Cryptocurrencies get very popular when their prices went up and they are known for many people these days. One of the promising ideas of those assets was to be able to pay with a currency that not depends on a government or a country.
It is decentralized and its value is determined by the market (confidence of the people). However, fiat currencies like dollar or euro have a solid platform that allows us to make transactions with credit or debit cards, cash and by transfers.
But that is not the case with cryptocurrencies because they are not accepted as widely as other currencies. That is why people start looking for solutions to make crypto easier to use (like having a debit or credit card). In this article we are going to talk about bitcoin debit and credit cards
The idea of a bitcoin debit or credit card
First, let´s make clear the idea of a debit and a credit card. A debit card is linked to a bank account that saves the money of the person and when the person makes a purchase using the debit card the amount is changed against the balance of the bank account.
In the other hand, a credit card is a financial instrument that allows people to borrow money from a financial institution. Credit card holders are not using their money when they use it; they are borrowing money and they will have to pay it later plus interests and the costs of using the card.
So, a bitcoin debit card will be a card that is linked to a wallet (electronic or any other type) and charges the amounts expended against the balance of bitcoins that are in the wallet. And a bitcoin credit card will be a card that allows you to borrow bitcoins from a financial institution. However, a credit card may not be possible because of the regulations in the market.
A bitcoin debit card will give you the opportunity to spend your bitcoins just like fiat money (dollars, euros, etc.) in places that accept it as a payment. That solves one of the major problems of cryptocurrencies and is a secure mechanism.
However, the credit card may not be possible due to the volatility of the prices of cryptocurrencies. You may not be able to have a bitcoin credit card and you can`t buy those currencies with regular credit cards. Now, let`s see the best bitcoin debit cards available
Top bitcoin debit cards
In first place, we have Wirex Bitcoin Debit Card which is available in both physical and virtual (using it with the app) forms and the delivery is free. It is a VISA debit cards which means that you have the benefits of that platform and this card support USD, GBP and EUR as currencies to make payments.
However, it is not an anonymous card which can be an issue if you are trying to hide your identity. This card has 0.5% crypto cashback when you use it and it has low fees. There is a monthly payment for the use of this card (depending on the fiat currency that you are using); there is a $0.28 fee for online purchases made with USD and also a $0.07 fee for declined transactions.
In second place, we have Uquid Visa Debit Card which not only accepts bitcoin; it also accepts DASH, Ripple, Litecoin, Ethereum and other cryptocurrencies. When people have this card they can send a certain amount of crypto to the card and it will be converted into EUR, GBP or USD.
So, you will be able to use it as a regular Visa debit card. It is linked to Paypal, there is no fee for online transactions and the card is valid for 3 years. However, there is a 3% fee for currency exchange, there is a $3 fee for international cash withdrawals and $2.50 for domestic ATM ones.
In third place, we have Cryptopay Bitcoin Debit Card and it supports USD, GBP and EUR. It has the option to be used in both physical and virtual forms; this card is sent quickly (3-10 days) without any cost. This card will not require an ID verification to be obtained.
However, it is not anonymous because you will need to provide your name and an email address to obtain the card. There is a cost of $15 to obtain the card; $2.50 for domestic ATM transactions; $3.50 for international ATM transactions; 3% for foreign transactions and a monthly payment of $1 to have the service.
In fourth place, we have SpectroCoin Visa Debit Card which supports USD, EUR and GBP which makes easier to exchange bitcoins. This card has both virtual and physical presentations and you can use it in more than 20 million online shops.
It will be accepted as a regular Visa debit card in any place and it is also linked with PayPal. You will have to pay $1 for the monthly service; the cost of the debit card is $9 and there are no other fees to be charged.
Last, we have Bitpay Bitcoin Debit Card which is one of the most accepted bitcoin debit cards worldwide and you can have it in both virtual and physical presentations.
It has a secure e-wallet and it works as a prepaid Visa card. However, this card can only be obtained by US residents and it requires ID verification. This card costs $9.95; there is not monthly payment unless you make more than 30 transactions per month ($5 monthly); $2 fee for domestic ATM withdrawals and $3 for international ATM withdrawals; $3 for foreign exchange