Bitcoin debit cards and the advantages of using them

The need for a Bitcoin debit card is becoming increasingly apparent. Companies such as Subway, Virgin, Whole Foods, and KFC Canada now accept Bitcoin, with smaller companies joining in on the change too.

What is a Bitcoin debit card?

A Bitcoin debit card works just like an ordinary debit card you use to transact money from an ATM. However, instead of drawing money from a bank, the Bitcoin debit card draws crypto from a cryptocurrency wallet. You can top up your card with BTC which is then converted into fiat, which enables you to make purchases.

All Bitcoin cards work differently. Some are linked to your fiat accounts where you can move as much crypto and fiat to and from them as you like. Others hold your Bitcoin and convert it into fiat only at the time of the transaction. Finally, some convert the BTC into fiat as soon as you top it up.

Types of Bitcoin cards

All Bitcoin debit card service providers issue two debit cards. One is a virtual debit card and one a plastic debit card. Each type of card has its own purpose and use.

Key differences:

Plastic card

• Practical for people who travel and live abroad
• Make it possible to withdraw cash from any ATM around the world
• Can be used to make online and offline payments wherever VISA/MasterCard is accepted
• Comes with a pin number

Virtual card

• Better for people who don’t travel and don’t want to carry anything physical around
• Unable to withdraw cash from ATMs
• Can only be used to make online payments wherever VISA/MasterCard is accepted

Bitcoin debit cards

Here is a list of a few different Bitcoin debit cards and their advantages:

Wirex – This card supports multiple coins and is an established, reputable company

Bitpay – No transaction fees and is a well-known company

Cryptopay – Supports multiple currencies

Shift – Connects to your Coinbase account and no maintenance fee

Advantages

The number of advantages to owning and using a Bitcoin card are endless. Here we will go through some of them.

Bitcoin debit cards allow you to make everyday payments with Bitcoin. Doing this allows Bitcoin users to have financial freedom with their spending, as these cards are accepted wherever traditional cards are supported. Before being able to do this, there was a massive restriction when spending Bitcoin as only selected retailers accept it as a legitimate payment.

Another benefit is your card can be carried both physically and virtually. This means consumers have the freedom to choose how they want to use their cards. It also means when travelling to an area where the national currency is volatile, the Bitcoin debit card is able to protect the value of your money. This is because it protects your holdings by deducting only what is spent at the best exchange rates.

Bitcoin cards also allow you to hold more than one fiat currency at a time. These currencies include USD, EUR, and GBP. All of these currencies are then available to be withdrawn from ATMs worldwide. This makes the opportunities for using Bitcoin in our day-to-day lives multitudinous.

Conclusion

With the advent of Bitcoin debit cards, it is becoming possible for currencies like Bitcoin to find meaning in users’ everyday lives, which has a larger impact on the development and growth of cryptocurrencies around the world.

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