We are all know that today is so called digital time. Popularity of digital currencies is at the top level, adoption of the same is increasing every minute, using cryptocurrencies and blockchain technology is growing at an accelerating rate. One of the factor of huge adoption is the amount of merchant acceptance.
Why do wee need a Crypto Debit Card?
As we already said digital currencies are about to became our everyday payment method, so it is logically that the adoption of the cryptocurrencies depends of how easily can people use it. Cryptocurrency debit cards seems to be the answer of how easy could people spent their cryptocurrencies in everyday life. Many of the technology companies are about to make this mark in the cryptocurrency area.
Who are the Providers?
Year of 2017 is increasing adoption and demand of cryptocurrency transactions so it is spurring the companies of the financial technology to provide these debit card platforms. These days we have more than 30 cryptocurrency debit cards in circulation with some differs between them of course such as different fee structures, different process of transactions between two cryptocurrencies, etc.
Coinbase launched first Bitcoin debit card in 2015, another big name in this space is TenX who are about to integrate Bitcoin, Ethereum and Dash for payment across the Visa and MasterCard network. Monaco is popular name which is supporting Bitcoin and Ethereum spending and offering to users interbank exchange rates without additional mark-up fees. Ocash is the latest cryptocurrency that got the debit card.
How does it work?
It is pretty much working just like regular debit cards. Cryptocurrency debit cards are currently operating within the Visa and MasterCard infrastructure. Customers are paying with the cryptocurrencies such as Bitcoin and the merchant, the other side of the transactions is receiving fiat currency such as US dollar.
What are the Benefits?
One of the biggest benefit is freedom, when users have option to spend their digital currencies in everyday transaction is restaurants and shops for example. But of course there are some other benefits like increasing the number of users and adoption of digital currencies as well.