4 Benefits of Using a Crypto Debit Card
As the world of cryptocurrency rapidly grows and matures, it is understandable that people would want to start using it to purchase goods outside. This is where crypto debit cards come in handy. Crypto cards allow people to use their cryptocurrency to buy products online or in physical shops with ease. They hold crypto and fiat, and they can be used anywhere that supports regular Visa or Mastercard payments. There are a handful of crypto debit cards on the market, like TenX and Monaco, but by far the most competent of them is Wirex. They are currently issuing physical plastic cards to users now.
Here are four reasons why you should always keep a crypto debit card in your wallet.
- Convenience of having crypto and fiat on one card
Crypto debit cards are naturally more versatile than standard debit cards because they hold both fiat and cryptocurrency. This means that you can use them just like a regular debit card, or they can be used as a powerful crypto wallet to hold multiple coins. For instance, the Wirex card currently contains a Bitcoin and Litecoin wallet, as well as a fiat gateway. This makes the cards function on exchanges too.
- Cryptoback rewards
In the same way that some debit cards give you cashback on certain purchases, the Wirex card gives users Cryptoback rewards. This is where cryptocurrency is given to users as a gift, rather than fiat. Wirex allows users to earn 0.5% in Cryptoback on every in-store purchase. Unlike some cards, there is no monthly cap on how much you can earn, meaning you can get additional crypto for buying goods or services. Only a few cards offer this feature, but cryptoback rewards are one of Wirex’s signature features.
- Super-fast trading
Crypto cards let you trade at a breakneck speed. For instance, you can trade between your Bitcoin, Litecoin or fiat cash with just a few clicks or taps on your phone, meaning crypto-to-fiat trades are much faster and easier than using an exchange like Kraken or Bitfinex.
Most crypto cards have an app that runs alongside them, so if you are a day-trader, you can use your app to check the prices of coins constantly and buy and sell instantly. You could do that at home or when you are on the go. An additional perk is that you can even trade your cryptoback for fiat if you would prefer to have it as legal tender instead of cryptocurrency.
Veteran cryptocurrency users will also be interested in fast trades as long-term holders are likely sitting on huge gains which they haven’t yet converted to fiat. Using a crypto card like Wirex streamlines the process, making it seamless.
- Use Crypto cards at an ATM
You no longer need a dedicated Bitcoin ATM to convert your cryptocurrency into physical bank notes – you can use your crypto card at a regular ATM like you would with any card. As crypto cards work like standard fiat debit cards, you are given a pin number, meaning you can use them at ATMs. Your card can then be used to take your cryptocurrency and exchange it for physical notes. This turns any ATM into a Bitcoin ATM! Many cards charge fees for ATM cash withdrawals, but WIrex recently announced that they are scrapping such fees.