Crypto debit cards are surely one of the most convenient things for crypto investors. we had got these 2 cards a year ago and used it once in the beginning to check how it works and it is just used like a normal debit card. Of-course the transaction fees are a little on the higher side, but then if you calculate the withdrawal charges from the exchange to the bank it is almost one and the same. Bank processing charges are around 8% in my country and for the card around 10%, it is a high charge for sure but then the benefit is that you can withdraw instant cash when you want.
Also the card is very handy for Indian Crypto investors as you can bypass the bank and use your cash at your convenience. I have not used the card in a long time, and I guess some terms and conditions may have changed, so I am going to check on it and see how it's working right now with the fees part. There is a daily withdrawal limit on my card, but then there are some cards which have very high withdrawal limits.
I am going to check out on some other options as well, compare the benefits and charges and then see which one is best suited and the user acceptability also. Nowadays there are many card options that have come up, so may be I can get some better deal on it.
Also the card providers make a cut on the price, so say if the exchange price is 48500 then the market price will be 50000 so a cut of 1500 and it will be proportionately calculated on the transaction.
This was what I had received with the card, sharing it to get a general idea.
I am sure in the coming times as more and more people start using it, the structure will be simplified and it will become more user friendly, but I still feel for places where there are lot of government restrictions and uncertainty the cards are a good option. Even after paying high fees it will be beneficial because the kind of returns one would get in crypto investments no other investment will pay, so paying some additional fees over it would be also worth it.
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Posted Using LeoFinance Beta
What if the price fluctuates a lot in the market in the same time ?
Is it like normal bank cards and accepted everywhere ? Need to understand more on how this works.
Posted Using LeoFinance Beta
Yes the price fluctuation will be little dicey to handle, it would be good to not use it in such times and hold on for a little stability.
Yes, they are master and visa powered cards so they can be used like normal cards. I have used them once in ATM to withdraw cash just to test it and it worked fine.
The commissions are high but definitely worth it in countries where there are strong restrictions. It is very practical, I have been researching and an exchange that I use called uphold has launched its debit card but at the moment it is only for the United States, another company that I will look into is Xapo.
I hope that with the passing of time the commissions will be reduced with the upcoming mass adoption.
You know what would be cool? A debit card powered by the hive blockchain! Dont you think?
I think we will one day all be using crypto fiat days are definitely numbered especially as visa and mastercard are now adopting crypto currencies
Dear @nainaztengra
Good info. This is a sign that cryptocurrencies are slowly integrating into many aspects of everyday life. I don't particularly have much knowledge about it, but I have seen lately that they are being used more and more.
Yours, Piotr