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Pros and Cons of Holding a Bitcoin Card

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Pros of holding a Bitcoin card

Choosing a Bitcoin Card is not a walk in the park. Read the below pros and cons that will help you better understand what is a bitcoin debit card and what you can do with it.

Bitcoins cards hold the following advantages:

  • Making day to day payments for hotels, shopping purchases, gasoline, etc.
  • Can be carried virtually/physically.
  • Those linked to VISA and /or MasterCard allow you to travel abroad without worrying.
  • Allow for instant money transfers to anyone in the world.
  • Allow you to hold more than one fiat currency at a time like (USD, EUR, and GBP).
  • Allow you to withdraw fiat currencies like (USD, EUR, and GBP) from ATMs.
  • Low commissions.

Cons of holding Bitcoin cards

The main disadvantages include:

  • Volatility of the currency hence the constant perceived risk of Bitcoin credit card holders.
  • There is a lack of widespread understanding of the currency and the systems for trading in many regions of the world especially in third world countries. This results in the limited number of acceptable trading zones where the coins can be useful.
  • There is a constant risk of the card holder making losses if the Bitcoin is replaced by a superior currency.

The most common debit card providers include:

  • Xapo Bitcoin debit card
  • Shift Bitcoin debit card
  • BitPay Bitcoin debit card
  • WageCan Bitcoin debit card
  • CryptoPay Bitcoin debit card
  • Wirex Bitcoin debit cards
  • Uquid Bitcoin debit card

 

Bitcoin credit cards, if there were, would be based on leveraging debt on the crypto. With Bitcoin’s price hitting new all-time highs and garnering mainstream media coverage, there is an increasing acceptance of Bitcoins as a security for credit purposes which allows credit based purchases to be made.

There is currently no company that offers a physical Bitcoin credit card in the market.

Conclusion

Bitcoin cards are increasing in popularity and there is a constantly increasing demand for the card services. However, there is a long way for the Bitcoin cards to go before they can catch up with the fiat currency based cards.

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