Bitcoin is hard to spend. A great investment, but notoriously difficult to use when making a purchase. Or it was, that is…up until now. Now, as Visa forms partnerships with companies such as Coinbase, the horizon of bitcoin spending is much brighter. Using blockchain technology, Visa allows you to spend out your cryptocurrency account using a debit card just like you would any other. So, instead of selling your bitcoin on an exchange, withdrawing fiat currency to your bank account, and then spending it…Visa does the exchange which allows you to spend bitcoin freely and instantly.
What Is a Cryptocurrency Debit Card?
A cryptocurrency debit card is almost exactly the same as your regular debit card. The only difference is that you use them to deposit and withdraw bitcoin and other types of cryptocurrency. The cryptocard will convert the currency for payment of goods and services or you can transfer it into a fiat account that is designed just for payments.
The Debit Card for Cryptocurrency.
Having a debit card tied to your cryptocurrency wallet offers you an excellent opportunity to spend your digital money. Basically, with cryptocurrency debit cards, you can spend it just like cash. Wherever Visa is accepted, so is your ability to spend your cryptocurrency. Here are some popular options that allow you to link a debit card directly to your crypto account.
Blockcard is a physical debit card that allows you to spend cryptocurrencies anywhere in the world where major credit cards are accepted. They are in the process of developing a mobile app that lets you buy, send, store, track your cryptocurrency, and more. All you have to do is fund your account with BTC, BCH, LTC, ETH, XLM, and TERN and you will be ready to spend.
Paycent is a card which enables people to converts crypto coin into fiat which can then be spent in brick and mortar stores, to withdraw cash from the ATM, and spend online with merchants. They also offer a loyalty rewards program which gives you cashback for each purchase. Paycent also offers a hybrid app designed to bridge the gap between digital currency and fiat where you can manage, transfer, and pay using multiple currencies through your smartphone.
Based out of the United Kingdom, Cryptopay allows you to convert BTC into USD, EUR or GBP. You can also send bitcoins to friends, shop, and withdraw at ATMs.
Wireex Card allows you to buy, store and exchange 8 digital and 10 traditional currencies from anywhere in the world. You fund your accounts using a debit or credit card, bank transfer or crypto and instantly exchange between crypto and traditional currencies. Wirex Card also has a cash-back program where you pay something in-store and then get 0.50% back in Bitcoin.
Bitcard is a little different as you don’t need to have a bank associated with the account. This allows you to make anonymous payments if that is what you choose. They even have different levels of anonymity to the point where you don’t need to provide any documentation of who you are to get a card.
The future of cryptocurrency debit cards remains unknown but experts are optimistic. They believe that because the debit cards allow the user an easy integration of their cryptocurrency, we can expect them to continue to gain in popularity and become more mainstream.