The demand for crypto debit cards is rising. With this, blockchain companies are starting to release new debit cards with great benefits. If there is any tool that can help expand the use of digital assets in a world dominated by traditional payment methods, it is a crypto debit card.
What is a crypto debit card?
A crypto debit card is very similar to a debit card used for fiat currencies, but instead, the card is used to make purchases with your digital assets. Instead of drawing money from a bank, a cryptocurrency debit card draws crypto from your wallet. You can top up your card through your wallet and then use it to make purchases.
Cryptocurrency debit cards enable you to walk into any store, cafe, or restaurant that accepts cryptocurrency and pay with the card. If the business allows for cryptocurrency payments, all they need is a regular Visa or MasterCard machine and these will support the debit card.
Becoming more popular
The rise in cryptocurrency debit cards is a true reflection of how far the industry has come over the years. They enable users to pay for everyday things, and this is a massive step towards making cryptocurrency mainstream.
They help to attract more mainstream consumers due to their similarity to traditional payment methods. And as the world of crypto and blockchain evolves, it is understandable that people want to start using their digital assets to purchase goods.
Not only do they allow for the mainstream adoption of cryptocurrency, but crypto debit cards also have some great benefits. Crypto debit cards are naturally more versatile than ordinary debit cards as they can be used for both crypto and fiat currency payments. This means users can choose which type of asset they want to pay with.
Another great benefit of using crypto debit cards is you no longer need a Bitcoin ATM to convert your cryptocurrency into actual bank notes. With crypto debit cards, users are able to use any regular ATM to withdraw cash. This turns any ATM into a Bitcoin ATM and is extremely convenient for everyday users.
Cryptocurrency debit cards also allow you to make everyday payments easily. Doing this allows crypto users to have financial freedom with their spending, as these cards are accepted wherever traditional cards are supported. Before being able to do this, there was a massive restriction when spending cryptocurrency day-to-day as not many retailers accept crypto payments.
Types of crypto debit cards
As crypto debit cards become more popular, platforms such as BitPay and Revolut are releasing their own versions to get in on the action.
BitPay offers users in the US a convenient way to spend their crypto online and in-store. Their card is prepaid and is tied to any cryptocurrency wallet that supports instant conversions from Bitcoin and Bitcoin Cash to the local currency.
However, this card is limited to US residents only and there is a fee of 3% applied any time the card is used outside of the US. Similar to some traditional credit cards, there is a fee of $2 for withdrawing cash at an ATM.
If you are outside of the US and want to use a crypto debit card, then Revolut might be the perfect option for you. Revolut is a UK-based company, and for less than $16 a month users have access to five major coins, including Bitcoin, Bitcoin Cash, Ethereum, XRP, and Litecoin.
The contactless crypto card can then be used to withdraw cash at any ATM or alternatively be used anywhere that MasterCard is accepted. The card also has a fee-free policy on any withdrawals up to $600 per month.
Crypto debit cards will only become more and more popular over time. They are an easy-to-use, convenient way for users to spend their crypto daily, making crypto more mainstream and popular throughout the world.