A crypto debit card is a type of debit card that allows its holder to pay for goods and services using cryptocurrencies.
Interestingly, merchants get to receive payments in fiat currencies like EUR or USD despite being paid with a crypto card since the card issuer facilitates the conversion using prevailing market rates.
While the conversion equates the card to a conventional debit card, it provides additional benefits to cryptocurrency holders, especially if they travel overseas regularly. When traveling abroad, crypto cardholders can avoid the high transaction fees incurred when switching between currencies. In addition, a crypto debit card also exempts users from other charges levied on legacy cards such as yearly fees.
Other advantages of using a crypto debit card include the ability to make ATM withdrawals, as well as interface with popular payment platforms such as Samsung Pay, Google Pay, and Apple Pay. Note that there are virtual crypto debit cards ideal for online purchases.
In addition, some crypto card providers offer users the ability to stake native coins to unlock rewards. However, loaded virtual currencies regularly fluctuate in value due to crypto market’s volatility.
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