Crypterium Reviews - What Is It?
DO NOT USE Crypterium!!! You Must Read This Review!
Fully Researched: Price, User Feedback and More!
Crypterium is a cryptocurrency "bank" that features Android app. The latter allows you to pay for things with your Ether or Bitcoin just like you would with cash. This company promises to solve the problem faced by many crypto owners: they can use their crypto to buy almost anything they want. The majority of retailers accept only cash through actual money, credit cards or debit cards. In this way, you cannot just go into your favourite local store and swipe your Bitcoin card when paying for items. Crypterium was founded by the team of guys named Vladimir Gorbunov, Austin Kimm, Gleb Markov, and Steven Polyak. These founders have backgrounds in different industries including peer-to-peer selling apps, mobile payment technology, lending, and payment services. It is known that cryptocurrency is still new to most American consumers.
According to 2017 Yahoo Finance article, 5% of Americans buy and sell bitcoin. These data don't represent all crypto owners since there are diverse currencies out there and people who own them are not necessarily traders. We talked to Austin Kimm, one of the bank's founders, to learn what exactly Crypertium does. According to his words, you can use their app can at stores that accept contactless payment only. Crypterium is a not a real bank, because you cannot go there and make deposits. What the company offers is an online wallet for your Ether or Bitcoin, two popular types of cryptocurrency. This allows you to buy, sell and store your cryptocurrency. Your wallet is like a checking account at a bank as you can use the cryptocurrency to make purchases but it is not available in cash. Most retailers do not accept cryptocurrency for payment. According to Kimm, Crypterium found a way to process cash payments. Let's see how it processes Crypto payments.
Customer Reviews - Does Crypterium Really Work?
How do transactions work and how is the company using the modern system to process crypto? As Kimm said, when you head to Apple to purchase an iPhone case, you insert your chip or swipe your card to make a payment. Then the company running the card reader provides your bank with the information, enabling the bank to check your account and ensure that you have enough money. After that the bank clears the transaction and sends the money to the retailer. Few people know that the payment goes into the retailer's pockets within two days after using your card. In the case of cryptocurrency, when you go to buy a $30 case for your iPhone, the transaction info goes not to the bank but to Crypterium. Your crypto wallet is checked to make sure that you have got money and, when they verify it, they clear the transaction and send the money to your retailer. This is an important step. Crypterium is paying the transaction with cash, but your wallet has crypto. How do they do that? Kimm explains that the system pays with cash anything you buy. They also withdraw the USD equivalent of the cryptocurrency you have chosen to use for payments. It means that Apple gets the $30 from Crypterium and the latter withdraws $30 worth of Ether or Bitcoin from your wallet. If you need to return the case, you can get cash for your return. Apple sees the transaction as cash, which is an important advantage. You can choose which crypto should be used by the company to make payments.
It is high time to take a look at the public opinion about Crypterium. The system's app has got a 4.9-star rating from 229 reviews in the Google Play store. Of those 229 reviews, 220 gave five stars. While some reviewers said that they were satisfied with this easy to use and fast servive, others faced a number of different problems. They confessed that the customer service representatives were unfriendly. Let us take a look at the actual customers' reviews available on third-party websites.
"Crypterium is a kind of generic. Their current video leaves much to be desired. It is a bunch of keywords. The product is poorly defined. I really wish them to have a better video. I am generally not satisfied with my crypto experience. I hope they will progress one day."
"Crypterium is another cryptocurrency payment system. It seems to be generic - its NFC based payment app processes payments over Visa/MC networks and charges users 0.5% fee. You should add to whatever the retailer charges. I don't see much difference from other payment systems in this field. The team is more focused on advisers. There is no real product to see beyond the video which could be faked for all we know."
"I rated the crypterium team with one star for a very simple reason. I saw a photo montage with Vitalik Buterin and Vladimir Gorbunov. This has killed the team's credibility. This fake photo was on the site. I do not recommend this project to anyone. It does not deserve anyone's attention."
My Final Summary
The major advantage of Crypterium is that crypto can be used your to pay for gas, groceries, and other items you buy on a daily basis. The company promises to provide you with a way to sell off that crypto via regular purchases. The major drawback of the app is that your wallet is limited to Ether and Bitcoin. Besides, you will have to pay a fee every time you purchase something. Remember that those fees are rather high if you are buying expensive items. You are going to pay higher fees to transact your crypto into cash. Another drawback is that the app is available for Android phones only. Unfortunately, conctactless payment is not universal in the USA. Some retailers feature POS systems that require inserting a card. It is up to you to decide whether Crypterium a good fit for you or not but if you own Ethereum or Bitcoin and you are looking for a secure way to shop with your crypto, this service may be useful for you. But if you don't have any crypto, we cannot recommend you Crypterium. Many users are not pleased with the work of this "bank". However, you can take a few minutes to read some basic information about cryptocurrency. You will learn when and why Bitcoin started, where you can buy, sell and trade crypto.
Crypterium Pricing and Rates
The basic way the company earns cash is by charging you 0.5% for every transaction you make. It means that if you buy a $1,000 TV, you will pay them a $5 fee. This 0.5% fee is the only real fee you will be charged but it doesn't mean that there are no other fees when you are making Crypterium transactions. As far as it is known, Crypterium buys as much of your crypto as many dollars you spend? It is like a currency exchange, and like with currency exchange booths, you won't get the best rate for your crypto. There are many cryptocurrency exchanges that set a dollar value to this or that cryptocurrency. Ether, for instance, will have different values based on the exchange you check. The company's reps consult many exchanges to estimate the average value of your coin which will likely be lower than what Crypterium could sell it for. This is another way how they make money.