People have been forecasting for decades that someday the entire world would be digital. However, did anyone ever imagine that there would actually be fully digital currency with real-world value? It’s been several years since Bitcoin shocked the world and made cryptocurrency a phenomenon in the world of finance, and now it’s doing it all over again with crypto cars.
Cryptok cards have been out for a while, but they’re still new to a lot of people. However, if you’re a crypto trader, then a cryptocurrency debit card is an absolute must-have. Continue reading to get five great reasons you shouldn’t delay getting a crypto debit card.
Constant access to cryptocurrency for shopping.
One of the most frustrating things about digital currency is that it can be arduous and frustrating trying to convert it into fiat currency. In fact, it can take days to turn your Ethereum or Litecoin currencies into your local currency, and even then, you have to wait for the money to be transferred to your financial institution.
With a crypto card, you can easily access the digital currency on your card. You can use digital currency payment cards anywhere Mastercard and Visa debit cards are accepted, and you can even use them for ATM withdrawals.
These debit cards work like prepaid cards, meaning you have to load cryptocurrency on them, but from that point, you can use it as fiat money. Similar to prepaid debit cards, there are transaction fees as well as monthly maintenance fees.
Crypto cards save money.
Not only can the process of converting cryptocurrency can take long, but it can be costly as well. When converting money into fiat cash, you have to pay for the conversion, and then you have to pay to transfer the money to your bank account. Your bank may even add an additional charge for the transfer. With a crypto card, there’s no bank transfer and your conversion fees work more like transaction fees.
Crypto cards travel well.
When cryptocurrency was invented over a decade ago, it was meant as a means of making international transactions safer and easier. It introduced blockchain technology to the world and a financial system in which the currency holds the same value all over the world.
Because cryptocurrency holds the same value everywhere in the world, there is no exchange rate to worry about. For instance, a Bitcoin in the United States is the same as a Bitcoin in Paris. With a crypto debit card, you can travel from one country to another without having to fret over conversion rates.
Cryptocurrency cards are secure.
Whenever it comes to money, security is always an issue. There are plenty of stories of people whose identities and financial information were stolen which led to their financial ruin. Cryptocurrency is already known for its security due to the blockchain technology that undergirds it, and you can have that same security in a debit card with a crypto debit card.
Like many of the cards issued by the top financial institutions in the U.S., your crypto card will sync with your virtual wallet and will have the same security measures as your Bitcoin wallet. If your card is lost or stolen, you can quickly deactivate it from a mobile app and continue using your mobile device as a virtual card.
Crypto credit cards give you an opportunity to earn cryptocurrency as cashback rewards.
In case you haven’t heard, there are some new crypto credit cards on the way. While these cards are news to many traders, there’s already a waitlist for them.
There are already cryptocurrency credit cards, but these cards are based on cash loans issued using cryptocurrency you already own as collateral. The new cards will work like traditional cards, including cashback rewards. The major difference is that the cashback rewards will be in the form of the cryptocurrency of your choice.