Business 25 May 2018Gerald Fenech
Why crypto debit cards are the way forward for mainstream adoption
As the cryptocurrency space becomes ever more popular, there are several ways and means for these currencies to become mainstream. One of them is the crypto debit card, which allows you to use your crypto funds in the same manner as if they were in a bank account. You can purchase online, use it at a store, or even perhaps pay your restaurant bill. This kind of card could also break down some barriers for traditionally minded users who find crypto bewildering.
There are currently quite a few companies that offer crypto debit cards, such as those listed at Cryptoslate including such luminaries as Cryptopay, Fuzex, and MoxyOne. One of the most innovative cards is the Bitcoin Cash Visa debit card, which offers extremely good payment options as well as low fees. UK-based online banking giant Revolut is also offering a crypto debit card where you can use your crypto debit card with BTC, Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC).
Another card which really provides a whole slate of payment options for crypto users is Wirex, which allows users to manage not only their U.S. dollars, euros and UK pounds, but also BTC and LTC. Similar to Revolut, all you have to do is open a free account, fund it, and hey presto you’re working with crypto.
It’s worth noting that of all the cryptocurrencies available today, Bitcoin Cash is, by far, the only network capable of handling the levels of transaction volumes supported by the VISA network. Currently, there are more than 100,000 merchants that have moved towards accepting payments made with Bitcoin Cash, the most recent of which was luxury crypto concierge The White Company.
It’s pretty obvious that the main barrier to traditionally minded people adopting the cryptocurrency payment method is the technology involved. With cryptocurrency debit cards you can spend your digital assets in an exactly the same way as you would spend your fiat. And it also makes the act of spending your cryptocurrency quite a pleasure—it adds a kind of ‘oomph’ to the whole business. You don’t have to stay searching for your wallet addresses or keys as the payment card technology can handle all that. Additionally, there has long been an interest from cryptocurrency holders who would much rather spend their holdings instead of having to convert them on an exchange. The adoption of these type of cards could actually bring cryptocurrencies to the mass market.
One has to admit that cryptocurrency payment services are still in their infancy, but cards like the Bitcoin Cash Visa card, Revolut, Wirex and TenX could change all that. You can keep track of your cryptocurrency payments and enjoy peace of mind since you know your funds are safe. And, of course, there are a host of other crypto debit cards which use other cryptocurrencies.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
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