Cryptocurrency cards are the future. It’s obvious isn’t it. In order to make cryptocurrency friendlier and easier to spend, we need to integrate it into our daily lives. Bank cards, credit cards and debit cards are already a key part of our existence, therefore integrating a cryptocurrency credit card into our routine would be plain and simple.
Cards are convenient, easy to use and generally universally accepted. They are safe, secure and also don’t take up a lot of space. Of course, traditional cards have some drawbacks that crypto cards will be able to address, such as transaction fees and exchange rates so actually, a crypto credit card will not only be a convenience to us, it may also improve things for us too.
It’s the first big step towards adoption, and it seems there are three major brands leading the way with it too, Nexo, TenX and Monaco.
According to Usethebitcoin.com:
“Nexo aims to revolutionize the loan industry by boasting that investors and businesses won’t need to ever choose between accessing cash and holding their cryptocurrencies. In short, Nexo allows its users to enjoy their own crypto wealth without having to actually sell it. The platform is designed to be both security-focused and user-friendly.”
As you can see, Nexo offers more than a typical debit card service, and that’s exactly the sort of innovation needed to help boost this industry. The beauty of the crypto card is that it doesn’t have to just act as a cryptocurrency wallet, instead, it can be used for things like loans and investments too.
“TenX is a digital wallet and physical card that, just like Nexo, can be used to spend cryptocurrency anywhere, even in places that don’t accept crypto. The service is quite affordable, as you can order a physical card for about $15. There are annual fees of $10 per card if the spendings don’t go over $1000 in 12 months. The downside is that the service charges a $2.50 fee for every ATM transaction you make.”
One major concern for retailers is of course the notion that they will need to alter their services and offerings in order to accept cryptocurrency payments, but that need not be the case. With products like TenX, it’s possible to spend cryptocurrency in venues that don’t necessarily accept cryptocurrency. Generally, a roll out of cryptocurrency payment cards could happen on top of the current debit card infrastructure, meaning shops could still keep hold of their payment terminals and even cash machines could still work in the same way. The beauty of the blockchain is that it is versatile and is able to work around current technologies.
“Monaco is a similar service built atop of the Ethereum blockchain. The service offers four types of cards, very different amongst each other. There are different card ties, depending on your holding of MCO tokens over 6 months: Ruby Steel (50 MCO), Precious Metal (500 MCO), or Obsidian Black (50,000 MCO). The entry-level card is called Midnight Blue, and it doesn’t require you to hold any MCO tokens.”
Monaco is an example of another service altogether. By existing more as a rewards programme, Monaco has the ability to help compliment investor portfolios. If anything, this shows another use for the crypto card as more than just a facilitator of payments.
The world is ready for cryptocurrency payment cards and and we can see here, cryptocurrency payment cards are ready for the world, it’s just a matter of time before we see more of these projects surface. Our advice, get them whilst they are hot, don’t miss out on this one!