Ever since cryptocurrency replaced Fiat currency, its adoption has grown rapidly. The reason for this vast adoption is based on the new innovative technology cryptocurrencies are creating. One of these technologies are crypto credit card, this new invention of spending our cryptocurrencies has caused a major wave on how we spend our cryptos in real life. Presently, cryptocurrencies aren't just for investment purposes only, they now possess substantial value in which users can effortlessly purchase commodities with them.
Probably you haven't heard about crypto cards, well this article is just for you. I'll be outlining the top 5 crypto cards below.
Before we go into details, let me quickly review what debit cards are:
For better understanding, think of it as the normal ATM card you use when purchasing commodities from the store, emporium or anywhere the ATM machines are. The only difference between the two cards is the fact that you withdraw from a crypto wallet instead of your bank account while the other is the opposite.
Without further ado, here are the top five crypto cards available on the blockchain:
Ten-X
TenX being the first is known all over the world. Since it has the largest market cap, TenX is certainly the first crypto card to introduce their product to the public. However, the TenX card is backed by the COMIT network, this multi-asset routing protocol propels the instant transaction of assets when being used.
That's not all, TenX is affordable, scalable and transparent. In order to purchase the physical card, user will need at least 15$. But the virtual card is much cheaper, approximately $1.5 to activate. TenX card can be used globally, as long as VISA and MasterCard are available. At the time of writing, TenX has only the option for Bitcoin, Dash, and Etheruem, before the end of this year (2018) more ERC20 tokens will be added to their wallet.
Monaco
Monaco is a cryptocurrency and payment platform that has its own native currency known as MCO token. The Monaco card consists of a mobile wallet and Visa card that allows users to purchase goods and commodities with the cards. The same way TenX seamlessly convert cryptos into Fiat, Monaco applies the same technique.
However, the Monaco token is listed on 19 cryptocurrency exchanges. Also, the token has the capacity to perform over $40 million transactions across different countries. Since Monaco is a Visa card, users are free to use the Monaco card the same way you would use any other card.source
Xapo
Unlike other crypto debit cards, Xapo is the most secured Bitcoin wallet in the world. Xapo is a Hong Kong-based company that provides a bitcoin wallet for its users. The wallet consists of a cold storage vault and a bitcoin-based debit card. source
The CEO and founder of Xapo are Wences Cesares. Wences fell in love with bitcoin when he realized how bitcoin became a frequent financial instability in his country (Argentina). According to wikipedia, Wences added that before he discovered bitcoin, he and his family suffered from the economic recession in his country. Wences invested approximately all the money he had into cryptocurrencies, this was because he believes that digital currencies have the potency to solve the devastation and recession in any country.
The fees and terms offered by the Xapo card are fairly standard, with a 3% foreign exchange purchase, a €2.25 domestic ATM withdrawal fee, and a €2.75 international withdrawal fee. The Xapo card requires verification, and offers a €1000 EUR daily ATM withdrawal limit. source
Bitwala
Bitwala is the new prepaid bitcoin card that allows crypto traders to spend their bitcoin with ease. Presently, Bitwala is available in over 200 countries with an estimated number of 57,000 active users. Bitwala founder, Jörg Von Minckwitz realized how traders were finding it difficult to spend their cryptocurrencies without going through a much hectic process. He believes that cryptocurrencies are the future of this generation and next. Hence, its one thing to have bitcoin as an investment, and is totally another thing for it to be globally accepted as a means of payment. Bitcoin will have less value if it's not accepted as a means of payment globally, that's why developers of other projects are working tirelessly in developing crypto debit cards.
Since Bitwala has been tagged as an All-in-one crypto card, it boasts to be the fastest universal bank transfers across different countries. At the time of writing, Bitwala has over 40 cryptocurrencies in their wallet with over 15,000 users from 120+ countries around the globe. source
CryptoPay
Cryptopay is a Russian-based company created to leverage how traders utilize their cryptocurrencies with the help of a debit card. With the CryptoPay USD, users are eligible to buy and top-up their cryptopay wallet via the card. As cryptocurrency becomes the mainstream, numerous companies will adopt this new crypto card payment policy.
The card has the standard sets of fees for foreign and domestic ATM withdrawals and has a 1% loading fee for pushing your funds into dollars on the card. source
Having said that, Cryptopay boasts to be one of the most transparent Bitcoin prepaid debit card solutions in the crypto-space. According to their website since the inception of Cryptopay (precisely 2013) the company has amassed over 167,000 active users across the world. Cryptopay platform ranks number 1 with reference to size, scalability, and flexibility. source
Disclaimer
I am not a financial adviser, hence this article entails researched words and forward-looking statements. I sincerely recommend my readers to do their own research.
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