With the launch of Bitcoin in 2009 and the digitization of currency that was already underway, it was easy to assume that we were looking at the end of debit cards. It was expected that Bitcoin was going to take over payment cards.
The concept of payment cards has been around since the beginning of the 19th century. The most change to how they work happened with the arrival of computer networks in the 1970s and 1980s. The emergence of the web in the 1990s offered the most challenge to payment cards.
The Edge of Payment Cards
With that stated, payment cards, including debit cards, have made it easy for travelers to make payments wherever they find themselves on the globe. However, with the digitization of payment and the emergence of Bitcoin, it is now possible to travel around the world and make all your payments from your mobile device or through your desktop.
But it seems the debit cards are going to be here longer than we initially thought. In fact, data from Statista indicate that the demand for debit cards will continue to grow for at least the next decade. Indeed, debit cards might be getting part of their demand thanks to acquiring new use cases, particularly with the crypto and the blockchain space.
The Crypto Debit Card
A crypto debit card first came into the market as a tool through which crypto enthusiast could spend their digital coins in mainstream stores.
The provider handled the conversion between crypto and the fiat currency the merchant accepted and the processing of a payment through mainstream payment rails like Visa, Mastercard, and American Express.
This is still the primary service you expect to get from a crypto debit card. However, in recent years crypto debit card providers have engaged in improving their services.
Today cards like those issued by brands like ClubSwan come with customized designs meant to be a point through which one expresses themselves. That taste is not only in the design on top of the card but also in the material it is made of.
Most crypto debit cards are made of platinum and plastic. Providers like ClubSwan are making and delivering customized metal cards. That includes those made of gold and platinum.
The other reason you need to get yourself a crypto debit card in 2023 is that you might get concierge services from the provider. For example, the Clubswan debit card comes with support for your travel. The provider gives you help with planning for your air travel, accommodation booking, and entry into high-level events around the world.
Do you Need a Debit Card for Crypto?
Yes. it is important to have a debit card for crypto if you hold value in crypto and if you want to spend crypto as your main source of funds. However, you should know that most debit cards are issued by traditional networks like MasterCard or Visa and they are accepted anywhere.
Why do I Need Crypto Card?
Well, these cards are very useful especially when it comes to converting crypto from your wallet into a traditional currency. You can equally use this card to make payments online and offline shopping.
Does Crypto Card Affect Credit Score?
To the above question, “Crypto cards affect your credit score the same way as a traditional card and there may be fees attached to using the card such as annual fees or transaction fees. Ensure you check the terms and conditions for each card to understand before you apply”.
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