HomeCryptocurrencyWhat are crypto cards and how do they work?

What are crypto cards and how do they work?

What are these credit cards based on an account powered by cryptocurrencies? Can we use them anywhere? What are the differences from traditional credit cards? What features does it offer?

First launched in 2019

Over the years, various websites have accepted Bitcoin payments, including Expedia, Subway, Twitch or Microsoft. Some bars or shops even accept this type of payment.

Demand for crypto cards came from Coinbase users who want to use their assets in daily life. To meet this demand, Coinbase launched a card in the UK in April 2019.

Then, in June 2019, this card became available in the United States, France, Spain, Italy, Ireland, Germany and even the Netherlands. Now, there are many providers offering such crypto cards: Binance, Curve, Crypto.com, CryptoPay…

kripto kartları ile ödeme

Crypto cards accepted at almost all outlets

Similar to a classic card, a crypto card is accepted at almost all outlets in the world. It also allows you to withdraw money from any ATM.

It is also possible to use it for mobile payments (Apple Pay, Google Pay). The main difference is that a crypto card-related account is in a currency such as Ethereum, Bitcoin, BNB, CRO and other cryptocurrencies rather than being funded in euros or dollars.

Visa and Mastercard support

One factor can reassure users of a crypto card: they are backed by Visa or Mastercard. These institutions want to support the digital transformation of financial services. Visa also stated that in the first half of 2021, spending with crypto cards supported by its brand reached one billion dollars.

kripto kartları visa mastercard

Advantages of crypto cards

What are the advantages of having a crypto card instead of a traditional card? First, management costs are significantly reduced. Since the underlying technology (blockchain) is extremely secure, the reliability of transactions is very high.

But that’s not all. Some crypto cards offer bonuses and rewards, including cashback on purchases. As with Binance, this refund can go up to 8% if you’re ready to “immobilize,” i.e. keep a certain amount in your account. This cashback is donated in cryptocurrency and therefore helps you grow your portfolio with every purchase. For example, Binance rewards the user with a balance in BNB (own currency).

Mehmet S. Kaya
Mehmet S. Kayahttps://teknonel.com
Mehmet is one of the administrator of Teknonel. As a software developer, he loves to share his knowledge in related topics. He is highly familiar with the editorial process from the inception of an article idea, through the iterative process, publishing, and performance analysis as well as product reviews.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Best Deals Today

Follow us on Social Media!

12FansLike
15,848FollowersFollow
13FollowersFollow
656SubscribersSubscribe

Related Articles

Explore More Articles

How many ants are there in the world.-min

How many ants are there in the world?

0
How many ants are there in the world? This may be the question that pops up in your head when you can't fall asleep...
Semiconductor Industry Governments and Tech Giants are in a race-min

Semiconductor Industry: Governments and Tech Giants are in a race

0
Semiconductors have sparked wars between global giants, and are also the focus of governments of various countries. Due to the difficulty and expensiveness of...
ByteDance subsidiary announces new VR headset PICO 4-min

ByteDance subsidiary announces new VR headset PICO 4

0
PICO, a Chinese VR device manufacturer acquired by ByteDance, the parent company of TikTok, launched a new VR headset PICO 4 on the 22nd,...
Scientists shorten lifespan mosquitoes contagious with Malaria

Scientists shorten the lifespan of mosquitoes before they become contagious with Malaria

0
Malaria is mainly transmitted through mosquito bites, and current prevention methods are nothing more than killing insects or preventing mosquitoes from getting parasites.Malaria is...