With the advent of Bitcoin cryptocurrency, many new things have come into existence. Bitcoin plays a vital role in part of the virtual currency. Till yesterday, you couldn’t use Bitcoin currency for any other transaction or purchase anything. But with changing trend and market there are various merchants that have started accepting Bitcoin and the list is growing continuously. With the popular demand and urge for the currency, many companies started accepting Bitcoin debit card.
What is Bitcoin Debit Card?
Bitcoin debit card is a vital source in the world of Bitcoin with traditional finance. With Bitcoin debit card you have an option of buying bitcoins or loading a debit card with bitcoins for spending on further purchases that is accepted by any credit card merchant. Bitcoin debit cards allow you to top-up with Bitcoins and change it into the currency at the time of transactions. It can be used for everyday purchases and payments as it is linked to your Master Card or VISA card.
For the purchases of online and offline, you can easily use this plastic and virtual currency. Some cards give you the option to be used around ATM throughout the globe for shopping or making a payment. The card has an almost same appearance as other cards. Their card includes Cardholder name, Card number, Expiry date, Processor name, the issuer of the company and many more.
Also Read: How are Bitcoin prices determined?
Why we need a Bitcoin Debit Card?
For the user who has a basic debit/credit card will interrogate the use of Bitcoin debit cards. Those who are earning Bitcoins or Cryptocurrency would like to use their currency in day to day life too. Bitcoins are accepted by few of the merchants throughout the globe, but virtual cards are accepted by the merchants throughout the world. It can be used in your own and another country too.
Bitcoin has made remarkable progress from the day it came in market. Till the year 2025, there would be a vast majority of Bitcoin Payment options available and would be widely accepted like Pay-Pal. Keeping these factors in mind, the Bitcoin business community has increased to offer more debit card options in the last three years.
Pros and Cons of Bitcoin Debit Card
As we all are aware, every coin has two sides - a positive one and a negative one. So is the case with Bitcoin debit card too. Let's look at its pros and cons:
Pros of Bitcoin Debit Card
-
Gives you the freedom to make daily payments. You can pay for shopping, gasoline, hotels and many other ways
-
You can carry it either in a virtual or physical way
-
Allows you to travel abroad without worrying, as it is widely accepted everywhere
-
Beneficial for transferring money instantly to anyone
-
The merchant gets the payment in their own currency that is converted by a debit card company
-
Eliminates processing fees and risk of chargeback
-
Low transaction fees
-
Safety from hyperinflation and precarious environment of currencies
-
Privacy of personal data
-
Gives you the option of holding more than one fiat currency like USD, EURO, GBP
-
Ability to withdraw fiat currency from ATMs
Cons of Bitcoin Debit Card
-
Prone to Cybertheft, as for transferring bitcoin into a mobile wallet, you have to rely on the third party.
-
Redundant fees
-
Some do provide you pin, you need to validate each time you spend.
Although, there are pros and cons of Bitcoin Debit Cards. Due to a variety of card available on the market, you can choose the one that suits your requirement and specification. You need to look at fees and other charges. Also, look for other limitations they restrict to.
Best Bitcoin Debit Cards of 2019
Now let see some of the Best Bitcoin Debit Cards in detail:
Cryptopay Bitcoin Debit Card
The Cryptopay bitcoin debit visa card is one of the oldest and established modes of Bitcoin debit card. There are more than 23,000 cards issued. Due to its flexibility to spend bitcoins at millions of business throughout the world, it is considered as one of the good options. The Cryptopay supports access to three major currencies through which it can be brought excluding Bitcoin. As this is the oldest and popular one, its card prices are little higher than average that is of $15 and can be shipped anywhere in the world for free of cost. If you want to withdraw from ATMs, there is $2.5 added as its charge. For International currency change, it adds up to another 3% on each transaction held.
It gives you option of adding a virtual debit card or a physical card that is included with chip and pin. The benefit of Cryptopay is you do not need high card limits, you do not need long procedures of ID verification. It is convenient for users paying online as well as offline. Also, some merchants in Europe give you faster delivery when making payment with Cryptopay.
Benefits of Cryptopay Debit Card
-
Provides both physical and virtual cards
-
Can be accessed via three major currencies
-
Worldwide availability
Disadvantages of Cryptopay Debit Card
-
Maintenance and load fees
-
Limitation of loading up to €2500 in a card if not verified
Bitpay VISA Debit Card
This is the latest one in the field of cards with many exciting features. Bitpay is a well-known brand in the field of Bitcoin. It gives a payment solution for individuals as well as businesses. Bitpay is the first Bitcoin debit card which is available to the US residents from 50 states. You need to have a Residential Address, Social Security Number and Government ID card to get this card.
It is available as low as $9.95. Usually, other companies charge $1 for changing the pin, however, with Bitpay, there is no charge included if you change the PIN. You can get this card within 7 to 10 days of its purchase. It can work well with ATM and VISA cards along with online transactions too.
If you are traveling outside the US, you have to pay a fee of 3% for the currency conversion. $3.00 for ATM or cash back withdrawal transactions made outside the US, while within the US the charge will be of $2.00. The card can add up to $25,000 in funds and $3,000 is its daily withdrawal limit, $750 per time. No fussy verification needed and is considered one of the finest options in the field of Bitcoin debit card.
Benefits of Bitpay Debit Card
-
It is accepted worldwide
-
Reliable and established company
-
A range of security and currency options
-
Easy to handle online account
-
Good customer support
Disadvantages of Bitpay Debit Card
-
Does not have chip and PIN
-
Limited to US citizens
SpectroCoin Visa Debit Card
It offers Bitcoin prepaid card in the fiat currency of USD, Euro, and Pounds. Like-wise other services, you don’t have to exchange bitcoins in advance, you can fund the card instantly. It can be used throughout world ATMs or shops for simple payment with a card.
There is verification needed that can be a utility bill or your passport or any other document. You can purchase virtual and physical coins across the internet. It is delivered within 1 to 4 weeks after purchased. Virtual Bitcoin cards are useful for spending bitcoins anywhere online and are issued easily.
They can be linked with your Pay-Pal account or any other online wallet account as well. It is widely accepted as VISA and MasterCard including physical shop, online sites and ATM for cash withdrawal. If you want the benefit of a higher debit card limit, you have to verify an account. However, if you are not used for higher debit card limit, you can ease your verification. It can be loaded with $10,000 once. There are different benefits for verified and non-verified customers. All verified customers get unlimited lifetime withdrawals and deposits in the card. Bitcoin debit card has the benefit of loading instantly from the Spectro-coin wallet. There is an option of funding it with multiple digital currencies like DASH, Bitcoin and many more.
Cards are available in several currencies with low fees guaranteed. The monthly service charge is of $1 and if your account is nil in balance, there is no fee charged. There are no inactivity fees charged, it means the card can be enjoyed at the cheapest and easiest way.
Benefits of SpectroCoin
-
Spectro provide pre-paid cards, which can be inscribed in dollar (USD), euro (euro) or pound (GBP).
-
The card is funded instantly.
Disadvantages of SpectroCoin
-
Centralization is the main basis of Spectro coin visa debit card.
Some Other Famous Bitcoin Debit Card Providers
-
BItWala. La
-
WB21
-
Coins Bank
-
Xapo
-
AdvCash
-
Uquid
-
Shift
-
ANX
-
Bitstamp.net
-
DSX.uk
-
Capitalist.net
Also Read: Top 10 Best Bitcoin Payment Gateways of 2019
Conclusion
Although, more or less each and every card is the same, the difference is in their name. Usually, they have the same card supplier. Bitcoin Debit Card is easy to source for those who decide to use this plastic currency in their daily life. It means you can shop conveniently anywhere in the world with simply a card.
Though there are many solid options available, we recommend you to use the bitcoin debit card one which is available in your country and can be used widely too. Another factor you should look for is its lowest fees for transactions or for purchasing. Shift is a reasonable option for those who are residents of US. However, review every card and its detail aspect before investing in one.