Since 2009 when the blockchain technology led the world on the journey towards embracing cryptocurrency, this digital way of exchanging value has gained increasing popularity around the world. However one of the largest gray areas around this digital currency, for both newbies and oldies in the ecosystem, is the alarming stress that comes with spending them.
Once you have been able to go through the process of opening a wallet, buying some bitcoin or ethereum, or any other cryptocurrency, you need to then start thinking of the hassle that comes with spending them. This is actually one of the many reasons a number of people are finding it hard to fully grasp the entire concept behind cryptocurrencies.
Sure! There are a lot of individual investors that would rather keep their cryptocurrency in their wallet than spend it, but as time has passed there have become many real-world applications for cryptocurrencies that go far beyond just investment. Now you can easily go to the coffee shop at the corner and get whatever you want with your coins, but then, it is easier said than done. But before we delve into an easier way of spending your bitcoin, let’s first talk about how you can store it.
Storing your Bitcoin
Owning bitcoin can be quite interesting and exciting, but to be on the safe side you should know to how to store your coins. Just like your government-issued currencies like USD and EUR, you have different options when it comes to storing bitcoin.
With your fiat currencies, you can save it in a bank and spend them anytime you want by using digital platforms like Paypal, a bank transfer, or even a credit or debit card. And of course, there is the option of storing them in your wallet and spend them anytime you want. This also goes for your bitcoin.
You can easily get an online or software-based wallet for your bitcoin on your internet connected device, from there you can access them anywhere you are. But one thing you should know that, there are mobile wallets that let you spend and transfer bitcoins from your mobile devices, and there are hardware wallets that are in the form of a USB drive where you can store your private and public keys electronically.
One last way you can store your bitcoin is by using a paper wallet, which some outlets actually accept. With this type of wallet, you get a piece of paper that carries two QR codes on it that represent your private and public keys.
Now you know how you can store your bitcoin, but what if you want to run a quick errand and you have no cash on you but your bitcoin. What then? That is where the Bitcoin Debit Card comes in.
Introducing the Bitcoin Debit Card
Owing to the fact that cryptocurrency is still a fairly new introduction to the finance world, there are cryptocurrency grounds that require more improvement and propagation. For most the questions about cryptocurrency are centered on what it is about, how to break into the market and how to actually grow crypto investments and while these are valid considerations to make when deciding on crypto investment it is important to know how to actually spend your cryptocurrency.
Bitcoin is the oldest cryptocurrency in the market and most likely, crypto traders in different coins have some of their investment in bitcoin or have dealt with bitcoin at a point so it only makes sense that there have to be ways to spend all these accumulated bitcoins in the real world or else it is all just a silly game. Traditionally, to spend bitcoins one will sell the bitcoins for fiat on exchanges and in turn spend the money, but now thanks to cryptocurrency debit cards you can now spend your bitcoin in your local store.
How the Bitcoin Debit Works
Firstly, what is it about? Cryptocurrency debit cards are intended to make spending cryptocurrency on everyday purchases globally an easier feat just as you spend fiat, the goal is to make cryptocurrency an option for paying for groceries and then imagine the possibility from there on. There are different cryptocurrency debit card providers in the market and why not? The area is green and promising and all of them have their fees and crypto coins accepted.
What happens when you try to use a cryptocurrency debit card is that the moment the card is put into the machine and a transaction selected the amount of crypto coins chosen is immediately exchanged to fiat currency that you can then withdraw as cash or use to pay for goods and services. What this means is that there is no need to search for businesses that accept payment in bitcoins just because you want to spend your bitcoin, with the debit cards you can use your bitcoin to pay in the fiat currency accepted at the local store.
Bitcoins debit cards can be either virtual debit cards or physical debit cards depending on the provider and your preferred choice. These debit cards are connected to a wallet that hold bitcoin investment just as ordinary debit cards are connected to accounts that hold money. Each bitcoin debit card provider has their exchange charges per transaction which could be either fixed or a percentage of the amount of coins exchanged, this charge is included in the terms and conditions.
Reasons to get a bitcoin debit card
Bitcoin debit cards are taking bitcoin to a wider audience by increasing its acceptance, and these reasons are why you may want to get a bitcoin debit card:
Bitcoin debit cards makes spending bitcoins mainstream, which means you do not have to bother about whether or not bitcoin is accepted in stores in your state, or whether it is accepted by the store you intend to make purchases at, as long as they trade in fiat currency, you can use your bitcoin. This has moved bitcoin from being just a means of payment for online transactions to being a means of payment everywhere.
The very structure of cryptocurrency relies a great deal on acceptability, its ability to survive and stay in the market is subjective to its investors; how much it is value and accepted. Bitcoin debit card brings more acceptance to bitcoin by making it an option for day to day transactions.
In the traditional sense, one would have to go on exchange to sell off their bitcoins, which is then paid for in fiat and transferred to their bank account before they can convert bitcoin to cash at ATMs or use it at local stores that are not yet accepting bitcoins, that could take some time. With bitcoin debit cards, the debit card provider takes away that stress from the investor and saves them time.
Selling off bitcoin on exchanges means that a wallet address has to be shared at some point, with debit cards the transaction is between investor and provider and some debit cards allow some level of anonymity for the investors.
Spend only what you need
Bitcoin debit cards only exchange the amount of coins entered, this helps to control against inflation and having to exchange more than you need at a time.
How to get a bitcoin debit card
To get a bitcoin debit card is quite easy; Check https://bitpay.com/card/ , https://cryptopay.me/bitcoin-debit-card , https://www.bitcoin.com/bitcoin-card you order the debit cards online, set up your account and wallet and activate the card, then you transfer bitcoins into the wallet and go about spending with the card as you would a regular debit card.
Things to consider when choosing what bitcoin debit card to use
The company’s background – before investing in any financial option it is important to check the company background and the founders to know that the people you are deciding to trust have adequate knowledge on dealing with your finances.
The fee – each debit card provider has the fees they charge per transaction. Often it is more appealing to go with percentage charges but what is more important is that the charges are reasonable and not a rip-off.
Your country- do the card providers serve your country? Do they transact in the currency accepted in your country because you may be needing it for offline transactions.
Visa or MasterCard – these two debit card types are globally accepted so they are most likely to offer the acceptance and flexibility needed with using bitcoin debit cards.
Reputation of the company – find out what people that use the cards are saying so far and what business experts are saying about it
There a good number of bitcoin debit cards in the market; Upquidbitcoin debit card, Xapobitcoin debit card, Cryptopaybitcoin debit card, Wirexbitcoin debit card, Coinbasebitcoin debit card, and so on.
Cryptocurrencies are becoming widely accepted in many parts of the world, and as this popularity increases there is an urgent need to find an easier way to access these coins, now we have one.
The bitcoin debit cards are answering the question of how to spend bitcoins and how to make it more globally acceptable, they are a huge convenience for its users because of their benefits. However, before deciding on any bitcoin debit card, it is reasonable to do some homework on the company to ensure you are putting your finances in trustworthy hands.