Cryptocurrency cards are all the rage in the crypto world.
Today, more than 13 million Americans can instantly spend crypto on everything from their weekly groceries to a simple cup of coffee.
With Visa announcing over 65 partnerships with different crypto platforms, both customers and retailers alike are waking up to the possibilities that crypto cards can offer.
But many people still have questions about crypto cards. How do they work? What are their benefits, and what can they do for me?
In this article, we are going to tell you everything you need to know about cryptocurrency cards and help you get the most out of your crypto in 2023.
Table of Contents
What Are Cryptocurrency Cards?
Crypto cards are everything you expect from a standard debit or credit card, but with crypto added to the mix.
Today, card usage for everyday goods is almost ubiquitous, with around 84% of US adults using a credit card nearly every day. Crypto cards are pretty much the same thing except that instead of spending fiat currency, you can spend crypto in some form.
People often have a strange view of cryptocurrency spending, believing it’s only for high-rollers. It might shock a lot of people to learn that the vast majority of crypto card spending, about 51%, is spent on groceries.
Crypto cards are a simple way for customers to get access to their crypto’s full potential by being able to scan, tap, or swipe a physical or virtual card to buy anything, online or offline.
For many people, cryptocurrency cards are the ultimate way to unleash your crypto’s full potential, even if that means simple day-to-day spending. That’s why cards like the CryptoWallet Debit Card are so great, with over 800+ cryptos for you to spend, you can finally get access to your crypto’s full potential when you need it most.
How Do Crypto Cards Work?
At their most basic level, crypto cards work pretty much as you would expect. You can tap, scan, or swipe your card to buy goods or services, or even use your card to withdraw money from an ATM.
But different crypto cards achieve this in different ways.Crypto debit cards are probably the most common. These cards instantly convert any stored crypto you have in your wallet or account into fiat at the point of sale.Other cards are “pre-paid” meaning that you sell crypto beforehand and then load those funds onto your card for later use. Finally, you have the less common crypto credit card. This type of card allows you to extend credit based on crypto as collateral or the ability to earn crypto rewards or cashback as you spend.All of these cards will generally offer a variety of different crypto for you to choose from, use, and in some cases, earn as you spend.
Why Use a Crypto Card?
In the past, spending crypto directly could be a frustrating and time-consuming process for customers and businesses alike. Only around 28% of US small businesses were willing to accept crypto because of technical barriers and volatility issues.
For customers, this meant that generally, you had to convert crypto into fiat, which, given how slow banks can be, could take a few days.
Crypto cards solve all these problems at once.
Crypto cards allow users to spend crypto instantly at the point of sale in virtually any store around the world that accepts cards, and because of how these cards work, they’re not actually accepting any crypto at all!
And with so many reward opportunities, cashback, and unique crypto benefits, it’s no surprise that more customers than ever are choosing to use a crypto card.
Benefits of Using a Crypto Card
All crypto cards have the fantastic benefit of allowing you to spend crypto anywhere instantly. But many card companies will offer tasty benefits that can sweeten the deal.
Take, for example, our very own CW Card. With our card, you can earn up to 3% cashback every time you use it and even get involved with the platform itself. CryptoWallet offers customers the chance to earn native SPEND utility tokens.
These unique coins let customers get involved with the platform itself, vote on upcoming coin hostings, and be a part of the CW community.
Other cards, like the Crypto.com card, will offer customers unique discounts on services like Spotify, Tinder, or Netflix for higher-tier customers.
Getting the most out of a bitcoin crypto card or the like isn’t just about finding the best deal or rates, it’s more about finding the card that suits your lifestyle best, so shop around and find out how far your crypto can really go.
It’s estimated that over 4% of the world’s population already owns some crypto, and it stands to reason that a lot of them will want to be able to spend some of that crypto easily.
This is what crypto cards offer customers. They make crypto spending simple, safe, and seamless, while also opening up crypto revenue streams for businesses that don’t want to deal with the headache of accepting crypto directly.
It’s no surprise that so many people are already choosing to get the most out of their crypto with their very own crypto card.
That’s why CryptoWallet is proud of its very own crypto card with over 800 cryptocurrencies and direct spending capability. Simply tap the card to automatically spend crypto with no conversion on your end, and at real market rates, while earning crypto with every purchase!
The card launches in 2023. Join the whitelist here!