What Are Bitcoin Debit Cards – How Can We Use Them?

Cryptocurrencies came into existence with the aim of switching the world for better – to help us earn our financial freedom.

But practically speaking, they have not achieved their original aim because of the liquidity issue.

Wondering what liquidity is? I will explain.

Liquidity simply means how quickly and lightly you can convert your cryptocurrency (like Bitcoin) into fiat or other goods and services. So far, cryptocurrencies are only being traded online, and the volume of online shopping is still negligible.

And then there’s the fact that everyone is not that tech-savvy around using various kinds of Bitcoin wallets.

We also have to accept the fact that BTC is not like hard cash where you can simply walk into a store and buy something as you would do with a traditional cash system.

This clearly shows that there needs to be traction in liquidity of bitcoins.

And this is a big challenge for digital currencies.

To solve this problem, many Bitcoin debit cards companies are mushrooming up in the cryptocurrency space. These Bitcoin debit cards permit consumers to walk into any store to purchase goods and services for their daily needs.

What Are Bitcoin Debit Cards?

Bitcoin debit cards are prepaid debit cards which permit you to top-up your card with BTC, which is then converted into fiat (USD, EUR, GBP, etc.) so that you can make a purchase.

Some Bitcoin debit cards hold your Bitcoin top-up in BTC and convert it into fiat only at the time of a transaction. Some other cards convert it into equivalent fiat as soon as you top it up.

Regardless of how it works, your Bitcoin debit card can be used for everyday purchases and payments, as they are linked to VISA and/or MasterCard, which are prominent payment processors used around the globe.

What does a Bitcoin debit card look like?

Bitcoin debit cards look like any other debit card.

They come with the following information printed on them:

  • Cardholder’s name
  • Card number
  • Expiry date
  • CVV/CVC number (card verification value)
  • Issuer company name
  • Processor name – VISA or MasterCard

Types of Bitcoin Debit Cards

Typically, all Bitcoin debit card service providers issue two types of debit cards:

Each of these debit cards has its own use and purpose for different kinds of users.

Some of the key differences are:

Each debit card provider has its range of services and charges.

At present, there are more than Five popular Bitcoin debit card providers worldwide who serve in different countries. In an upcoming article, I am going to cover the best Bitcoin debit cards available for you.

Why have a Bitcoin debit card?

It is natural to think that when we all already have debit cards, why should we have one more Bitcoin debit card?

Bitcoins are accepted directly by a handful of merchants across the globe. But VISA/MasterCard are accepted by all merchants around the world.

That’s why holding a VISA/MasterCard linked-bitcoin debit card makes a difference.

You can use your Bitcoin debit card not only in your country but in any country anywhere. If you are a regular traveler or are studying abroad, it would be very handy for you to convert your BTCs into the required fiat currency without looking out for forex exchanges.

You may say that your normal debit card also works abroad, but there are certain notable advantages of a Bitcoin debit card.

Bitcoin debit cards:

  • Permit you to make day to day payments for hotels, shopping purchases, gasoline, etc.
  • Can be carried virtually/physically.
  • Permit you to travel abroad without worrying.
  • Permit for instant money transfers to anyone in the world.
  • Permit you to hold more than one fiat currency at a time like (USD, EUR, GBP).
  • Permit you to withdraw fiat currencies like (USD, EUR, GBP) from ATMs.

How to use a Bitcoin debit card:

As I told you before, there are two types of Bitcoin debit cards (plastic debit cards and virtual debit cards).

Plastic Debit Card – a normal debit card. It comes with a chip and a PIN number with which you can swipe in a store or withdraw cash from ATMs. You can even come in the relevant information online for making an online purchase.

Virtual Debit Card – cannot be used offline. It doesn’t have a chip which you can swipe anywhere. However, it can be used for all types of online purchase by coming in relevant information like the CVV number, card number, expiry date, etc.

Popular Bitcoin Debit Cards

Here is the off the hook list of some of the most popular Bitcoin debit cards:

Conclusion

While there is a long, long way to go for Bitcoin debit cards, the overall ecosystem will keep on improving as more and more cryptocurrencies are joining the race.

In the future, we will witness cheaper fees and lighter usability in this space as the competition gets larger every day.

Also, it’s not an exaggeration in telling that with the advent of such debit cards, virtual currencies like bitcoins are finding meaning for everyday users in their everyday lives.

Stay tuned to the Bitcoin revolution at CoinSutra as I am going to publish an off the hook list of the best Bitcoin debit cards shortly.

So that’s all from my side for today.

Now let me hear from you: Are you using a Bitcoin debit card? Which one are you using and why? Let me hear your thoughts in the comments below!

If you like this article, do share it with your network!

For further reading:

GET ANY CRYPTOCURRENCY

Become a Part of CoinSutra Bitcoin community

Deals & Discounts

Wirex Deal: 25% off on Physical Bitcoin Debit Card

Coinsecure Offers Free 0.001 BTC: Here’s How to Get it

20% Deposit Bonus on Whaleclub: Use BITCOIN to Trade

COMMENTs ( Two )

looking for a good MasterCard one that will service me in the Philippines since Visa/Xapo are telling goodbye to anyone outside of Europe.

It has been said that xapo should only be for those who live in EU countries from October this year, is that the case? what about Norway? will it apply to all debit cards that are a Visa card? Is it better with MasterCard?

ADD COMMENT Cancel reply

Finish Guide for Ledger Nano S Bitcoin Hardware Wallet

Get any Cryptocurrency

Welcome to the popular cryptocurrency blog CoinSutra.

CoinSutra was embarked as a passion project, and now it’s empowering users around the globe to learn about popular cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Ripple, and more.

Here at CoinSutra, we write about Bitcoin, wallet management, online security, making money from Bitcoin &, various aspects of cryptocurrencies.

You can read more about CoinSutra on the “About” page.

Subscribe to Blog via Email

Categories

Latest posts

Welcome to the popular cryptocurrency blog CoinSutra.

CoinSutra was commenced as a passion project, and now it’s empowering users around the globe to learn about popular cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Ripple, and more.

Here at CoinSutra, we write about Bitcoin, wallet management, online security, making money from Bitcoin &, various aspects of cryptocurrencies.

You can read more about CoinSutra on the “About” page.

Related movie: Bitcoin hard fork UAHF August 1 email from coinbase


Leave a Reply

Your email address will not be published. Required fields are marked *

*