The Complete Guide to Crypto Cards
No other development has had the power to challenge traditional finance and dramatically alter the way people transact as the emergence of cryptocurrencies and digital currencies based on blockchain technology. As these are gradually gaining momentum and enjoy increased popularity, rapidly becoming mainstream and considered as a safe, viable and credible alternative to fiat currencies, the number of solutions available to the public increases exponentially. Crypto lending, decentralized finance methods and stablecoins are all manifestations of how traditional financial activity is set to be disrupted by new technologies.
However, perhaps the single most powerful way which shows the huge capacity of cryptocurrencies to challenge traditional finance and fiat currency usage, is the recent emergence of crypto cards, which are seen as an attractive and exciting new development, which further aids the usage of cryptocurrencies as a transaction method to become more mainstream. This present post serves the purpose of being a trusted guide for all those interested in the wonders of crypto cards and the multiple capabilities and advantages offered through their usage.
Find out all there is to know about online Bitcoin Debit Cards and begin your journey in this booming niche of the financial world today, armed with confidence and solid knowledge.
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What makes Crypto Cards so cool?
The usage of cryptocurrencies per se, as opposed to fiat currencies, is obviously beneficial for consumers and businesses alike and this is why an ever-increasing number of businesses have long started listing cryptocurrency payments as an accepted means of transaction. Not being able to use one’s crypto assets in order to fund your regular, day-to-day expenses and transactions is not a thing of the past and the emergence of crypto cards has contributed greatly to eliminating the previous complications and complexities associated with receiving and submitting payments through the use of digital currencies. The COVID-19 pandemic and the ensuing crisis has given an even greater impetus to digital payments, and these are quickly becoming the preferred, easiest and safest method to perform transactions and crypto cards are making it all simple and straightforward.
The Origins of Cryptocurrency Debit and Credit Cards
Being able to use their crypto currencies to pay for goods and services has been high on the priorities list of crypto enthusiasts ever since the emergence of the first cryptocurrencies, as these were envisaged to become proper alternatives to fiat currencies. This however was not possible for a long time, since cryptos had to be converted into fiat money through third-party platforms before they could be used as a means of payment. This process was time consuming and tedious and thus inconvenient for day to day transactions. To solve this problem and bridge this gap, cryptocurrency credit and debit card services were originally launched by popular crypto platforms, such as Revolut and Bitpay, as well as by Coinbase, through the launch of their Shift Card, which deducted the value of purchases made from one’s current crypto balance on Coinbase. These initial efforts however came with a lot of restrictions, such as low maximum daily spending caps and very low ATM withdrawal limits, coupled with high associated transaction fees, which put many crypto enthusiasts off the usage of such card services. Today however, growing demand for convenient debit and credit card crypto services, has resulted in the emergence of several crypto cards, which are easy to use and offering an improved level of services with far lesser restrictions and lower fees.
How Do Crypto Cards Work?
Other than allowing crypto holders to pay for their daily purchases of goods and services using their digital coins without having to convert them into fiat money first, crypto cards largely have the same functions as traditional debit and credit cards. Nevertheless, some providers also allow the cardholders who wish to do so, to instantly convert crypto into fiat whenever they use their crypto card to make a payment. Crypto cards utilise the already existing Visa/Mastercard infrastructure and stand to benefit greatly by the fact that nowadays and especially due to the pandemic crisis bank card terminals are installed in most shops around the world, and are rapidly becoming the preferred payment method for most consumers. Efficient and discreet conversion into fiat by the card provider results in a payment process that is seamlessly integrated.
Crypto Cards: who are they for?
Though nowadays obtaining a crypto card is really easy and their usage is so similar to the usage of traditional bank cards, it is true that cryptocurrency debit cards and credit cards have not gained the popularity that one would have anticipated and the main obstacle to them becoming truly mainstream are perhaps cryptocurrencies themselves. The hurdles pertain primarily to long confirmation periods, of several minutes for each transaction and the height of the pertaining transaction fees, especially for Bitcoin transactions, which render the use of Bitcoin crypto card payments unwise for everyday transactions of small amounts. This being said, other cryptocurrencies, such as Ethereum for example, can be used for lower fees and at faster confirmation times. The heavy usage of crypto cards is better suited to crypto enthusiasts who already hold considerable assets in crypto and the use of a crypto card allows them to avoid the middleman when it comes to converting their crypto into fiat before they pay for their purchases.
The pros of Crypto Credit Cards and Debit Cards
Besides offering similar functions to those of traditional debit or credit cards, crypto cards actually come with some distinct benefits, which in fact address and resolve some of the problems faced by users of traditional bank cards. The main advantages of crypto credit and debit cards are:
- The ability to gain access to different currencies with only one card
Cryptocurrency cards come with the obvious comparative advantage of giving you access to both fiat and crypto assets at the same time and through the same one card, which means you only need one card to make all your payments and do not need to switch between cards depending on whether you choose to pay in fiat or crypto.
- Low or even no annual fees
Another potential advantage of crypto cards over traditional bank cards emerges from the fact that unlike many banks that usually charge high annual fees for the usage of their debit or credit card services, crypto card users may well see all their fees waived, provided they spend pre-set amounts within a specific financial year.
- Hassle free payments with your crypto assets
The main appeal of digital assets is how truly lucrative they can be. Attracted by this many have managed to make profits but were not able to use their cryptos to pay for their daily life transactions. The best thing about crypto cards is that they allow crypto holders to be able to pay for the goods and services obtained with their crypto without the hassle or fee of having to convert their cryptos into fiat money first.
How can you get a Crypto Card?
The crypto industry nowadays includes several providers offering both debit and credit crypto cards. The process of obtaining a crypto card is fairly easy and straightforward and usually merely entails that you apply for one by registering on the card provider’s website. However, since the blockchain technology field is also already regulated by watchdogs and national governments, you will still need to complete a verification process and provide proof of your identity to be able to complete the process and get hold of your first crypto card, which is usually obtained either for free or at a very low fee.
The future of crypto cards
The once huge gap between traditional finance and the cryptocurrencies world has narrowed down greatly since the emergence of cryptocurrency debit and credit cards and this trend is set to continue as the usage of such cards and payments made in crypto become more mainstream. This new landscape is packed with opportunities for the future of the crypto card industry. With this in mind, it is safe to argue that the crypto cards future is both promising and rosy, as with more cards being launched and with additional services being offered, such as cashback rewards, it is expected that the crypto industry will be further empowered and boosted through the increased usage of crypto cards, which will gain further popularity and render cryptos as a true alternative to fiat currencies.