Cryptocurrency Debit Cards EXPLAINED! 2018 Hey guys, hows it going? Its Brendan here from hype dawg crypto I hope all of you guys are having a good morning evening wherever you guys are from and today Were are we talking about crypto currency debit cards now? Were gonna be explaining how they work as it was a little brief summary of their past and talking about where theyre gonna be going Towards the future So if you guys are interested go and stick around for the article and do not forget to hit the like and subscribe Button as it does help out the channel a lot with that being said, lets go ahead and jump on into todays article So, Im sure you guys are asking yourselves whether cryptocurrencies debit cards are actually a real thing or not and indeed the answer to that Question is yes, theyve actually been a real thing for a couple of years now and theyve been getting used However, they havent gotten too much attention until lately and thats been for a couple of reasons The first one being that only 20 of cryptocurrency is actually used for buying and selling products The other 80 is used for trading much like the stock and the forex markets because of the volatility that the cryptocurrency Market has in it right now and so people are taking advantage of that at least the people that know what theyre doing and using the volatile market to earn themselves a nice, you know secondary form of cash flow now this all started in 2014 when overstock.com decided to start accepting Bitcoin as a payment option for their products Now this was followed by a number of companies such as Amazon Shopify knew a dish Intuit and even Microsoft themselves so all being fairly large sized companies and with this we saw the growth of Cryptocurrencies being used as more than just a trading option and actually as what they were intended to be as a form of Decentralized global currency that you could pay for products with now as time progressed.
We saw the first cryptocurrency debit card arise in 2015 where this was actually issued by corn base of all exchanges you know people think of corn base being kind of really conservative with what they like to do in this being I Guess a leap in a little bit of a Wilder direction for them, you know They received a lot of heat by this and this was a very hard vetting process for them to go now This was only available in 25 states But the way it worked was very unique because they used visa and I believe even American expressed to channel their cryptocurrency debit cards Which at the time was only using big but you know as we see some of these other companies expanded to things like a theory and litecoin Manero And a couple of a couple of different altcoins on that were really mainstream at the time But what they did is they used the cryptocurrency debit card that was channeling Bitcoin to work with visa so that when youd buy something it would take it out of your Bitcoin account through Visa and actually visa would transfer and let you pay for anything that accepted Visa, you know, whether thats a Walmart or Some sort of food restaurant that youre at or maybe its just a normal retail store It was allowing you anywhere that accepted Visa for you to make cryptocurrency payments via the the via or the American The American Express or MasterCard whatever you were using. Now. This was kind of revolutionary when this all began happening again they received a lot of heat for this but What we begin to see is you know cryptocurrencies were working towards what they were meant to do and they werent being used less as a Trading option and more so as a form of payment now I know what you guys are thinking up here when we see 20 you guys are thinking, you know Thats still an overwhelming majority for cryptocurrencies being used as trading options and you know, 80 still pretty hefty for people You know when they could be using it for buying, you know, realworld products But twenty percent a whole lot better than it has been, you know at any other point in time You know, if you guys look back even to a year ago, the number was significantly less, you know The amount of partnerships that weve talked about on this channel whether thats a bank or the NBA Or a retail store or something even as simple as KFC or an airlines Accepting in using cryptocurrency is actually been you know A dramatic form of growth at least in the past year because so many new companies organizations Big names have all begun to start accepting cryptocurrency. Um at least in some way form or fashion, so With this, weve solved the growth of a couple of different cryptocurrency credit cards, you know Whether thats wage can wire ax crypto pay and the newest one actually being token pay now Im sure you guys Ive seen something about the token pay debit card coming out and how that looks to work It actually looks very very Prominent and the way that theyre going to use this looks like it could be a very very good thing for the cryptocurrency market But with the crypto debit cards there has always been some sort of problems But as we move into the future, were seeing all these start to fade into the background So going to the little bit of detail here talking through this article Im going to read through it a lot cuz that is a lot of you know juicy information that we can dive into but it Says what a customer should look for when choosing a cryptocurrency debit card and the answer for that is a combination of availability fees Restrictions and other limitations many of these debit card issuers charge an initial fee to obtain one And then a modest monthly service fee to use it so that In itself is really not that bad is you know about the same thing that youd use for a credit card to be honest it Says other fees involve the conversions of one initial cryptocurrency into another and then the conversion of one cryptocurrency into another again And then ATM withdrawal fees both domestic and international you know, I guess fixing in the International off fiat currency rate, so thats essentially what thats talking about is, um, you know, depending on where you take your money out Its obviously not all gonna be worth the same thing, you know One Bitcoin is worth a certain amount of US dollars in a certain amount of the ends You know, its not equal US dollar and yens because theyre fiat currencies So it just kind of talks about how it would work with that And how there also could be Penalties for leaving your card inactive and kind of just using it as a wallet because its not necessarily a wallet It is a debit card or a credit card And its not to be used as a wallet because theyre you know Theres plenty of cryptocurrencies whilst you can get out there for your phone or on the computer or you know even through USB now like the nano larger s but this is really unique because it talks about um You actually being able to transfer from one crypto currency to another cryptocurrency via your debit card So again, there would be a trading fee for that I would assume itd be fairly all are fairly low something, you know, probably lower than coinbase but maybe a little bit more than what Finance offers so maybe something like 0.7 percent or something along those lines where its not too bad, but you know Its still something but I think that would be really cool the idea that you could change Maybe you had a currency debit card and you went to buy something in aetherium And so you could transfer that you could transfer your cryptocurrency debit card to it You know to channeling aetherium because maybe a certain store is giving discounts for people who buy things in etherium. You could do that And I think thats really unique.
I like the versatile and the scalability that they have here and talking about how they already have What their fees are gonna be how theyre charging you? You know a monthly fee and an initial fee for these some of these credit cards and how theyre gonna kind of progress from there but the way the cryptocurrency credit cards are evolving right now are Definitely a very unique and I think that we are start starting to see them become more mainstream as cryptocurrency ATMs become more mainstream now those have a little bit more problems as we all know because Cryptocurrency ATMs have pretty hefty fees whenever you want to use them. So for the most part they are you know good necessarily because you can get all your Cryptocurrency in an extremely fast manner because you literally walk up to the ATM and you can buy cryptocurrency So its instant as opposed to some of these exchanges maybe taking an hour a day Ive had in exchange take up the two weeks before for me to buy cryptocurrency on there so, you know, its kind of the you know the home aspect that you get in the fast transaction time that you get that makes crypto ATMs that cost a lot but I think you know with the growth of ATMs and then reducing their prices and becoming more normal and mainstream I think the growth of cryptocurrency debit cards will also perk us, you know once again as I know I know Ive said this a lot here talked about all the companies and the organizations that have been had that have begun to start accepting cryptocurrencies, but we have seen a record number of companies organizations people supporting Bitcoin and cryptocurrencies in their entirety at Least, you know in the past year significantly within the last seven months of 2018 So I think for that reason were gonna start seeing cryptocurrency debit cards become more mainstream and its not gonna be too weird In a couple of years from now when you walk into a place and you pay for something with a cryptocurrency Visa debit card, you know with cryptocurrencies partnering with things like this I think this is gonna be made a whole lot easier You know even talks about cryptocurrency Debit cards partnering with banks and how you might not even have to have a bank account moving forward here Pretty soon to make a cryptocurrency debit card, so thats gonna be unique Im not sure how much I agree with that because I think that that could cause some problems however, you know, it is on the blockchain so Things do become a little bit more decentralized But let me know what you guys think about this Let me know if you guys have ever used a cryptocurrency debit card If you have let me know in the comments section below.
Let me know what you like about it Maybe what you hate about it and what your overall thoughts on all of this being, you know? I know if my state allows cryptocurrency debit cards, or at least the support of them then I will definitely be getting one So I can use them To show my support of the cryptocurrency and blockchain world But thank you guys so much for watching the article If you guys did enjoy do not forget to hit the like and subscribe button as it does help out the channel a lot But that being said guys Im going to bring this article to an end the you guys so much for watching and stay hyped You