00:03there are new services on the rise that are making spending cryptocurrency easier for day-to-day
00:09purchases right now people are only allowed to hold their funds in a digital wallet and they
00:15can spend it how they would regular money according to nerd wallet cryptocurrency debit cards are
00:21probably the main benefit of this kind of banking because they allow you to use your crypto balance
00:26to make everyday purchases or withdraw cash instead of keeping it as an investment but to
00:33spend crypto like regular money you have to accept the fact that its value could go up or down after
00:39you spend it according to bloomberg say you bought a five dollar item and the value of the coin doubled
00:45after you bought it you would have paid ten dollars for it but if the coin goes down then the
00:51purchase
00:51becomes a good deal people should also be aware that using crypto to make everyday purchases is
00:57considered a taxable event by the irs since the card holder is technically selling crypto to make a
01:04purchase some debit cards automatically give you a 1099 form to file taxes with but it's a good idea to
01:12keep track of your tax liability
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