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Coinbase VISA Debit Card

Coinbase VISA Debit Card

14 Dec 2020

Reading Time: 3-4 Minutes


Previously, we have discussed how it would be possible to spend cryptocurrency in the real world and how it would work. It's very fitting that we cover this piece of news that has just come out.

While Coinbase has had a Debit style card out for a while, the downfall being it was only available in parts of the EU (European Union). Now they have announced that their new VISA debit card will soon be available in the US. This is massive for any cryptocurrency investor as you can finally spend your cryptocurrency on real-world things such as groceries, petrol, movie tickets and restaurants.

While this concept of the debit style card isn't a first in cryptocurrency, the ease and usability is. Previously, one had to go through a third party that would covert and load your currency onto that card. This new VISA card will cut out this third party and take the money directly out of your Coinbase account. Some of these other cards only supported two or three cryptocurrencies as a time but the new Coinbase Card supports over 30.

This is a massive step forward for the Cryptocurrency Industry. Tying in the recent news of PayPal allowing users to buy, store and sell their crypto directly from the app the signs sure do suggest this is by far the best time to be investing in cryptocurrency; its finally becoming a genuine alternative to regular currency!

The Coinbase VISA card also has a rewards program which will help you earn cryptocurrency when you spend it similar to how standard credit cards work. This means that when you spend your Ethereum on a nice dinner, you earn points towards another cryptocurrency.

Are there any drawbacks?

Yes, although this is a fantastic announcement that will change the way the world views cryptocurrency, there are some drawbacks.

Fees

Although this card has no annual fees, in the description it does say "Cryptocurrency conversion fees may apply". This means the card is not entirely free but don't let that discourage you as this is a big step forward for the entire cryptocurrency community.

One of the main criticisms that cryptocurrency doubters have had is that cryptocurrency would never be accepted like regular money. This card has bridged the gap so you can now choose to pay for a meal with either cash or cryptocurrency. This is the original vision of Satoshi Nakamoto, the inventor of Bitcoin wanted when they first released Bitcoin to the public; An alternative currency that can be used alongside the all mighty dollar.

For those who have seen and experienced what banks are currently allowed to do legally, this is the perfect card to transition away from traditional systems as being a decentralised currency makes it free from government regulations.

With all the recent news about cryptocurrency, 2021 is shaping up to be the biggest year in the history of cryptocurrency!

If all this news has helped you to join the excitement and you want to keep up with the inevitable price changes of your preferred cryptocurrency, use our crypto tracker on the home page.

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