Cryptocurrency Debit Cards: will they make our lives easier?
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Oct. 30, 2017
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How will cryptocurrency debit cards change the world of digital currencies and the payment system?

The popularity and number of users of various cryptocurrencies has increased dramatically worldwide over the past few months, with new currencies being created and added to the exchanges and markets. There has been a huge increase in its market capitalization and growth of users buying, selling and exchanging these digital assets. But most of the operations with cryptocurrencies are carried out virtually. There are practically no special coins or payment cards with which you can go to the store and buy products as easily as with normal money. This situation can be changed with the help of cryptocurrency debit cards. They will allow the use of digital money for everyday payments in the real world.

The concept

The idea behind such debit cards is quite simple. It looks the same, as an ordinary plastic credit or debit card, and just this fact can become a valid argument for potential users interested in spending their cryptocurrency savings. For this purpose, debit cryptocards were developed: they allow the use of digital money for everyday purchases.

Right now one of the main drawbacks of cryptocurrency is the inevitability of an intermediate step. Before you spend digital tokens, you have to convert them into fiat money. A cryptocurrency debit card, similar to any conventional card, allows you to bypass this problem.

Cryptocards and specialized terminals

There are two main ways to solve the problem of real transactions:

  1. Point-of-sale terminals. They interact with the mobile app-wallets of the buyer. This method is great for customers, but it requires additional expenses from the owners of stores, so its mass distribution is questionable.
  2. Cryptocurrency debit cards, which are able to use the existing payment infrastructure throughout the world. If they are compatible with conventional plastic credita nd debit cards, shops do not have to spend money on the purchase of specialized equipment. The owner will periodically refill the balance of his cryptocard.

According to Cointelegraph, there are several companies that are engaged in the release of the prototypes of debit cryptocards. With the development of digital currencies, reduction in transaction costs, increase in transaction speed and inaccessibility, the popularity of cryptocurrency debit cards will also grow.

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