This is the Much Bitcoins your one dollar bill can buy today
16.08.2022
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Bitcoin stands tall in the long list of cryptocurrencies that continue to change the nature…
Crypto Debit Cards: How They Work and Why You may Need One
Cryptocurrencies are touted as and actually get their selling point from giving back control of finances to the actual owners. Fiat currency, according to crypto proponents had the shortcoming of vesting so much control on the existing banking system thus almost leaving customers at their mercy. Just to mention, cryptocurrencies run a distributed ledger which means that an individual owner can directly and actually control transactions that happen in real time.
WARNING: Investing in crypto, or other markets, can be of a high risk for your savings. Do not invest money you cannot afford to lose, because there is a risk for losing all of your money when investing in crypto, stocks, CFDs or other investments options. For example 77% of retail CFD accounts lose money.
For anyone who has bought the idea and got intrigued with the proclamations that cryptos offer a fully c=virtual means of owning money, the mention of crypto debit card can be a little confusing. What most of us know is that credit or debit cards are associated with fiat money. Nonetheless, crypto debit card isn’t a derogation of the esteemed status of virtual currencies. If anything, the card aims to make cryptos as accessible and useful in daily lives as possible.
Quick initial points about crypto debit cards
The crypto world is moving so fast? It has introduced different things in the past including using crypto to make a payment to your travel destination. Now, crypto debit cards are introduced. Is that not a good innovation for crypto investors? These innovations have been very helpful for the people who have invested in cryptocurrency.
The crypto debit cards can help you as a crypto owner to assess your assets for real-world purchases. Besides, they have developed fertile ground for budding and new crypto enthusiasts. The cards give you an opportunity as an investor to earn or even spend online and in the stores. These cards have more benefits as compared to traditional debit cards.
The Way Crypto Card Works
The crypto exchanges, as well as start-ups, offer crypto cards. These cards just work the same way the traditional payment card works. When you as a trader make a purchase with a crypto card, the transactions are carried out in the traditional processing networks. The networks include Mastercard and Visa. It means that crypto cards are accepted anywhere that accepts traditional payment cards.
The Benefits of the Cryptocurrency Debit Cards
The first advantage is that it cuts the card costs. The debit cards eliminate some of the unpleasant fees linked with bank-issued debit cards. Most of those cards do not have any monthly maintenance fees, transaction fees, and foreign exchange fees. Besides, for some of the cards, if you maintain a certain account balance, they waive the monthly fees.
Crypto reward is another important benefit. The traditional debit cards do not provide any cashback. However, credit cards do offer 1% to 3% cash back on spending. The good thing about the crypto debit card is that some give rewards in form of cryptos. This is a great way of passively adding to your portfolio.
The crypto debit cards give you the opportunity of switching between currencies. For instance, cryptos enable you to access both fiat and digital currencies. This means that a user does not have to switch between cards in making payments in the varied local currencies.
The last advantage is security. The crypto debit card incorporates advanced security measures in protecting your transactions as well as digital assets. The cards further have 2-factor authentication, round-the-clock fraud monitoring, and 256-bit encryption. In addition, there is the option of unfreezing or temporarily freezing your debit card in case you detect any unrecognized transaction.
The Top Cryptocurrency Debit Cards in the Market
The top advantages of debit cards include supporting multiple crypto assets like Litecoin, Ethereum, and Bitcoin. The other pros are robust security, mobile accessibility, and cash-back rewards. Some of the top crypto debit cards include Coinbase, Wirex, and Binance.
Coinbase Debit Card
The Coinbase debit card is meant for Coinbase account users. The card supports over 100 cryptos across the globe. The debit card provides world-class security using two-step verification, instant card freezing as well as PIN protection in securing crypto.
Through the Coinbase debit card, a trader can make offline and online transactions. They will then get cash from any ATM accepting Visa transactions. The good thing about this type of visa card is that it can be accepted anywhere Visa is accepted. In addition, payments can be made using different crypto wallets. Unfortunately, it has a limitation in which a Coinbase account is needed before owning it.
Crypto.com Visa Debit Card
The Crypto.com Visa Debit Card is a prepaid card. The difference between it and a debit card is that while a debit card is linked to your account, prepaid cards should be topped up. Before making an application for this type of visa card, you should stake CRO tokens for about 180 days.
However, you first need to sign up for Crypto.com and even complete KYC verification. The next step is to purchase CRO tokens and then deposit them in your crypto wallet in the application. To top your card, you can use a Fiat wallet or even a debit or credit card.
Wirex Visa Debit Card
Wirex Visa Debit Card merges crypto assets and fiat currencies in one platform. It supports over 150 cryptocurrencies including Bitcoin and Ethereum. Apart from that, it supports over 160 fiat currencies like USD, CAD, BGP, and AUD.
The platform supports three plans including Elite, Premium, and Standard. You may earn about 2% crypto back depending on your plan. The advantages of Wirex include no issuance or even monthly fees. Also, there are cashback and referral bonuses and it supports several currencies. Wirex provides up to 16% interest on the balance and automatic FX transfers and exchanges. Unfortunately, you need to have a balance in Wirex tokens for rewards.
Binance Visa Card
Binance was introduced in 2020. This is after the company partnered with Swipe in launching a Visa card offering 8% cashback. The good thing about the card is it has no issuance or even monthly costs. Besides, Binance just charges a 0.9% transaction fee for ATM withdrawals and transactions. However, you should remember that in some cases, the ATM charges an additional fee.
Furthermore, the Binance debit card covers crypto on demand. Even with the mentioned benefits, it has some limitations. One of them is that it is just available in Europe. Another con is that the balance which is in the Binance crypto is needed for the cashback rewards.
Outlet Finance Debit Card
Outlet Finance Debit Card was launched in 2022 March. It is believed to be the best crypto debit card for non-custodial wallets. This is because it is one of the few accounts that make you have complete control of cryptocurrency.
As a trader, you have full custody of your account. You do not have to worry about any third party which may prevent you from accessing your funds. Through the card, you can spend about $5000 per week. Also, you may deposit about $25,000 weekly and $20,00 per month.
BlockFi Bitcoin Rewards Credit Card
BlockFi is among the top firms to offer a Visa card offering Bitcoin cashback for all purchases. As a cardholder, it earns you rewards in form of Bitcoin. Later, this is added to your BlockFi interest account. Through this, you will commence earning interest immediately.
BlockFi card is the same as that of the visa cards. The card can be utilized in making purchases where Visa is accepted. Additionally, the card offers 1.5% cashback on each purchase. This is then converted to Bitcoin then deposited in your account. The first three months of owning the card may earn you a 3.5% bonus cashback to a maximum of $100. The other good things about BlockFi are no annual fee and foreign transaction fee.
BitPay Debit Card
BitPay Debit Card supports about seven cryptos such as Ethereum and Bitcoin plus six distinct fiat currencies. It can be used in making cash withdrawals for the ATMs accepting Mastercard. The card rewards referrals. For instance, if you refer your family or friend and the person deposits $100, you will get $10.
Bitpay has enhanced security just like the other crypto cards. These include an EMV chip as well as options for locking your card and controlling the way you spend your money. On a daily basis, you can load or even spend $10,000. Also, a maximum balance of $25,000 should be maintained.
