Cryptocurrency Debit cards, a recent development to blockchain world, are plastic cards wherein cryptocurrencies can be deposited and they are similar to bank cards. They are likely to solve the problem of using crypto coins for day-to-day expenses. Plastic cards are one of the proposed methods to ease the difficulty of exchanging cryptocurrencies to fiat money to start spending.
Solutions proposed for cryptocurrency spending -
There are two primary ways proposed as Point-Of-Sale terminal and plastic cards.
Point-of-sale terminals are a piece of hardware which will be installed at shops which will interact with a mobile wallet app on phone and withdraw cryptocurrency to make a purchase. However, it requires merchants to actively take interest in accepting digital currency payments and pay some money for installing them. And this approach is not an easy-to-do job.
Plastic cards are a different and a better solution. They are already an available payment option in millions of shops around the world. The cashier might not even know that you’re paying with a cryptocurrency because it is converted into the respective fiat currency by the card provider.
Where to get one?
The providers are online companies with different backgrounds. They require you to undergo some sort of identity verification submitting ID proof other than that it is easier to get one with some minimal payment.
Why are they not so popular?
Be it plastic card or not, Bitcoin payments are barely suitable for small everyday purchases because they on average have confirmation time of 10 minutes and the fees are only getting higher day by day. Recently, Ethereum is getting popular day by day with lower rates and faster confirmation time.
Recently some cards have started appearing on the market which allow you to deposit currencies other than Bitcoin.
Example - Tenx DASH payment at McDonald's
Have a nice day!!