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.
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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.Crypto-friendly cards suck: a new analysis illustrating their weaknesses in detail
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