The cryptocurrency industry continues to grow with each new technology. Even if the government of many countries hasn’t yet recognized cryptocurrency as an official means of payment, it’s obvious that it has a huge potential. One of the biggest news related to the cryptocurrency world is the emergence of crypto debit cards, which have forced many vendors to join this modern sphere.
A crypto debit card provides the same functions as a regular one: it allows people to withdraw money and make various purchases. The main difference lies in the money used— in this case, not fiat but cryptocurrency is debited.
What Can Be Crypto Debit Cards Used for?
In fact, such cards are a universal option, so they can be used for two main purposes:
- converting cryptocurrencies to fiat money, — this greatly simplifies the lives of both suppliers and users;
- cash withdrawal, — with this plastic tool, customers can withdraw cash from all the nearest ATMs without having to look for an exchanger separately or Bitcoin, for example.
These two features are proof of how close the future, that will be free from public administration, is. Not to mention that there are no country restrictions for these cards. They can be used in tens of millions of stores and ATMs around the world.
Features and Benefits of Crypto Cards
In addition to working with crypto assets, these new debit cards offer many other benefits, such as:
- lower annual fees;
- no currency exchange fee, — it’s charged only by suppliers of the selected payment type (for example, Western Union);
- cashback rewards, — up to 5% of the transaction amount;
- using multiple currencies with one card, — so that any client can easily choose the most convenient one.
Since this area is very promising, the number of issuers is increasing. That’s why it’s important to choose the service carefully so as not to stumble upon scammers.
Choosing a Cryptocurrency Debit Card
Although the final choice of a debit card depends on the individual user, these number of factors should be taken into account when choosing a card and/or service provider:
- jurisdiction, — users should double check that their region is supported by the debit card provider, and also remains in the regulatory area, and strives to be aware of any changes in the country’s legislation;
- ease of use, — cryptocurrency cards should be easy to use, however, financing options, fees, and spending limits can complicate the process;
- commissions, — users should carefully familiarize themselves with the tariffs and limits on the issuer’s official website, because due to high fees, it may not be profitable to use a crypto card.
An increase in the number of providers accepting cryptocurrency will definitely make blockchain technology more popular, increasing its usability. At the moment, more and more new users are coming to the market, and they are all satisfied with the service and its convenience!
