INSUBCONTINENT EXCLUSIVE:
Crypto debit cards are similar to regular banking debit cards in concept.The cryptocurrency world has seen a spectacular rise over the past
two years with an increasing number of people investing in it or showing an appetite to use it to buy products and services
However, the exponential rise has been hampered by some real-world limitations
Not many shops and websites have started to accept these virtual currencies as a mode of payment
There are some other reasons for this
Retailers might be worried about the exchange rates of this highly volatile industry, they could also find the new technology difficult to
understand or think the demand for transactions in popular currencies like Bitcoin and Ethereum is still low.Thankfully, to address these
issues, creators are coming up with innovative solutions and products
One of them is crypto debit cards.What are crypto debit cards?Crypto debit cards are similar to regular banking debit cards in concept
They allow users to complete day-to-day transactions using Bitcoin, Ethereum, Ripple and other crypto coins
One of the greatest benefits of using crypto debit cards is that users, largely, don't have to worry about whether the physical card will be
accepted by a merchant or not
That's because many of these products out there have been released in tandem with Visa and Mastercard, meaning they can be used in
millions of locations.Another benefit is that users do not need to pay sky-high exchange rates when traveling abroad
With conventional debit cards, the money in our bank account is first converted to dollars or the local currency of the country the person
But crypto debit cards, crypto coins act as a bridge to other fiat currencies, saving money spent on conversion.How do these cards
work?First, users will have to top up their crypto debit cards with the virtual currency of their choice, using a mobile app or website
Say you want to buy a coffee
How do you pay? You start a transaction to the coffee shop owner in crypto and the card provider will convert the digital coin into fiat
money and transact it into the account of the service provider
There are some perks as well
Most crypto debit cards offer generous rewards and spending limits
Additionally, the transaction fees are lower when compared to conventional debit cards.
