What are Bitcoin Debit Cards?
June 29, 2018
WHAT ARE BITCOIN DEBIT CARDS?
Bitcoin is the first ever cryptocurrency invented in the year 2009, using an alias Satoshi. Cryptocurrency came into existence with an aim of better transaction system and networks. Bitcoin is portable, fungible, divisible and irreversible. Because of the liquidity issues of bitcoin it’s unable to reach the expected position.
To overcome this liquidity issue bitcoin debit cards have come up in the world of Digital Currency. By using the debit cards the users can directly walk into any store to purchase any of the goods and services for their daily needs.
Bitcoin debit cards are most often considered as prepaid debit cards which allow the users to convert BTC (Bitcoins) to Fiat currencies (EUR, USD, etc) by which the users can make payments easily. Bitcoin debit cards are linked to Visa/Master cards as they are the prominent payment processes used all over the world. To get more detailed information about bitcoin and purchasing of bitcoin users can visit cryptosuper.market
WHAT IS THE INFORMATION IMPRINTED OVER THE CRYPTO OR BITCOIN DEBIT CARD?
Bitcoin debit card looks similar like any other debit cards, the details that are imprinted over the bitcoin debit card are Cardholder’s name, Card number, Expiry date, CVV/CVC number (Card Verification Value), Issuer company name, Processor name – VISA or MasterCard.
ARE THERE ANY TYPES OF BITCOIN DEBIT CARDS?
We can have bitcoin debit cards in two forms as both Virtual and Plastic cards.
Plastic Card: Plastic debit cards are used to make online and offline payments anywhere as Visa/MasterCard is accepted, these plastic cards come with a chip and a PIN number by using which the users of the card can withdraw cash from ATMs or can swipe the card in a store. Users can make withdrawal of cash from any ATMs all over the world and is most often used by the people or students who travel or study at different places.
Users can even enter the relevant information online for making any online purchase.
Virtual Card: Virtual cards are used to make both online and offline payments anywhere of the world as Visa/MasterCard is accepted all over, users can’t withdraw money from any ATMs all over the world and is used by people who don’t travel and don’t want a physical object or card to be carried.
But most of the cards don’t ensure anonymity in the transactions.
WHAT ARE THE ADVANTAGES OR BENEFITS OF USING BITCOIN DEBIT CARD OR ANY OTHER CRYPTO DEBIT CARDS?
- Bitcoin debit card is very helpful, users can use their Bitcoin debit card not only in their country but in any country and anywhere they go. If the user is a regular traveler or is studying abroad then it would be very handy for the user to convert their Bitcoins – BTCs into the required fiat currency without looking for any forex exchange services.
- They allow the debit card users to make day to day payments for hotels, shopping purchases etc.
- Bitcoin or Crypto debit cards can be carried virtually/physically.
- Debit cards usage allow user to travel abroad without worrying.
- They are helpful for instant money transfers to anyone in the world.
- Allow users to hold more than one fiat currency at a time like (USD, EUR, GBP) as the users can make withdrawal in any of the required Fiat Currencies.
- Allow users to withdraw fiat currencies like (USD, EUR, GBP) from ATMs or ATM kiosks.
WHICH CRYPTO OR DEBIT CARD TO BE CHOSEN?
As now-a-days many debit cards are coming up, users might get confused regarding which one to use. Before using any crypto debit card a user is supposed to get detailed information regarding the below mentioned points,
- Whether the card is they related to any scam or Ponzi scheme?
- Is it a VISA/MasterCard?
- Is the fee structure of the debit card reasonable?
- Are their any software wallets which interact with the cards free of bugs?
- Do the debit cards serve in the respective country of user?
- Are there any additional fees included?
- Is the startup well-funded or not?
- What’s the background of company?
HOW MANY TYPES OF BITCOIN OR CRYPTO DEBIT CARDS ARE AVAILABLE?
There are approximately about 29 different bitcoin or crypto debit cards available. There are many cards available from various companies like Bitwala Prepaid Debit Card, Wirex Card, Spectrocoin Visa, Xapo Debit Cards, The Bitpay Visa, Advcash, Coinbase Shift Card, ANX, Coinsbank Card, Mobi, and Worldcore.eu that offer different fees and can be used in any certain countries.
Out of all these Wirex Bitcoin Debit Card ranks first. Wirex debit card, which was previously popularly known as E-coin issues is now a popular Bitcoin debit card and is available in both virtual and physical forms of debit cards.
Users of the Wirex debit card are free to use the Wirex app or wallet to send, receive and control money transfer worldwide and moreover it provides about 0.5% crypto cashback whenever user does any in-store purchases. Also, it’s a debit card and not a pre-paid debit card.