With between 13 million and 42 million bitcoin users, it is a popular cryptocurrency (crypto). However, one of the major drawbacks when it comes to using Bitcoin is the inability to spend it as easily can you can traditional currencies.
The number of sellers and merchants now accepting Bitcoin and other cryptocurrencies is on the rise. However, it is not happening fast enough to make spending Bitcoin as easy as spending traditional currencies.
This could be a deterrent for some people when deciding whether or not to move to Bitcoin. However, there is a new payment method that makes spending digital currencies, in particular, Bitcoin a lot easier – Bitcoin debit cards.
Here are just some of the benefits of using one.
Use It Like Any Other Debit Card
If you use crypto, especially bitcoin, there are several debit cards available. You use them the same way you do any regular bank-issued debit card.
This includes ATM withdrawals and cashless payments as well as other functions you would expect of your regular debit card. The only difference is the card is linked to a crypto (i.e. bitcoin) wallet rather than a mobile banking app.
Therefore the first thing you should do if you wish to use a Bitcoin debit card is set up a Bitcoin wallet and download the relevant app directly to your device.
It is important to note, there may be fees associated with using some Bitcoin debit cards (i.e; withdrawal, transaction or monthly account fees. Therefore, you must do your research before committing to a specific card.
You should also keep track of how much currency you have in your Bitcoin wallet to ensure you have enough currency in your wallet to complete transactions.
Opt For A Physical Or A Virtual Card
Most Bitcoin debit card companies now offer both physical and virtual cards. The choice of which you want is yours to make. Therefore you should consider what you intend on using your card for. If you plan on using yours simply for online shopping and purchases, a virtual card is all that you will need.
If you prefer to shop in person the obvious choice is a physical card. Also, if you wish to use your Bitcoin debit card in the same way as your regular debit card, you must have a physical card.
It is important to note that physical cards do usually cost slightly more. Again research is vital.
They Are Accepted Worldwide
As you can use Bitcoin debit cards in the same way as regular debit cards you can use them anywhere to buy anything. This includes day to day essentials like fuel for your car and even your Starbucks up each morning.
Transactions are becoming a lot easier as many Bitcoin card companies are partnering with recognized global payments technology companies. These include Visa and Mastercard. For example, if you have a Visa Bitcoin debit card, you can use it anywhere Visa cards are accepted. This currently stands at 200 countries.