What Are Crypto Cards?
Crypto was designed as a global, digital payment system and this goal can be achieved using crypto cards. The card lets you earn crypto rewards or instantly convert crypto to fiat currency to pay for goods and services. Mastercard and Visa issue crypto cards thus crypto can be used in millions of locations globally.
A prepaid crypto card must be preloaded with crypto similar to a debit card. They can be sourced from licensed issuers which are exchanges and Bank. Transactions are likely taxable and funds stored in cards can still lose their market value.
When making a payment vendor receives fait cash into their account and not crypto. The crypto card takes crypto in your linked account, converts into local currency. Crypto cards can also be used for ATM withdrawals
A card can be acquired if one is already a customer with a company that already provides a crypto card, such as a crypto exchange or a bank that supports crypto after completing KYC and Anti-Money Laundering procedures.
Advantages of using crypto cards
- One can use crypto for everyday purchases
- Cashback rewards
- Discounts with certain subscriptions like Netflix and Spotify