Cryptocurrency adoption cannot happen until cryptocurrency becomes the norm and until currencies like Ethereum have a real use, in the real world. Adoption will be impossible to achieve if we continue to use cryptocurrency behind closed doors, it’s more than just an investment and therefore, the mainstream world needs to take note of that.
A good example for how adoption may grow in the future is through the introduction of crypto backed debit cards. This is not a utopian idea - these already exist, sadly though their numbers are few and far between as people aren’t quite ready to fully adopt crypto, yet.
What are Ethereum Debit Cards?
Much like a ‘Debit Card’ or a FIAT loaded bank card, Ethereum debit cards allow users to spend their Ethereum, both on and offline by presenting a card, loaded with Ethereum to a merchant or payment processor. This allows the users to exchange their Ethereum for a product or a service in the same way one might be able to make FIAT payments using a debit or credit card.
With this in mind, we want to take a look at some of the most promising Ethereum based debit cards for 2019, according to Coindoo:
TenX is an Ethereum based debit card that carried great rewards for their users. It’s going to be hard to convince mainstream society to change their usual debit card for a crypto backed card, therefore Ethereum debit card providers are setting up clever reward systems in order to entice new users in:
“The card charges no transaction fees, and another attractive bonus for card users is that they have the possibility of earning 0.01% in cash back, in addition to other platform rewards.”
“TenX lets users spend their Ether in almost 200 countries, enabling users to spend at over 42 million points offline and online. Users can then convert the crypto into fiat money, making the card ideal for avid crypto globetrotters.”
Generally, Ethereum debit cards are usually good for use across many different countries, simply because Ethereum has no sovereignty. Unlike FIAT bank cards, users have access an international based payment solution.
Uquid is another example of an Ethereum debit card to look out for this year. Uquid is British based (as you may be able to tell from the name) and gives users access to both physical and virtual cards (for use on mobile phones with NFC payment facilities). Uquid supports in total 80 different cryptocurrencies, meaning the scope for adoption here is huge - each of these currencies is then spendable in either USD, EUR and GDP. According to Coindoo:
“The company is most favored by crypto travelers or individuals that have no banking arrangements. The card can be used to make payments for various products and services from retail, pharmacy, public transportation, mobile payments, and even home utilities. Uquid card owners can even receive payments from PayPal, freelancing, gambling sites, and many other activities.”
Uquid can be used in ATMs across 34 different countries, again expressing the international advantages to using Ethereum and crypto based debit cards.
Coindoo highlight a number of other Ethereum debit card providers to check out in 2019, we expect to see more of these companies arise as Ethereum debit cards become more popular. One day, we could even expect to see Ethereum debit cards eventually replace all FIAT and bank based bank cards - that’s the dream for adoption right?