Despite widespread adoption of Bitcoin itself- users are still using it as a valuable asset, as opposed to a currency. Making accessibility to payment options slow to take hold.
Bitcoin was built to be a currency. Each part of the blockchain and every protocol that has been implemented into the network has been done under the premise that bitcoin should, and will, behave like a currency.
Decentralized, borderless currencies are well overdue- perhaps more so now than ever. As worldwide economic structures are poised to undergo a drastic change, more and more people are looking at global currencies. Should bitcoin become the driving force of the market that it was designed to be, you’re going to want a way to spend it on everyday goods and services.
Bitcoin and crypto debit cards are the ideal way to be able to use the cryptocurrency that you have accrued, whether or not the retailer accepts bitcoin itself. Opening up an entire world of possible answers to the question “What can I buy with bitcoin anyway?”
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Crypto Debit Cards: Why Now?
It’s impossible to open any news article, web browser, or social media site without being flooded with reports of Coronavirus and what toll it is taking on our society today. Because it matters. If you want the latest and most up to date information on anything- especially markets, trade, and economy- you’re probably going to have to sit through yet another article talking about covid-19.
Luckily, in this particular article, we’re keeping it brief.
Some economists speculate that in the wake of the virus and the toll it’s taking on the economy, fiat systems may soon become less valuable to the general public. While it’s highly unlikely they will disappear altogether, the tokenization of tradable goods is shockingly relevant to all. To be able to use cryptocurrencies to tokenize almost any asset or tradable good, could soon become incredibly important. Especially if you find yourself in need of mainstream and readily adopted way to convert one token into another, or even a token into fiat. Which is where bitcoin debit cards finally take center stage.
Should this become as important as some speculate it will, there will be a scurry to provide continued adoption for retailers and users. As with any quickly emerging technology, it’s wise to get in on the ground floor, as teething problems will be slow to be addressed fully in novel companies and services. Making the bitcoin debit cards that exist currently far more wisened and prepared for an increase in necessary function.
Crypto Debit Cards: Finding the Best
Finding the best bitcoin debit card isn’t all that difficult- mostly because there’s not a ton of them out there. While this can cause some shivers for some investors, the minimalistic options available don’t necessarily spell out disaster. Many are paired with big names in the financial business like Visa and MasterCard.
That being said, it’s important to remember that of the few that exist, not all were created equal. Here are a few important factors to keep in mind when you’re shopping for your bitcoin debit card:
Easy to Use
The most basic function of a good card is being able to use it. Ease of use is important when looking for a bitcoin debit card largely because if it’s easy to use, it’s probably well developed. Which means it most likely already has good security features and is reliable. Straightforward and simple card functionality oftentimes means that there is a higher degree of transparency when it comes to fees and jurisdiction as well.
Secure
Just like with your normal bank or credit card, you’ll want to ensure that any bitcoin debit card you’re considering has (at minimum) taken standard security precautions. Site encryption, two-factor authentication, and multiple notifications and contact avenues are the bare minimum you can expect from any financial institution. An added security bonus applies to any BTC debit card that partners with major credit card operators, as they will generally extend their security measures to any card they partner with.
Jurisdiction
Because laws and regulations vary greatly from region to region, it’s important to be aware of these from a local perspective before dedicating yourself to one particular bitcoin debit card. Users should make sure that the card not only follows the usual regulations that apply to bitcoin but also stick closely to the regulations that apply to all debit cards as well.
Check Fees
Fees can be a bit of a sneaky one, so make sure that you have a good handle on the rates and fees that apply to your card. The volatility of bitcoin price can inadvertently make these fees astronomical on occasion, so users should factor in a number of possible valuations when calculating possible fees.
Reliable
Despite the fact that these debit cards are fairly new tech, and the bitcoin market is nascent itself, you should choose a card provider that has a long-standing and good reputation. Most providers that work closely with existing financial structures, as well as big names like Visa or MasterCard, have the greatest probability of lasting for the long haul.
Incentives
Alongside acting as a debit card- one in which users can withdraw and deposit money or make both online and offline purchases, your chosen card may have other helpful features and incentives. As with a number of traditional financial programs, some bitcoin debit card providers will offer incentive programs like cash back, points, or referral programs to help lift their service off the ground