The world is adapting to the change cryptocurrency has brought and are rapidly shifting towards it, but they are not sure if it will ever be possible to purchase everything using their digital currency.
There are many ways to trade cryptocurrency, from auto-trading platforms like the news spy to exchange platforms. You can buy, sell, and trade cryptos using these platforms. However, things are advancing quickly with the help of crypto debit cards.
What is a Crypto Debit Card?
A crypto debit card is just like a conventional debit card that allows you to enjoy day-to-day transactions with the help of cryptocurrency like bitcoin, Ethereum, ripple, etc.
There is no problem of whether the card will be accepted by the merchant or not. Many products released in the market are in association with debit cards and credit cards like Visa and MasterCard, so crypto cards can be used in millions of locations.
How Does a Crypto Debit Card Work?
The first step for using a cryptocurrency through a debit card is that you will need to have a cryptocurrency wallet. The wallet will connect to your cryptocurrency debit card. As you store your cryptocurrencies in your wallet, you can access them through your debit card.
Once you have connected the two, you can use your cryptocurrency debit card anywhere just like you use a normal bank debit card. It is backed by the major processing network so you can make purchases with zero fraud liability just like in a regular debit card.
Fee Attached with the Card
There are some fees attached with the debit card just like there is with your regular bank debit card. The fees are withdrawal, transaction, monthly transaction fees, and more.
The point of difference between a regular debit card and a crypto debit card is that the former is operating with a fluctuating market. Thus, the amount of bitcoin needed to complete a transaction can also fluctuate every day.
Advantages of Using a Crypto Debit Card
The most popular advantage of using a crypto debit card over a normal bank debit card is that you will get some exciting perks. If you are a travel enthusiast, a crypto debit card will bring you some advantages because you are safe from the exchange rate.
Usually when you travel with your regular debit card, you have to pay a lot of conversion fees as the euros in your accounts are being converted to dollars. The cryptocurrency acts as a bridge to other currencies that will lead you to save money.
Even if you are not much of a travel person, a crypto debit card can save you some bucks as it reduces a lot of expenses. Traditional credit/debit cards often add a lot of charges for various purposes. However, the crypto debit card has minimized the number of charges.
Thirdly, you can use your crypto debit card for ATM withdrawals as well because many products on the market support it. Some cards also offer a reward system like an airport lounge access so it brings you a lot of shopping worth.
Prepaid cards can foster financial inclusion because they can be set up without the need for a bank account. Furthermore, online purchasing is also made easy with crypto debit cards because many debit cards are also available on virtual platforms.
Depending on the provider of the cryptocurrency card you can enjoy extra coins. If you top up your coins or make a purchase with your card you can earn extra coins. Some of the companies reward up to 3% or more of the total transaction.
The advancements in cryptocurrency are worth a try because it is the future of the financial industry. The modern solutions to advanced payments are taking over the world with its ease of use.