So you already own a bitcoins and now looking for a easiest way to spend it?
Well you…. You probably want to spend your bitcoin in nearby departmental store but they don’t accept it. Yes, I know it is obvious that you might be thinking to primarily convert your into cash and then spend it. Right?
We are here with the best solution for you people as you are looking for an easiest way to spend it without any hustle. Yes the solution is Bitcoin debit cards.
If you are interested with what benefit you can inherit from it then read the below points.
- You can use it in a store where they accept debit cards.
- You can use it in a ATM to withdraw cash.
- You can use it for online purchases.
- You can also load your card by transferring your coin to card from wallet.
Let me give you a quick review of how Bitcoin Debit Card works?
Well bitcoin debit cards are no rather than just a card that is linked to your bitcoin wallet and you can spend your dollars and the amount will be taken out from your wallet.
Imagine you have 2 bitcoins present in your wallet and its overall amount in cash is $5000. So if you have a card you can either cash it out or directly use it for multiple purposes. It will just take your coin out from the wallet according to the current rate.
However you must consider some factors and evaluate it properly for which debit card you should use for? Let me give you some factors that should be evaluated. They are –
- If the company has goodwill and funding?
- If the company is providing you a physical card?
- If the company has virtual card facility?
- If they have service in your country?
- Fees, cost and other charges involved?
- Delivery and other activation factors to be considered?
- If it consist of mobile app service too?
- If it is applicable for all type of fiat currency?
- What is the limit of those cards?
- What are the other verification factors?
- How widely it is accepted?
You must be thinking that from where we can get Bitcoin Debit Cards?
Well there are numerous companies that are working towards these projects. While some of the best companies are listed below. These cards are little different in way of price and characteristics but eventually let you to spend your coin in ordinary and easy way.
- Cryptopay bitcoin debit card: It was founded back in 2013. It also has attracted numerous number of user within a short span of time.
It delivers you the card within a week of working days and you just have to submit $15 for the insurance of the card.
One great advantage is that they provide you both physical and virtual card. This set you free from any hassle and difficulties in spending your bitcoins.
Moreover, you can transact your money anonymously as it does not require any governmental identity except your login ID with verification code.
Your Cryptopay debit card will be acceptable worldwide ( where debit card are acceptable).
- Bitpay bitcoin debit card: Bitpay is one of those companies that provides you a debit card with a very nominal charge.
Earlier the card was available only for the residents of US but it has been now available for non US residents also.
It can be used in a both online and offline way and also as ATM card also with a nominal charge of 2-3 percent on each transaction.
The card will be provided to you with charges of 9.95$ with extra charges of 5$ per month as a maintenance charges.
Your verification factors depends on which country do you live in and also it holds the limit of 25000$ which is accounted to be the highest limit in all bitcoin debit cards.
- Xapo bitcoin debit card: Xapo is a financial company of Hong Kong but has an office in the United States, California.
Xapo has been able to raise around 40 million USD in investments from a number of recognized companies.
Xapo has a mobile app which anonymously help you to transact money and also a small verification step is needed to register in the account.
It has a advantage of extra security option and they provide a free service of 1year which account xapo an extra good deal.
Getting a xapo card costs you 20$ with extra fee of 10$ annually but at the same time no extra charges are applicable with the transaction occurring on a daily basis.
- Wirex bitcoin debit card: Wirex is well established company that provides you both physical and virtual cards.
The company will provide you a Pin visa debit card that can be transacted through your Wirex app. The fees are very similar to other cards – charging 3% for global transactions, $2.5 for ATM withdrawal and $17 to get your physical shipped to you. Like Xapo, Wirex also charges service fees, only they charge them on a monthly and not an annual basis ($1/month).
- Shift bitcoin debit card: The first US Bitcoin debit card supplies a debit card that is connected to your Coinbase account.
Despite being an US based company it only provides their services in 45 states instead of 50 states.
Shift has a very minimal issuance charge of $10 and there is no maintenance fee, which is surely a great thing with a 3% charge for international transaction.
Which bitcoin debit card should you choose?
From all the above mentioned debit card you must have observe that most of these cards are more or less the same. They probably all use the same card provider to run their business as well and the difference is only in their branding with some little features. Personally we here at coinscage advise you to make sure the card you choose is available in your country and then use the one with the lowest fees. I’d definitely try to avoid the cards with the ongoing fees. For example, if you live in the US, using Shift is a reasonable option.
Don’t forget to share this amazing article with someone in your Bitcoin Community.
And we would like to hear your experiences with BTC debit cards if you have any.