Sunday, 22 September 2019
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Bitcoincards

Bitcoincards explained

The main aim behind the discovery of cryptocurrency and bitcoincards was to change the life of humans for better. The companies producing cryptocurrency wanted humans to have more freedom in the field of finance.

The cryptocurrency debit cards bring in liquidity in the cryptocurrency system. With the use of these cards, an individual can transfer cryptocurrency into fiat currencies which are the real meaning of liquidity. After its discovery, cryptocurrency was transferred and used only on online platforms, but these debit cards have given a new dimension to the cryptocurrency. One can withdraw cash from ATMs with the help of these debit cards thus transforming the virtual currency into fiat currencies like EURO, USD, etc.

 

Features

  • Provides a high range of freedom to the owner financially
  • Works both online as well as offline
  • They are available both virtually as well as physically in the form of plastic cards
  • Can be used at any place all over the world

Supported Currency – USD, EUR, GBP, etc.

Has An App – Most of the cryptocurrency debit cards do not have apps like Raxcard and Bit plastic cards. This is mainly because these cards are anonymous and thus does not collect any information from their users. A user can, however, use them to make purchases online or make payment in shops.

Anonymous –  Most of the cryptocurrency debit cards are anonymous and do not require any ID card or passport or any information for verification purposes.

Physical Card – The cryptocurrencies like bitcoin, is a virtual concept thus not all cards are physically available. However cards like Raxcard, Bitpay, Bit plastic, etc. are present physically. Some of them can even in used at normal ATMs to withdraw cash.

Virtual Card  – yes all the cryptocurrency debit cards are virtual cards. This is their primary form of existence.

Card Type – Most of the cards is present in visa as well as master card form.

Fees – The fees vary from card to card. Some of the cards like Raxcard charge fees of 50 USD and there is no yearly or monthly maintenance charge levied on the user whereas some imply maintenance charges. Debit cards like Bit plastic charge 1.50 USD for each ATM transaction. The fee structure depends on the agencies providing the card.

Countries available – These cards can be used in several countries all around the like UK, US, China, North Korea, India, and Nigeria and many more.

User experience – The cryptocurrency debit cards are very convenient for users. One can use them while making online purchases or while purchasing anything from a shop. Some of these cards can even be used to withdraw money from ATMs like any other debit card. Using them is quite easy as they are available in both forms VISA and MasterCard.

Services provided – The cryptocurrency debit cards are either VISA card or MasterCard which are accepted in most all countries around the globe as compared to bitcoins. An individual can withdraw money at normal ATMs from these cards. One can transfer funds to any corner of the world in no time and with ease.

Security – Most of the cryptocurrency debit card companies do not ask for any personal information or proof like ID card or password for verification. Thus a client does not have to share his or her personal details with them.  The cards do not have the owner’s name engraved on them to ensure safety.

Support – Most of the card support bitcoin as the main form of cryptocurrency. Some of them also support USD.

Pros:

  • The cryptocurrency debit cards are available virtually, and many of them have a physical version too.
  • A user of this card need not have to worry now while traveling abroad.
  • An individual can transfer money all over the world instantly with the help of these cards.
  • A user of these debit cards can pay their shopping bills, hotel bills or gasoline bills or any other type of payments at any time and from any place.
  • The debit card owner enjoys the facility of withdrawing any currency from normal ATMs like Euro, USD, and GBP, etc.
  • One person can possess several currencies like EUR, USD, GBP, etc. at a time.

Cons:

  • The agencies or companies who issue this cryptocurrency debit cards charge some fees for providing the service.
  • The user also has to pay some fee for monthly for yearly maintenance
  • Some companies charges for the shipment of the debit card to any particular address.
  • Some company, cryptocurrency debit card, includes payments for transactions on a per transaction basis.

 

Final verdict

The cryptocurrency debit cards still have a long distance to cover, but recently they have gained immense popularity. Situations will keep on improving in near future, and as a number of cryptocurrencies join the group, the complete ecosystem will improve and profit from them. The competition in this field is increasing with each passing day, and this will lead to falling in the fees rate of the cryptocurrency debit cards in the future. Users are joining in as they can feel the convenience of using these virtual currency debit cards in their daily life.