crypto payment cards
6 min reading
Obtaining cryptocurrency as liquid cash.
Are there crypto payment cards?
Just as there are payment cards in centralized banking systems, there are also cryptographic payment cards for purchases and other needs. The Bitcoin debit card, for example, allows people to shop online. Individuals also have the opportunity to withdraw money from ATMs, even if the latter does not accept cryptocurrency. Instead of converting these bitcoins to local currency, cardholders simply fund their debit card with cryptocurrency, which is automatically converted at the time of purchase. In fact, cryptocurrencies use different existing debit cards. Well-known are such cards as Coinbase, BlockCard, Wirex, BitPay, Bitwala, Binance, and many others.
Please note that each cryptocurrency debit card is different depending on the cryptocurrency supported, the fees charged, and the incentives it offers to users.
What is Coinbase?
Coinbase is a cryptocurrency exchange that instantly converts cryptocurrencies stored in multiple wallets and accepts Visa cards. It was founded in 2012 and offers a range of security and convenience features such as a mobile wallet app, two-factor verification, instant card blocking, expense tracking, and more. With Coinbase debit cards, users convert cryptocurrency to a fiat point of sale which allows them to pay with crypto.
Like every other debit card, it must be activated before use and this can be done within the coinbase card app, or get to the customer support agent who will then provide the user with an activation code. The downside is that a Coinbase account is required and the fees charged are excessive.
What is BlockCard ?
BlockCard is a US cryptocurrency debit card that offers the lowest prices. It also allows cardholders to make purchases using the cryptocurrency based on their choice wherever Visa cards are accepted. It does not charge any deposit, exchange, or withdrawal fees. On the other hand, you need to buy Ternio tokens and also know your verification (KYC). The main aim of BlockСard is to accelerate the use of blockchain and cryptocurrency in everyday life.
This enables its users to gain the utility of their cryptocurrency and also to trust the fact that cryptocurrency is not a scam. with BlockCard, after creating a BlockCard account, the user will then either buy or make a deposit of any cryptocurrency of their choice. This is then converted to TERN which is the user’s purchasing power.
What is Wirex?
Wirex is an EU-only digital payment platform that has been around since 2014. It offers bitcoin cashback and referral bonuses. It supports 19 cryptocurrencies. On the other hand, the Wirex cardholder must have a Wirex token (WXT) in order to receive rewards. In order to be able to use Wirex, you will have to create an account on the Wirex website, get verified, add some cryptos or fiat currency to the account, and then place an order for a card. Note that there is a maintenance card fee with all fees and limits broken down.
What is BitPay?
BitPay is an American cryptocurrency that is available in 50 states, can be located anywhere in the world, and does not require the US conversion fee. On the other hand, in order to have this debit card, people must have a social security number and a driver’s license. These cards also cannot be sent to a post office box. To obtain a BitPay card, the user will have to be above 18 years and will have successfully completed the identification stage. BitPay is a prepaid debit card that allows businesses to accept Bitcoin as payments as well as bank deposits in the currency they will prefer for a one percent payment fee. To use this service, you will have to transfer crypto into a BitPay wallet and once that is done, you can convert it to dollars. These are not the only cryptocurrency cards available, over time other cryptocurrencies tend to leave payment cards. Here are some examples: Trastra, Bitnovo, PolisPay.
In conclusion, essentially all of these payment cards aim to provide more options for online and in-store purchases, as well as for withdrawing money in places that do not accept cryptocurrency. The best payment card to date is Coinbase due to its automatic cryptocurrency conversion, ease of use, and security features.