They’re trying to make crypto mainstream for regular consumers. Crypto debit cards are frictionless for beginners. The new thing, however, is that we can now use crypto debit cards - a bridge between the crypto world and the bank-card point-of-sale world that everyone is familiar with. The challenge now is how to spend them in the real world. With more than 900 cryptocurrencies out there, access to opportunities for earning, trading and investing them has not been a problem. The primary reason is likely that there is no real advantage to using them. With the number of crypto-debit cards rising, along with the number of cryptocurrency users skyrocketing (the cryptocurrency market cap is up 800% through the end of August, 2017, with bitcoin accounting for half of the growth), the industry aim is to get consumers comfortable with cryptos as “real money.” Unsurprising, none of these cards seem to have caught on beyond a handful of hyper-niche users. “Since cryptocurrency is a form of digital currency, a crypto-debit card could simply link to your crypto bank account much like a traditional debit card,” explains Evan Tarver, an investments analyst at. Are crypto-friendly debit cards the real deal? Altogether, there are over 30 blockchain-based debit cards out on the payments market. Cryptocurrency debit cards are out from different startups, and are growing in number. Crypto debit cards, instead of pulling funds from your bank account, pull them from a cryptocurrency wallet. And only then, finally, could you spend it. After that, you moved your fiat currency into your bank account and maybe convert is into a national fiat currency. In the past, you had to go to an exchange, and sell your cryptocurrency for a USD. Limits on card spending are such that they are suitable for buying coffees, shopping for T-shirts and jeans, but for more serious purposes - no. All existing cards are for retail customers use - there are no solutions for small and medium businesses.Most of crypto-friendly cards issued on Visa (and structured in Hong Kong). Earlier there were less strict loyal conditions and the cards had been issued for residents of other countries, but now Visa and Mastercard have prohibited the issuance of such cards for non-EU and non-US residents. Most of them - available only for citizens of the European Union, several projects - for US residents.Few also allow ether, litecoin, dash and other altcoins. From the point of view of working with crypto-currencies - most projects work only with bitcoins.The key parameters of the cards are approximately the same for all of them: 1–3 currencies (USD, EUR, GBP), $10–20 for issuance of a card, $10–15 annual maintenance fee, lifetime limit is about $1000 unless account verified, verification requires ID and proof of address, even if verified maximum limit on withdrawing cash is about $2000.The only exception - they work with crypto-currencies. If compared with neo-banks in fintech - functionality is at the 3–5 years old level. In fact, you issue a bank debit/prepaid Visa/Mastercard and give a fairly simple mobile application where you can track your transactions and make simple transfers. Whatever the difference is in the description of projects - the capabilities of the cards are 99% identical.New partners coming to the market - Wirecard and MatchMove. Most cards are issued on the platform of the Gibraltar payment company WaveCrest Holdings, the second largest issuer is the US Metropolitan Commercial Bank.Journal Media does not control and is not responsible for the content of external websites.Crypto-friendly cards suck: a new analysis illustrating their weaknesses in detail Users are reminded that they are fully responsible for their own created content and their own posts, comments and submissions and fully and effectively warrant and indemnify Journal Media in relation to such content and their ability to make such content, posts, comments and submissions available. Journal Media does not control and is not responsible for user created content, posts, comments, submissions or preferences. Wire service provided by Associated Press. Irish sport images provided by Inpho Photography unless otherwise stated. News images provided by Press Association and Photocall Ireland unless otherwise stated. For more information on cookies please refer to our cookies policy. You can obtain a copy of the Code, or contact the Council, at PH: (01) 6489130, Lo-Call 1890 208 080 or email: note that TheJournal.ie uses cookies to improve your experience and to provide services and advertising. TheJournal.ie supports the work of the Press Council of Ireland and the Office of the Press Ombudsman, and our staff operate within the Code of Practice.
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