While there has been a lot of growth and evolution in the space, one problem still exists, and that is the idea of usability. Many people who purchase or hold cryptocurrency are simply unable to use it for regular eve...
The cryptocurrency market has been rebounding quite nicely in the latter half of 2019. After a rough end to 2018 and the beginning of 2019, many crypto assets are now progressively growing in price. As you could likely imagine, this is pushing more people to become interested in the space or to come back to it.
Many people who purchase or hold cryptocurrency are simply unable to use it for regular everyday expenses, despite the fact they might want to.
You can’t just go down to the local market and pay for your groceries using your Bitcoin or Ethereum. Sure, some retailers and merchants accept crypto and have for years, but many others do not. This is inconvenient as it means the average person needs to take additional steps to convert their crypto to actually make it usable in different situations and scenarios. This liquidity and usability problem is one that has followed cryptocurrency around for years.
However, there is an advancement that is gaining steam in the crypto industry that could potentially solve this problem. Of course, we are talking about cryptocurrency debit cards.
A cryptocurrency debit card is a debit card that allows you to easily spend your crypto in more places with a simple card. It will look and be used just like a regular debit card, only you will be paying in crypto, essentially.
So how do these cards work? Well, most of them work by you simply pre-loading the card with a cryptocurrency like Bitcoin. From there, the Bitcoin that you topped up the card with will be exchanged to the fiat currency in your area. Some cards may exchange the currency once the transaction is made, and others might do it right as you topped up. Others might even link directly with your cryptocurrency account or wallet. Either way, your crypto will be exchanged into a usable currency to be able to make purchases.
Many of these cards are linked directly with Mastercard or Visa, so you don’t need to worry about them not working or not being accepted at most places. Also, there is an option for a virtual debit card if you just want to make purchases with crypto online. Of course, large fees and potentially long transaction times are still an issue plaguing many cryptocurrencies, but having crypto debit cards to expand usage is definitely a step in the right direction.
Yes, cryptocurrency debit cards are already in the market today. Many different crypto exchanges, companies, and providers (like Mastercard and Visa) have worked together to bring these cards to life. For example, Visa and Coinbase have recently partnered up to bring a card to the market.
However, this isn’t the only crypto debit card available to the public. There is a popular Litecoin Blockcard, a Cash Card from CashApp and many other card offerings from other companies including Wirex, TenX and so much more. So how do you go about getting these cards? Well, that will depend on what do you want to get. A simple Google search will reveal many different providers, each with their own rules and terms of getting and using the card. The process of ordering one will be simple and quick but may require you to verify your identity and provide a small payment.
Of course, as the interest in these cards (and the crypto market as a whole) grows, more and more cards will become available. More providers and companies will join the space, and competition is always good in these types of situations. These cards could end up being incredibly important to the cryptocurrency industry as a whole as it can help bring crypto more into the mainstream and help more people easily spend their crypto if they want.
With many different cryptocurrency debit cards out in the market today, and certainly more on the way, how do you choose the right card for you? Well, there are a few things to consider when making a choice. This includes fees, limitations or restrictions, and how available these cards are in your area or country. If they don’t work in your country, there is no point in getting one as it will hardly be usable. Some will also charge an initial fee or a recurring service fee, so keep that in mind as well.
Next, you need to look at which cryptocurrencies the card supports. If you only have Bitcoin or only have Litecoin, you need the debit card you select to work with your preferred cryptocurrency. Also, look at which company or provider that they work with. Generally, finding one that is a Visa or Mastercard is usually a good idea to ensure they work in most stores and with most merchants.
Also, security is a huge concern in the crypto space and this is no different compared with the debit cards. You need to make sure providers take security very seriously, to ensure you and your crypto is protected. Another thing worth thinking about is how long it will take you to receive the card. Getting a card from certain providers can often be a long process, sometimes taking upwards of a month or two.
In conclusion, we hope that this article has helped you to understand a little more about cryptocurrency debit cards and how they work. They provide a great way to spend your cryptocurrency on day-to-day expenses if you choose so, which is something people wanted for years.
They still have ways to go before they are perfect, but they should continue to improve over time. Of course, be sure to complete your own independent research on these cards to ensure they are right for you before going out and getting one.
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