Bitcoin Debit Cards – What You Need To Know
Since the inception of Bitcoin, the blockchain has been revolutionary in its bid to give its clients a path to financial freedom.
However, in all the steps made there is a challenge yet to find its perfect solution. That is the question of exchanging your crypto coins from your cryptocurrencies ledger wallet to fiat currency.
In light of that, answers are being sought. The Bitcoin Debit card is such a solution.
But, what are Bitcoin debit cards?
How can you use them?
You get to learn that here.
What is a Bitcoin Debit Card?
Bitcoin debit cards are prepaid debit cards. They are a means by which you exchange your coins to the fiat currency of your choice.
The currency can be USD, EUR, GBP and plenty more currencies around the globe.
There are two types of Bitcoin debit cards; Virtual Debit Cards and Plastic Debit Cards.
Virtual Debit Cards
These prepaid cards allow you to make payments online where they are accepted. They are convenient for members of the bitcoin community who do not want to carry around a card.
Their downside is you do not get to withdraw your money from the ATM.
Plastic Debit Cards
These prepaid cards give the best crypto exchange to fiat. They are convenient for the members of the community who travel around the world as well as students and people who live abroad. This is because you can withdraw money anywhere at the ATMs.
Information on the Bitcoin Debit Cards
Different debit card providers will have an idea on how their cards will appear. They work like bank debit cards you are used to. So, you can expect them to look like a bank debit card.
Like a bank debit card, some information will be captured universally by the cards. The information includes securities features, your name and card number, expiry date, processor name, the card verification value and of course the crypto provider.
Debit Card Fees
Depending on the type and the services that are executable there are different fees for different bitcoin debit cards. An activation fee is chargeable by some providers while some offer the debit cards for free.
After you have your card, the provider will charge you loading fee. The loading fee is the service fee you pay to get your coins converted to fiat. The charges differ from provider to provider. To know the best loading fees, you can check out the crypto telegram signals.
Other fees include; ATM fees, the point of sale fees, currency conversion fees and a standard charge fee that can be monthly or yearly depending on the provider.
How to Choose a Debit Card?
The decision to choose the great debit card can be a tough one. Wondering why the decision is tough?
Well, all the debit cards are primarily the same. They only differ in the competitive point of sale fees and the ATM fees.
You will do your research to decide which works for you and a good place to start the research is at the free Bitcoin telegram signals.
Why Have a Bitcoin Debit card?
Who does not love convenience? We all love to have the power to spend our hard-earned money. There is nothing as disappointing as going through the Bitcoin mining guide, going through all the trouble of mining. And then boom! You have Bitcoins that you cannot spend.
As we stated earlier, only a handful of stores accept Bitcoins as a mode of payment. Guess how many stores in the world accept Visa or Mastercard? Well, you guessed right; most if not all stores.
So, if you want convenience in spending your hard-earned Bitcoins, then bitcoin debit card will make a difference.
Advantages of having a Bitcoin Debit Card
Here is a list of some of the obvious benefits that come with the Bitcoin debit card;
- The card can be virtual or physical. Therefore, depending on your preference, you can enjoy the services.
- The card enables the holder to make instant cash transfers all over the world. For instance, an immigrant living in the US can wire the relatives back home.
- The card eases the hustle of shopping. With the card, you can walk to any store or visit an online store and do your shopping without the worry of if they are accepting crypto coins.
- The cards allow the holders to convert the coins to fiat and then the fiat currencies are withdrawn from the ATMs worldwide.
- With the card, you can hold more than one fiat currency.
The list of benefits is long. But, the above benefits are of more emphasis as they resonate with a majority of the Bitcoin community members.
Top Five Bitcoin Debit Cards
We have successfully explored what they are and their benefit. Here is a list of the top five Bitcoin debit cards in use;
1. SpectroCoin VISA Debit Card
2. Uquid VISA Debit Card
3. Cryptopay Debit Card
4. Bitwala Visa Debit Card
5. Shift Card
Well, the five are not the only cards available. There are many cards on the market. And you will have to look for that which is best for you.
Each card has its unique competitive advantage.
Considerations while Choosing a Bitcoin Debit card
When choosing a debit card for you, you should consider; standard fee, level of anonymity, the initial set up fees, and their overall costs.
Additionally, reading reviews about the debit cards can help you make up your mind by reading people’s minds.
You cannot pass the chance to ease your work of exchanging your coins to fiat.
Cryptocurrencies especially Bitcoin have made great strides in delivering financial freedom. The community is always on toes in addressing the challenges that may arise in the crypto world. In that light, there is the advent of bitcoin debit cards. The cards that enable you to spend your hard-earned crypto coins.
What’s evident is the card’s benefits cannot be understated. The cards are visionary and aim to make work easier for the clients.
So, are you using a Bitcoin debit card? If not, do you not think it will be a great way to add to your experience of the crypto world? I think it would.
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In Post Image: Shutterstock.com
DisclaimerThe writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
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