What are Crypto Cards and how do they work?

What is a crypto card?

A typical crypto card acts in a similar way to your debit card. The vendor receives fiat cash into their account and not crypto.

How does a crypto card work?

A crypto card conveniently converts your crypto into cash which you can spend with the vendor through the card. You can also use crypto cards for ATM withdrawals if your service provider supports them.

What are the differences between a crypto card and a credit or debit card?

The main difference is that you load your typical crypto card with cryptocurrencies. A debit card is pre-loaded with fiat currencies, and a credit card's transactions are paid off later with fiat.

What are the benefits of using a crypto card?

- Crypto for everyday purchases. - Price is also volatile. - Cashback rewards or discounts.

Do crypto cards have any risks?

Having a crypto card provides all the same risks as holding crypto. In many tax jurisdictions, the spending of crypto is a taxable event.

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