As the world of crypto grows and matures so does the technology that supports it. It was once thought that for cryptocurrency to be used and recognized in almost every retail store, there would need to be a massive reform in the way finance is conducted, but this is not the case. No longer do people have to mess around with public keys and QR codes if they want to spend their Bitcoin outside— they can just use a crypto debit card. These are cards which hold both cryptocurrency and fiat cash (e.g. USD, EUR, GBP) together. They can be used in any shop which accepts debit/credit cards because they work in a similar fashion. They can even be used at an ATM. Crypto cards, such as those produced by Wirex and Monaco are a must-have tool for anybody who supports cryptocurrency. They make the process of using and spending your coins a pleasure. Here are just a handful of the benefits of using a crypto card:
Use crypto to buy your shopping in a physical store
At the moment, most people only use their cryptocurrency to either purchase other cryptos (via an exchange) or to occasionally buy goods at the few online stores which accept it as payment. This means that cryptocurrency fans and enthusiasts rarely get the opportunity to actually use their coins as an alternative to fiat. Crypto cards change this. With products such as the Wirex crypto debit card, you can use your cryptocurrency to buy goods in any store which accepts regular cards. You can use ‘Chip & Pin’ or use the contactless feature to make your purchases. This means that cryptocurrency can be used to buy your groceries, pay for going to the movies, or pay for your service at a restaurant. If you live in a city which has public transport that supports contactless payments (such as in London), you can use it for that too. The Wirex card allows you to do all this, and so will Monaco’s cards once they officially launch.
Earn Cash-back on your purchases
In the same sense that some fiat cards give you cash-back on some of the purchases you make, so do crypto cards. The Wirex card has a Cryptoback feature which actually rewards you in Bitcoin for your purchases. Any time you use your card to buy goods either through the contactless feature or by swiping your card, you will earn 0.5% of your purchase back to you in the form of BTC. You can then convert your BTC into fiat if you wish, or leave it there for an indefinite amount of time. Unlike most cash-back services, Cryptoback has no limits. This means that you can earn Cryptoback without every having to worry about arbitrary caps. Wirex’s Cryptoback is also not limited to only a handful of shops— the feature works in any store. This means that the more regularly you use the card, the more Bitcoin you will earn.
Use an ATM to withdraw your crypto to fiat
As crypto cards all have ‘Chip & Pin’ capabilities, this means that they can be used at an ATM. You can essentially turn any regular ATM into a Bitcoin ATM, as they allow you to withdraw your cryptocurrency into the fiat. By using either your Monaco or Wirex card you can convert your Bitcoin into physical bank notes from an ATM. This eliminates the need to use cumbersome crypto-to-fiat exchanges whenever you want to take your funds out.
Here you can clearly see the sheer versatility of crypto debit cards. They streamline the entire process of using cryptocurrency to buy products, making them an essential tool for anybody who is a fan of the cryptocurrency industry.
CaptainAltcoin’s writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner.