Crypto currency continues to make inroads into modern finances, from being an investment tool entirely separate from traditional public markets to also being an alternative payment form between parties. However, what was the basis of crypto currency just three years ago has already transformed dramatically, and new doors for alternative financed are opening up in the digital landscape each year as a result. One of the newest forms to arrive on the finance stage involves crypto debit cards.
A crypto debit card opens up a while new arena for how to purchase goods and services. And it’s a lot closer to the futuristic payment mechanisms we imagine in movies of tomorrow than today’s credit cards in comparison. The principles for function are simple however; one’s crypto currency becomes far more liquid as the card essentially allows an owner to change crypto holdings in to usable, functional cash right on the spot as the card is used.
Easy Access to One’s Money
The first and foremost benefit of a crypto debit card involves the increased liquidity one gets access to over their crypto-currency balances. Instead of having to sell the crypto coins, convert them to home currency cash, wait for it to transfer from your crypto wallet online to your actual bank account and then transact against it, the crypto debit card creates an instead shortcut direct to the value of the crypto currency. Whether you use the card to buy goods on Amazon or buy the next week’s groceries and the market down the street, as long as the crypto debit card works with a major debit card system it’s the same as if you were paying from your bank account or credit card.
You Can Choose the Home Currency Type
A user can also decide which base currency the debit card will work with. Not only is this particularly advantageous for heavy travelers who go overseas a lot or cross-border for price differences, it also helps avoid most of the exchange fees that add anywhere from 10 to 15 percent cost to an international sale versus a domestic one. That’s because with a regular debit or credit card, it goes through two sets of payment processors and banks. Crypto debit cards only go through one set, even when used internationally. Less fees equal lower travel costs.
Further, crypto debit cards can help folks avoid inflation problems in their home country by allowing them to switch to another currency that’s stronger. Don’t like the home currency but want to be have the full value of your money? Buy goods in dollars or euros instead. Your crypto debit card can be geared to use stronger currencies over weaker ones, assuming the other party is good with your payment method and form. And most vendors have no problem with dollars and euros as well as pounds sterling.
If your credit card is stolen, it’s open game to be used by anyone anywhere. While the chip on it makes it harder to forge, the physical possession of the credit card makes it easier to use directly. Stolen debit cards can also be a problem if someone has managed to figure out or crack your debit code. However, with a crypto debit card, you can control it instantly from your digital access management. So, if the physical card is stolen, you can cut it off online in an instant making the card a useless piece of plastic. Just keep your smartphone and crypto debit card in different locations so they don’t both get stolen at the same time.
No Spending Limit Yanks
The best crypto cards are as good as your balance. So, unlike credit cards you don’t use often but keep for security, your crypto debit card doesn’t suddenly lose spending authority because of a lack of use. This annoying problem happens a lot with big credit card companies who get grumpy when people don’t spend regularly with them. They want those transaction fees, and cardholder get punished for being prudent. That sort of nonsense doesn’t happen with a crypto debit card. You can be as prudent as Ebenezer Scrooge, and your card balance will still be the same day in day out.