What are crypto debit cards and how do they work
October 31, 2018
Investing in Bitcoin and trading other cryptocurrencies has become consistently popular. Crypto is gaining more and more adoption, even though many have lost money after the 2017 Bitcoin bull run was over.
To spend their crypto profits many traders are using prepaid crypto debit cards. A prepaid card allows you to spend whatever funds you have loaded to it, there is no credit line associated with the card. Prepaid crypto cards are tied to cryptocurrency wallets – and whenever the card is used, the cryptocurrency in the wallet gets instantly converted to fiat.
Most cards are issued either by VISA or MasterCard. As a result you can use your Bitcoin debit card whenever regular MasterCard or a Visa is accepted – either withdraw cash at ATMs or make payments at POS terminals – in restaurants, cafes, and grocery stores.
Some of the currently working crypto debit cards have their own tokens and financial ecosystems, like Paycent or the Naga card, others allow direct BTC to fiat conversion. In any case there are several working card options you can choose from, and you can find them in this crowd-sourced crypto card comparison table.
To quickly list some of your options for prepaid crypto debit cards, – if you are in the US it’s either Shift or Bitpay cards, if you’re in the EU – chose between the Naga card or Wirex, Canadians will have to use Wirex as well, Singaporeans have the MCO Visa card launched recently, and residents of the remaining regions have a Paycent card that can be shipped worldwide.
All in all each debit card provider has their own conditions, fees and limits. Make sure you thoroughly examine the conditions you are signing up for. The more providers come up with their prepaid card products, the more choice consumers will have. Ultimately all that will just speed up the adoption of cryptocurrency.
Womeny In Cryptocurrency – Checkout the infographic on the most popular women in Cryptocurrency developed by MrBTC.org.