Topic: [2016-05-15] What Will The Future Hold For Bitcoin Debit Cards? (Read 288 times)

What Will The Future Hold For Bitcoin Debit Cards?

Despite the growing number of Bitcoin debit card providers in the world, there are some concerns regarding using a plastic card to spend cryptocurrency. While this brings a lot of convenience to the table, it is not the same as spending Bitcoin the way it was meant to. But it sure makes it a lot easier, that much is certain.

The biggest gripe people have is that any debit card in the world is issued by a bank. Regardless of which company provides this Bitcoin debit card service to its customers, the bank is responsible for ensuring transactions can go through and payments are made in the right national currency.

However, if the issuing bank suddenly decides to halt their debit card service, the plastic cards become completely useless. The Bitcoin company providing the service can’t change that scenario, and they will have to look for a new partner. In the end, this is almost the same as giving up the financial freedom Bitcoin brings to the table in favour of convenience.

On the other hand, a Bitcoin debit card does not require merchants to accept Bitcoin payments directly, as they get paid in the same way any other credit card transaction is settled. However, they retailers pay slightly lower fees for debit card transactions compared to credit card payments, so there is a win-win situation for all parties.

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