able to exchange cryptocurrencies and stablecoins on the exchange page. This means you can exchange between cryptos, between stablecoins and even exchange between stablecoins and cryptocurrencies allowing easy flexibility between swapping balances on your account.