Bitcoin is a digital currency that has had an increased trend of users the past couple of years. Bitcoin is a currency by the people, for the people, which explains its vast popularity in the emerging market. Though many are using bitcoin, and its popularity is increasing, a few businesses are accepting bitcoin which has proven to be an issue for bitcoin users. Consumers and businesses alike can now engage using bitcoin because of the bitcoin debit card.
Many have questioned the viability of this currency, and how practical or safe it is. This has caused for lots of criticism towards the digital currency. Despite these vast criticisms, bitcoin user adoption has been increasing, and the bitcoin market is growing. This bitcoin debit card combines bitcoins and more common types of payments for a seamless user experience.
Coinbase has just debuted the first bitcoin debit card in the US, and this allows consumers to purchase goods from anywhere using the currency they love. 20% of bitcoin transactions are used to purchase or sell goods, but Coinbase wants this to change with the introduction of the bitcoin debit card. Through the bitcoin debit card, leaders are hoping people will start spending more bitcoin rather than speculating and trading it. Bitcoin debit cards allow you to convert Bitcoin to Cash instantly where you can spend bitcoin anywhere.
If this card proves to be successful one of bitcoin’s largest problems will be solved. Few merchants accept bitcoin, and this causes for a lower amount of consumers to adopt bitcoin. This will all change, and this conundrum will be broken because of the bitcoin debit card.
The new debit card Is available to you once you open a Coinbase account. It costs $10 to open a debit card because of the insurance fee, and you must confirm your identity prior. This debit card is not associated with any fees once you pay merchants using bitcoin, these fees will be handled by the merchants. These debit cards will also allow you to withdraw money through ATM’s
What is the advantage of the bitcoin card compared to standard debit cards? You can pay for stuff without a bank account. Also, when companies begin to pay their employees using bitcoin, this debit card will help you to transfer this digital currency for use in the consumer world.
With the bitcoin debit card, anyone can live their life entirely using only bitcoin as a primary currency. As well, through this debit card the financial system will broaden and become stronger as the gap is filled and bitcoin gains more popularity.