For our day-to-day banking uses, we make use of credit and debit cards. Thanks to technology now we have plastic banking cards that we can use to withdraw money as well as use it to pay for the things we purchase. Now, with the concept of cryptocurrencies, a person may think these are digital currencies. Then how to use it like regular currencies..? Adding to the woe, not every merchant are accepting cryptocurrencies.
Again this indicates that it will take a long time for cryptocurrencies to spread over the globe and get acceptance from the various merchants and public alike. Speaking of the public, not many in the current times are aware of the possibilities cryptocurrencies. heck in the majority of nations the local government has outright banned the cryptocurrencies. However, in this situation, wherever crypto has a good following, the users are now looking forward to Bitcoin debit cards.
What is A Bitcoin Debit Card..?
Bitcoin debit card can serve the same purpose as regular ATM and debit cards. However, contrary to the regular banking cards(like ATM-cum-debit cards, credit cards), these crypto debit cards are not linked to any banking firm. Rather these are connected to crypto wallets where the digital money is stored.
Also, just because its name suggests Bitcoin, it is not limited to the use of Bitcoins. You can make use of any cryptocurrency depending upon which one your wallet provider supports. Though this marks the difference between the regular debit card and bitcoin debit card multiple features from regular banking cards have found their way into Bitcoin debit cards. It means you can block/unblock your card, change its PIN code whenever you feel its necessity. Also, you can track your expenses and availability of balance on your crypto debit card. This is not something unique but it indicates how crypto is not an alien concept but something which the general masses who use regular banking services can relate to.
Ahead in this post, we will talk in details about the bitcoin debit card, it’s scopes, advantages, and disadvantages. So, let’s go.
What Advantages Does Bitcoin Debit card Offer.?
Now, let’s check out what possible profit we can enjoy if we sport a Bitcoin debit card.
Similar to the native banking cards, the crypto debit cards can be used worldwide with the support of leading merchants like Visa, MasterCard, and UnionPay. Transactions are easier to perform and needless to say the payment processor implements proper security mechanism as it does with the regular banking cards. the user can literally make any kind of basic purchase using the Bitcoin debit card.
Support for Multiple Fiat currencies
This is a really helpful feature as there is a wide range of users based out from various regions that will make use of crypto cards. Obviously, different region means different currencies. So, necessarily the card should be able to support a variety of fiat currencies. Now, if the debit card makes an entry in the future then depending on the region it should support Dollars, Pounds, Euros, etc. This will encourage more people to embrace crypto in their day-to-day life.
Virtual and Physical Debit Card
Card makers are making it more convenient for crypto users as many of the manufacturers are providing both physical and non-physical crypto debit cards. If you’re making purchases over the internet then the digital card will do the job for you. Besides, its usage fee will be lesser than that of what you will be charged on a physical card.
Now coming to the physical card, we already discussed its wide usability. The best thing about this it can be used in the regular ATM points to withdraw funds.
Possible Disadvantages of Crypto Debit Cards
We always keep saying that every posh technology comes with a good number of pros and also packs its share of cons. So, what issue a user may face if they use the crypto debit cards.? Let’s check it out in details.
Awareness about Crypto Wallet services
Lack of proper awareness in any domain can lead to problems. Similarly, if you are making use of any such crypto wallet services, make sure that they follow and function under legal rights. These days many such services are stepping up into the business but how trustworthy they are.? Most importantly how secure they are and what security mechanisms are the following to ensure the safety of the funds of the customer.
Also, if you are new to using crypto debit cards, then store a small number of funds in it.
This can be a major issue when debit card makers limit the usage of their cards to certain regions or in their own country of origin. So, if you are from other regions than specified then you will face issues in using the crypto debit card.
Now if you want a high-end technology at your service, you have to pay the premium for it. If you have to use the crypto debit card you have to pay for issuing of the card and also you have to pay some fee for topping up the card. Needless to say, there is the conversion fee as well.
So, this was a detailed look into the world of bitcoin debit cards. Definitely, it will play an important role in shaping up the future of cryptocurrencies and their presence on a global scale. However, time and awareness are deciding factors that will affect the importance of crypto debit cards.