Topic: Bitcoin debit cards (Read 146 times)
That actually was a great explanation and I found some videos! Thanks so much
How would that be exactly work as a method of payment? How is bitcoin used in transactions today?
There are two types of bitcoin debit cards, direct pay and pre pay.
(1) Direct Pay - is where the debit card is linked directly to your bitcoin wallet. When you make a purchase, the amount is converted into bitcoin and deducted from your wallet. The merchant gets paid in fiat. This allows you to keep your bitcoin as bitcoin until the point of sale.
(2) Pre Pay - is where you load the debit card with an amount of fiat, which has been drawn off and converted from your bitcoin wallet. This would allow you to maximize the exchange rate you get for your bitcoin.
I can share videos or comparison site links if you want.
Consider using a card that advertises bitcoin, that has a reference to bitcoin on the card...we should be promoting bitcoin as much as possible!!!
I am using Uquid since last few months and never faced any issues with it so far. Every time when I want to re-fill my debit card, I have to transfer the Bitcoin funds to my Uquid wallet and then I can use those funds to refill the debit card and real-time price at the time of adding the fund is considered and final balance appears in fiat currencies. Then I can use the card and my fiat balance will be deducted at the time of the transaction. I am not aware of any other platform where I won't have to convert BTC to fiat before making the transaction.
How would that be exactly work as a method of payment? How is bitcoin used in transactions today?
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