What is Crypto Debit Card?
Let's find out Crypto Debit Card meaning, definition in crypto, what is Crypto Debit Card, and all other detailed facts.
MasterCard and Visa accept the vast majority of crypto debit cards. It is a sort of debit card that allows the person to pay for products and services using Ethereum (ETH), Bitcoin (BTC), and Litecoin (LTC).
These cards convert held Bitcoins or other cryptocurrencies into the fiat currency required to complete a transaction. Bitcoin debit cards, in particular, may also be used to withdraw cash from ATMs in any fiat currency allowed by the card.
Besides, it is possible to use popular payment platforms such as Apple Pay, Google Pay, or Samsung Pay. Keep in mind that virtual crypto debit cards are the best when it comes to online shopping.
Additionally, some crypto card issuers allow users to stake native currency to gain rewards. Yet, owing to the unpredictability of the crypto market, the value of the virtual currency fluctuates on a daily basis.
Surprisingly, although getting paid with a crypto card, retailers can accept payments in fiat currencies like EUR or USD since the card company supports the conversion using current market prices.
When traveling abroad, crypto cardholders will not face the high transaction costs that usually happen when switching currencies. A crypto debit card excludes consumers from various expenses associated with legacy cards, such as annual fees.
How to Get a Crypto Debit Card
To put things simply, crypto debit cards are often supplied by cryptocurrency exchanges, and applicants must first open an account and digital wallet before applying for a card. Some applications additionally need users to authenticate their identity through the Know Your Customer (KYC) verification procedure.