Roger Ver, CEO of Bitcoin.com sent Bitcoin fans on social media into a frenzy when he tweeted that Bitcoin.com will soon be bringing in a VISA Bitcoin Cash debit card.
At the time of writing, Roger’s tweet received well over 4000 retweets.
Bitcoin Cash is re-enabling an eco-system BTC once had, that is now lost to excessive fees, network congestion, and unreliable confirmations. Some payments, never even end up confirming…
Interestingly, Bitcoin.com is picking things up where BitPay may have…
BitPay has for a while now offered BTC backed VISA Cards to customers, but lately, small purchases have become shockingly questionable. With BTC network fees now nearing an average $30 USD, one would have to think twice before making any sort of small payment. The only incentive right now in holding a BitPay of this nature is that BTC price is still on a big uptrend. For the moment, the hype cycle allows a user to potentially recover any lost gains on fees just with the rising price alone. The real question is, what happens when the market reaches the next stage of the cycle, and we enter a bear market…? Markets move in cycles, particularly Bitcoin, we know this. Sure – the trend is generally up, but we do also have winter periods… The question is what happens then, when a user is losing fees on both ends, the fees, and the dropping price? I dread to ponder.
Bitcoin.com has taken initiative here, and the magnitude of the response on social media is telling. There’s a huge business opportunity here, and Roger Ver’s company will be rewarded.
How does a VISA Bitcoin Cash debit card work?
Although Bitcoin.com has not made the details public, it is safe to assume that it would work no different to BitPay’s Bitcoin card. That is, a simple four step process. Like any debit or credit card, a customer makes the order and activates the card. Next you are able to load up your card with dollars using Bitcoin Cash. These can then be spent anywhere that accept VISA – which is quite literally, most places these days.
So the debit card pays in fiat… doesn’t that go against the Bitcoin Cash vision?
It does, but this is also a necessary transition period. Until the eco-system is mature enough, most merchants won’t want to, nor have the capacity or capability as yet to accept Bitcoin Cash payments. This issue isn’t exclusive to BCH, it affects all cryptos. The VISA Bitcoin Cash debit card enables any holder to pay almost any merchant, by providing a gateway to the fiat world. There is nothing unusual about; today, even with the more mature BTC crypto, many merchants, exchanges and the like, provide a layer to move between fiat and crypto. Only when one currency becomes the dominant, can such tools enable direct payment in their native currency (in this case BCH). Transitional periods require transitional changes. And this is absolutely a step in the right direction.
What does this mean?
Bitcoin Cash has recently been getting wave after wave of positive news. The SBI partnership with nChain to bring BCH to the mainstream, the recent CNBC segment highlighting Bitcoin Cash’s ambitions, and now Roger Ver’s own charge into enabling Bitcoin Cash payments to the mainstream world. Bitcoin Cash is on an undeniable trajectory of mass adoption. While BTC continues to gain on hype, BCH continues to build an incredible foundation, just waiting to catapult to greatness.