The most popular against Bitcoin and cryptocurrency have usually been, “Can we buy anything with us?”, “What’s the use?” “What if the Regulators doesn’t consider it as money?”
Questions instead of arguments rather. With cryptocurrency based VISA debit cards, users have an option of legally making crypto-payments worldwide. Coinbase, which is one of the most trusted cryptocurrency Exchange, launched its VISA cards in April 2019 in the UK. Reportedly, the sales of the card “blew past” the initial 1000 Cards which were offered free off of the issuance fees.
Currently, it has announced an expansion into six more European Countries: Spain, Germany, France, Italy, Ireland, and the Netherlands. Coinbase U.K. CEO Zeeshan Feroz told CNBC
“You can buy groceries on bitcoin and then coffee on litecoin right after,” he said.
Coinbase Users in available countries can avail and activate their virtual cards through the Coinbase Card App. The virtual card is made available instantly, and the plastic tangible version can be available on requests with issuance fees of 4.95 Euros. Coinbase charges a fee from users to make FIAT payments.
The balance in any of the Coinbase supported cryptocurrencies can use be used to make payments. Since 2018, Coinbase has added support for a number of cryptocurrencies including Stellar and EOS. Nevertheless, Bitcoin, Litecoin, and Ethereum payments are amongst the most accessible coins. The Debit Card is currently unavailable in the US; however, Feroz also noted,
“We will be looking at all of our key markets including the U.S”
Do you think that Binance and other popular Exchanges will enter the space? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com