Remember when people were debating whether or not Bitcoin (BTC) was a sham, or when naysayers were trying to drag its good name through the dirt? Yeah, we do too. As we move forward into the era of new money, cryptocurrencies continue to prove themselves as a means of financial inclusion—a critical tool in the big picture of achieving financial freedom.
With the emergence of crypto debit cards, that big picture becomes clearer and clearer—paving the way for widespread adoption to run its course.
What is a crypto debit card?
Cryptocurrency debit cards function like traditional debit cards. They even look similar: they have the same information like your name, card number, expiry date, CVV/CVC (card verification value) on the back, the issuing company’s name, and the processor’s logo (VISA or MasterCard).
The big difference between traditional and Bitcoin credit/debit cards is that you can now use crypto to buy goods and services instead of exchanging it to fiat first. To do so, all you have to do is add crypto funds to your debit card, find a merchant that takes VISA or MasterCard payments, and spend away!
Why use a cryptocurrency debit card?
You might be thinking to yourself: if I already have a debit card, why even use a crypto debit card? Well, there are a few reasons why you should consider trying it out:
Use your crypto out in the world
Bitcoin debit cards allow you to use your money the way BTC was intended to be used: a peer-to-peer cash system. Gone are the days of converting your BTC into fiat before spending it; you can now spend it as is.
As a result of using your crypto debit card to pay for goods and services, you are fully equipped with the necessary versatility to spend however you want.
Cut your costs
One of the major problems of some bank-issued cards is the fees that are charged over time. Those fees are waived with crypto-backed cards—depending on the carrier—if you spend a certain amount within the year.
There’s also the issue of foreign exchange fees. These fees can sometimes add up to 3% of the total transaction, which is relatively high. On the other hand, crypto cards don’t charge these fees—making them the better option overall in this regard.
Switch between currencies seamlessly
Most crypto debit cards allow you to access both fiat and crypto assets. This means that there’s no need to go through the hassle of switching cards when making payments. Your crypto card can be your one-stop payment method.
This aspect is especially useful when you travel and don’t want to exchange currency every time you want to pay for something. Crypto cards can also bypass many economic factors like instability and inflation—allowing you to retain the value of your money everywhere.
Worth a shot
With all the benefits a Bitcoin debit card can bring, it’s safe to say that it’s definitely worth a shot. They offer possibilities for business owners, for people who have second thoughts about crypto, and for cryptocurrency enthusiasts in general. Crypto cards allow people like us to use our coins in real spaces and in our everyday lives.
Over the years, Bitcoin has had this image of being purely a tool for investment. With the development and evolution that has occurred over the past few years, we now know that it’s false. Bitcoin is slowly evolving into a powerhouse of a currency—something that isn’t only used for investment anymore, but also in our everyday lives.
Imagine being able to pay for groceries or withdraw cash using the Bitcoin on your Paxful Wallet. Sounds awesome, right? Well, we’re excited to tell you that that vision isn’t so far away.
Soon, we’ll have a fully functioning crypto debit card that’ll allow you to convert your crypto into USD, use it to pay for goods and services, withdraw funds, and even get a checking account.
If you’re as excited as we are about it, you can register and we’ll let you know when it’s time to get yours.