Bitcoin Forum

There are a few reasons I personally believe crypto-cards can shape our future and potentially save cryptocurrencies.

• Mass adoption can take place as more people use debit cards than even cash. When will the majority of people start to get involved into crypto? This gives the regular wise guy an easy outlet to not only buy, but sell his bitcoin or altcoins instead of OTC or thru LBC.
• The convenience is key. People pay for convenience; so if you decide you want an easy place to cash in and out, crypto cards are the way to go.
• So easy, my mother could do it (she is not technically inclined whatsoever). People love simplicity and ease of access.
• Lastly, trading. Wirex, for example, you can buy and sell your crypto for fiat (not tether) and play the markets that way. The only issue would be fees but hey, what exchange doesn't have 'em!?

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If you’re new to cryptocurrency, then chances are you’re thinking ‘How do I spend it?’ After all, while great for transferring money, a large number of online shopping experiences require you to input physical card details. With transfer fees to consider, crypto doesn’t always make sense to the serious shopper.

There are several companies out there who offer physical debit cards linked to a cryptocurrency exchange, but for the people I have spoken to, they are worried about the physical security of the cash. So I was intrigued to learn that one such debit-card offering company Wirex (https://wirexapp.com/), based in London, was recently granted UK Financial Conduct Authority approval. A pretty large rubber stamp in the grand scheme of financial security.

Why is FCA approval so important?

After the 2008 banking crash, the FCA became more stringent. Its job is to measure the security of the banking industry, enhance market integrity and protect it, as it is accountable to the UK treasury. Currently, it regulates over 56,000 financial services and markets, but new applications can take 12-months to approve and can only be done by submitting governance and monitoring paper works that underline the integrity of an organization.


It also means that holders that have been approved and granted a license can then create e-money accounts in over 25 different currencies allowing the possibility to trade securely around the globe.

Called the E-money License, recipients of the certificate can freely operate in 23 countries from the European Union as well as issue personal International Banking Numbers, legal ATM cards, exchange services and hold client funds in segregated accounts instead of company accounts.

Pulled from Forbes: https://www.forbes.com/sites/ginaclarke/2018/10/22/why-debit-cards-and-visa-could-save-cryptocurrencies/

I'm not sure how this system will work. I do not vote, lol

In my mind, I just imagine that I can use my crypto balance for paying something without to exchange it first to other currency. As a miner, I split my mining fund to three. 1st wallet for my profit, 2nd wallet for the bill, and the third one for buying mining part that I'll regularly use for maintenance or replacing. So, if it really works, maybe I can use it as the third wallet.

You should have made the question more exact and clearer, what do you mean by saving? Saving as in if CC payments become more accepted then crypto currencies will skyrocket again?
In most cases CC payment have too big of a fee , they are meant for situations when you cant wait for bank transfers to go trough.

Definitely NO, What kind of benefits would people get from using combined Cryptocurrencies with VISA & Debit Card. NONE! This already exists, why should people replace already existing and working thing to new one ?

very potential will occur, it's just that some regulations make master cards and visa unable to expand to crypto. we know that master card and visa have large users and some projects from crypto are very interested and have the opportunity to partner with both in the future.

This question reveals a deep lack of understanding of the spirit and philosophy of cryptos.

Traditional banking instruments can even become obsolete or at least far less important as soon as Crypto Currencies resolve the scalability question, which is only a matter of time.

If encryption can continue to evolve, then I believe we can see that day, I saw that a refrigerated device has an electronic card that should be a cold wallet. Since such devices exist, when encryption becomes a global currency, these things will certainly be used on a large scale. Companies like VISA are unlikely to give up such opportunities.

I agree with the statement. Many years ago, people used barter, then money, then electronic money. Soon it will be time for cryptocurrency.

Remember VISA has up to 24k TPS. That's why a lot of crypto platforms are trying to create more and more platform that adopt huge scalability to make their coin can be used as an alternative system to the VISA payment, it's not about the scalability but it's about crypto developer is thinking to replace the VISA itself.

I don't think it would per-say "save" cryptocurrencies but there are tons of benefits attached to it. This is a key to mass adoption. It's another gateway to buy and sell crypto assets and spend them in places where they don't accept crypto. I've personally only been able to buy goods in a few places and they are usualy cafes. One time at a sushi place called Thai, How are u in Austin, TX (HIGHLY recommend!)

Definitely. NEO apparently can process up to 5-10k tx's a second. Once we find a solution that can surpass VISA and other providers, there won't be a need for them. They're just convenient for the time being as far as purchasing anything.

I sure agree that it really doesn't have any priorities to really save cryptocurrency but it has something that can make it more in demand to the public that is well known to credit cards and visa's, I really think this is the time to let them see the usefulness of bitcoin and other cryptocurrencies, And we might find a way in making them interested with Cryptocurrency.

Yes, I love the convenience and accessibility. Yes, these cards want to have more and more. Recently, people use more debit cards than cash. It is better to take along a light card than to take along a thick wallet that does not go anywhere. The future for such cards, I am sure.

How much users should there be for mass adoption? IF those cards start supporting crypto, there would be massive bullrun again.. but it doesn't give mass adoption of the crypto still. Im sure i will use it and you too but your neighbours dont give a sh*tt about crypto. Bullrun take prices 1000% up within months.. but mass adobtion takes much longer.. way too long so there will be nice bubble and burst and it actually creates even more suspicion about cryptos for ordinary people :D

I think that cash and cryptocurrency can not coexist together. If cryptocurrencies will be using for purchases, then fiat money will have to disappear and VISA will be replaced one day by a new blockchain platform that will have greater scalability. My answer is No.

of course not, more precisely not yet, for now only fiat can be stored on debit cards, because that is an official exchange tool in every country, and certainly not everyone who can use cryptocurrency like fiat that has been used by everyone

My question is, does cryptocurrency even need saving in the first place? Cryptocurrency is doing fine on its own today, why does it need debit cards and VISA to "save" itself? I don't get it.

This guy gets it ^ people know the wave back in December saying stuff like "bro u herd of bitcorn makin tons of dollarz" but didn't want to get involved because they didn't understand the underlying tech. so now that we have something that is a widely used commodity like debit cards. why not start getting them in from there? plus, you can load these with fiat right and get CRYPTOBACK. perfect way to get involved but thats just me

It seems to me that there is still a lot of unknown in this matter, because in reality there are certain difficulties for storing cryptocurrencies on plastic cards. I think that already a lot of projects are working on solving this problem.

I think that cryptocurrency holders need convenient tools, thanks to which they will be able to spend their honestly earned coins or tokens with a minimum Commission. The adoption of cryptocurrency as a means of payment will contribute to its preservation.

I think it's convenient if you NEED to spend some coin if you get paid in crypto. It's good to be liquid in this case but BTC should remain labeled as a store of value

There already is block-chains who can surpass VISAin their TXs number , but thats only the first step. Now how you will incorporate this is exsiting payment system?
Shops have CC POS not crypto POS and why they should spend money nd effort of adding crypto pos..

first of all i do believe that if you understand the true nature of a cryptocurrency and the reason why bitcoin was created in first place then you can realize that there is absolutely no need for things like Debit cards and anything like them. they are in fact in defiance with bitcoin's model and anything that is following that philosophy.

secondly i'd say there is nothing in the whole world that can save a shitcoin if it is truly a shitcoin. and that is the problem that we are facing these days. there are just too many shitcoins without any reason to exist apart from pumps.

It's kind of a clickbaity term, but the sentiment behind it is to spark that feeling, for example when BTC first passed the $1k mark. Or when it hit $5k. $10k, and so on. It personally felt great, and it hints to that feeling, we all know it and we'd all like to see it happen again, mass adoption IS the way to go for people to realize how truly better can crypto become considering it's transparent.

So yes, crypto would be massively benefited from being able to be used in a similar fashion to regular cash, where you can just swipe to buy at most any place.

But that's my opinion!

To date, as far as I know visa cards and others can not store cryptocurrency. Even create projects that wanted to unite the cooperation, but nothing came of it

And we've ended in a tie...

Overall summary: crypto debit cards WONT save cryptocurrency but it is an outlet for mass adoption.

I think than Visa or Mastercard won't save crypto, because I thought they were against crypto currencies and tried to ban them. We have a lot of projects that are going to release a credit card that will be connected to your portfolio.

I think soon XRP will save the whole world banking system. By the way it grew today 16%, a good sign before the take off to the moon.

No there aren't any, Ziliqua is quite close but still it is no official, according to Visa devs, their system can maintain 50000 tx/s, ziliqua for example can do  10000tx/s.