The cryptocurrency debit card is a world on its own. It has revolutionized the crypto world. The old
system of converting your cryptocurrency into Fiat before spending it is becoming tedious and that is why the crypto debit card is
becoming our system of bailout. Now, it is possible to swipe a Debit card and pay for your goods and
services directly from your crypto wallet.
Is that not interesting? Let’s unravel the following in this article
How Crypto Debit Cards Are The New Way To Spend Your Cryptocurrency
Knowing vividly that one of the essences of possessing something is to use it to our advantage, thus
Crypto debit cards serve that purpose by bridging the gap between Fiat currency and cryptocurrency,
these enable you to spend Crypto in stores, shopping, eateries, online, and even at ATM
The cryptocurrency debit card can effortlessly replace a traditional bank account or credit card and it
works similarly to a debit card.
Read Also: How To Buy Altcoins With A Credit Card In Five Easy Steps
It will simply work by having Litecoin, ripple, BNB, Bitcoin, etc on your card, after that, you will now use it to perform your transaction. Be it Visa or MasterCard payments.
These developments implored that cryptocurrency can be used to pay for goods and services online and
even from retailers in person.
Another possibility is that it can be used as a Crypto off-ramp most
especially to withdraw cash from an ATM outlet.
Simplifying How Crypto Card Works.
The principle of its working dimension is similar to that of other debit cards we are accustomed to. It
involves you loading cryptocurrency into your wallet and then spending it via a linked exchange.
Bi-ways of achieving this
- It is done directly from your digital wallet to the card’s balance, and the card provider is also the
required exchange. - It can also be achieved by using a third-party exchange service. These convert the cryptocurrency into
Fiat money Or currency and deposit it into your bank account which you can now use your bank card to
withdraw.
Read Also: How To Choose The Right Crypto Wallet: Total Guide
The Importance Of Cryptocurrency Debit Card
Knowing fully well that cryptocurrency is a legal tender anywhere that a credit card is accepted, then the
a merchant needs not create extra capacity to accept BTC or other cryptocurrency digital assets.
Thus it brings about convenience since you can use your cryptocurrency anywhere and anytime.
Another factor to consider is the high charges on Fiat currency compared to cryptocurrency which is
significantly low.
The setup of this account does not have any minimum balance requirements. It only requires BTC or any
other altcoin on your wallet which will then be linked up with the service the provider has offered.
Where To Get a Cryptocurrency Debit Card
- Clubswan
It has to do with travel and concierge membership platforms.
Upon signing up, you will get facilitation for travel. Also, a metal card will be given which will help you to
hold and spend cryptocurrency. It is available for global usage.
Coinbase does offer a visa- a branded debit card that enables you to spend your Ethereum, and Bitcoin anywhere Visa is accepted.
Interestingly, using the crypto Debit card enlist you to withdraw from ATMs worldwide.
Founder
Tony Gallipi and Stephen worked together in 2011 to enable merchants to easily accept Bitcoin as
payment for goods and services provided within their business model. Which has now been Incorporated
Bitcoin debit card.
Read Also: The Differences Between Fiat Money And Cryptocurrency
Disadvantages of cryptocurrency debit card
The cryptocurrency debit card is not widely acceptable all over the world in essence, it is available in few
countries of the world.
For instance, the BitPays Visa card is only available in the United States of America while Coinbase's Visa card is in use in the United States of America and Europe.
Which serves as a limitation to other continents in exploring the endless
possibilities available in cryptocurrency debit cards.
It also comes with the limitation of having a set target withdrawal limit on a monthly basis. Although
the limit varies by provider therefore check for adequate information from your provider to know the
exact limit.
Final Note
It is worthwhile to note that cryptocurrency debit cards make spending cryptocurrency effortless, these
cryptocurrency debit cards can be used to pay for travel and buy goods in-store and online.
The basic requirement is to link a card wallet with a wallet that supports cryptocurrency.
Also, you might not necessarily need to convert your cryptocurrency into Fiat before making expenses.
Thus you spend from your wallet directly.
I hope you will explore the full functionality of cryptocurrency debit cards soon.