In a similar strategy to online payment platforms like PayPal where they realized they could get further traction with introducing physical payments cards like a debit or credit card to use with their accounts, Bitcoin companies are now starting to add their physical cards to attract more customers to their cryptocurrency.
Internet currency companies
Commencing in 2014, Internet currency companies begun to introduce debit cards to facilitate the use of this new type of payment method and encourage more consumers and businesses to start using it. Since then, more cryptocurrency debit cards have rolled out around the world. This is trying to tempt consumers and businesses with the promise of no fees and surprise costs. This is so attractive since other companies dealing with traditional currency have added to debit cards.
There’s been so many new entrants to the bitcoin debit card industry that sites like Deep Dot Web are now providing reviews of cryptocurrency debit cards, including their benefits and disadvantages, just like traditional debit and credit card options. What these reports are noting is concern over fees appearing with the introduction and use of new debit cards. Many cryptocurrency companies now reveals initial costs of getting these debit cards; these cards range from $3-$20 just to have one issued and mailed.
Bitcoin around the world
SpectroCoin.com, a UK Bitcoin service provider, is trying to differentiate themselves from this cryptocurrency debit card competition by giving away their debit cards in exchange for participation in an online survey. The survey results will be used for an academic study; it’s investigating how specific news impacts the pricing of cryptocurrency. Conducted by the Leuven Institute for Research on Information Systems, the intent is to advance the understanding of how bitcoins can be used and their overall influence over the global economy.
This particular Internet currency provider is also seeking other ways to set itself apart from the growing number of companies; as well as stimulate mass appeal in this alternative currency. For example, the company introduced multi-currency digital wallets at the start of 2016. These currencies include U.S. Dollars, Euros, Pound Sterling and others as well as the availability of debit cards denominated in U.S. Dollars, Euros, and Pound Sterling.
Benefits to these cards
The benefits of these debit cards include instantaneous deposits and a favorable exchange rates. That may put pressure on companies like PayPal that won many customers with its virtual traditional payments and currency exchange. More and more more articles covering the use and benefits of cryptocurrency debit cards. Thus, it may well be that consumers will begin to seriously consider using these types of cards for spending. At the same time, business owners will notice the advantages of being paid with this alternative currency. As a BTC Manager article noted,
“Through mass adoption, these debit cards will fuel a boost to the everyday use of bitcoin. Dovetailing off of the explosive proliferation of mobile devices, physical credit cards will likely give way to those of the digital variety. Consumers will have immense latitude in spending digital currency with a vast ocean of retailers that already accept debit card payments. This also represents a win for merchants as the money they receive from these card transactions will be in traditional fiat currency, an elixir to their prevailing concerns about bitcoin-to-cash conversions and fluctuating prices.”
There are so many benefits, including the free or low-cost point of entry to get a bitcoin debit card. Consequently, the world of payments and transactions may forever change in the very near future.
