Bitcoin emerged in the aftermath of the 2008 global financial crisis that triggered general distrust toward the centralized banking system. As banks across the globe came tumbling down due to the house market crash due to mortgages, the government bailed them out, ironically with taxpayers’ money. The aim of Satoshi Nakamoto, the mysterious founder of Bitcoin, was to remove the centralized banking system from the equation— and hence introduced Bitcoin. Powered by blockchain, Bitcoin follows the P2P model and enables the buying, storing, and selling of cryptocurrencies.
Bitcoin debit cards are similar to the mainstream debit card that allow users to make transactions. But instead of using traditional money, it deals in Bitcoins. You can now buy your groceries with a Bitcoin debit card instead of your VISA or Mastercard.
Types of Bitcoin Debit Cards
Depending on customer needs and individual spending habits, Bitcoin debit cards are broadly classified into two different categories:
1. Virtual Card
Virtual cards are ideal for individuals who don’t like carrying their cards with them and are cheaper than plastic cards. However, customers cannot withdraw cash with virtual cards.
2. Plastic Card
Plastic or physical cards are comparatively inexpensive and help users access funds online and offline, making it a great option for globetrotters and also for individuals and students who live abroad.
How to use them?
Online purchases can be made by entering details like CVV number, card number, expiry date, etc.
Physical cards can be confused with regular debit cards because they’re identical. This card is used just like a regular debit card and can be swiped to make purchases and withdraw cash.
Benefits of Bitcoin Debit Cards
- Easy to use: Whether it is a virtual or plastic card, you can use it by simply punching the card details. Many service providers cover the payments to avoid long processing time and then deduct it from your account.
- Flexibility: With these cards, you can travel to any part of the world without having to worry about currency conversion rates as these debit cards support many forms of currency.
- Quick and secured: The cryptocurrency wallet is connected to the card and hence ensures security through two-factor authentication, biometric scanner, and passcode. If lost, the card can be locked immediately.
- Users can transfer money to anyone anywhere.
Best Bitcoin Debit Cards for 2021
Binance Visa Card: Binance is a popular name in the crypto space and offers zero-cost and 8% cashback.
Wirex Bitcoin debit card: Customers can access 18 cryptocurrencies and fiat transactions, and it is supported in Europe and Asia.
Bitpay Bitcoin debit card: This is another popular brand in the crypto world that offers zero transaction fees and supports various cryptocurrencies.
Coinbase Bitcoin debit card: This card has a wider reach in the market and is widely used in Europe, supports multiple digital currencies, and can be used in online/ offline transactions that are supported by Visa.
As businesses begin accepting Bitcoin, Bitcoin debit cards will greatly improve customer user experience and buying journey since most cards are backed by Visa and Mastercard and are accepted by most online stores. Make sure you consider all processing fees and conversion fees before choosing one. Apart from that you can invest in Bitcoin and make huge profit from it. Check Out Bitcoin robots to know more about automated trading platforms and how to make good profit from Bitcoin trading.