Bitcoin Forum

hi guys, my fav coin is erc20 token Tether (USDT). Except most famous MCO, which other cards can you suggest me for using this coin? Many cards like Wirex or Change doesn't support it yet, so my choices are limited.

Any hint would be very appreciated. thanks

Unfortunately, as far as I know the Crypto.com debit card is the only one currently that supports tether as most just supports bitcoin.

To be honest though, you're using a stablecoin that can be locked onto your wallet, and you're using a debit card anyway hence your personal identity is already compromised. At this point you really might as well use a typical banking debit card lol.

Well, maybe I’m wrong as not an expert, but since you use any debit card (supporting usdt or not) your id is “compromised” by KYC, so I don’t see the difference with other crypto currencies 😅

My point is, your identity is already exposed either way with both options, so you might want to just go the safer route and go with pure actual fiat. Instead of using something like Tether that's pretty much a ticking time-bomb and can implode anytime.

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EDIT: alright, here's some context for you:

Topic: [UPDATED] PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets (https://bitcointalk.org/index.php?topic=5204055)
Tether Now Admits It's Not Fully Backed By Dollars (https://breakermag.com/tether-now-admits-its-not-fully-backed-by-dollars/)
Tether quietly updates its collateral breakdown, which includes 'cash equivalents' and third-party loans (https://www.theblockcrypto.com/tiny/tether-quietly-updates-its-collateral-breakdown-which-includes-cash-equivalents-and-third-party-loans/)

And that's just the tip of the iceberg.

What is the difference between use traditional bank card and USDT card? You are throwing yourself in risk, not only about your identity but also about your fund. For more easy explanation you may read this thread (https://bitcointalk.org/index.php?topic=5204055.0). On bitcoin card no one will able to block or freeze your bitcoin before transfer on your card. I mean bitcoin would hold on your own address which private key will under control of you. But for stable coin, risk is more. Any time Tether Limited would freeze your USDT even it is holding your own address. You can say its disadvantage of the centralized stable coin.

Or you can try this one, https://uquid.com/altcoin-debit-card/tether-debit-card. I haven't used it though, so I can't vouch for it, but since you are looking for a tether specific card then you can check them out. What I don't understand though is how Tether become for fav coin?

@mk4 people are not really aware about stable coins. They don't know that also central banks have issued some warning, and they can shutdown all these kind of stuff.

OP have you ever read their Terms of Subscription? You are aware of it? Did you know they can freeze your money etc etc ? We are using bitcoin just to avoid all these matters... using stable coins as normal fiat cash is not the wise use of blockchain technology

Hmm.. you're right, and this seems to be the case with OP lol. Edited my previous post with some links for context.

@OP not because something is a "cryptocurrency", it doesn't automatically mean it's going to be unconfiscatable.

ty all guys, honestly I wasn't aware of these risks. In any case i'm not exposed too much but I just use small amounts for everyday expenses and atm withdrawals. My usage with tether is not about holding them as if it was a bank account, so I shouldn't assume any big risk. Yes small, but still a risk.

edit: but on the other side, switching my business from tether to btc, I'd be exposed to price volatility and this is a risk for me as well, as I'm not a trader and I'm not interested in crypto speculations

Any reasons why you don't sell your BTC for your local currency instead though? You're probably going to save more on fees too, compared to using things such as crypto.com's debit card. The only understandable use-case I can see for Tether is for day-trading in exchanges.

Are you saying that you have a business that pays you in USDT, so you need cards to make it easier to spend it? That's kinda weird to be honest. Might as well use fiat directly as mk said above.

Or you can use a payment gateway that accepts BTC and then automatically convert it into fiat for you if you still want to ride on the crypto train. e.g. https://www.advcash.com/en/business/.

yes probably ADV is best for me, but I read different opinions about them on forums. They don't look 100% trustable. Do u have any personal experience with them?

there are other options such as coinpayments, etc, or even a decentralized solution but you have to convert manually. i'd say read as many reviews about them and look for the proof. sometimes reviews are made by competitors to make them look bad.

Tether USD (USDT) is called as a stable coin but as @mk4 gave you info that stable coins can be frozen in your accounts. It is risky for your capital. You don't know that when such serious restrictions will be activated by governments. Maybe you go to bed, have a wonderful sleep; next day you wake up and see your funds are frozen. It is a nightmare indeed.

I don't believe in USDT, not only because of their potential frozen restrictions but also because of their bad history on unproved USD backed for all minted USDT.

All the cards convert to fiat so they fix the exchange rate between crypto and real fiat anyway.

Some like Wirex give you the choice of when you convert so you can instantly turn it all into a fiat balance and spend later, others like Coinbase only convert at the moment you spend.

If your business accepts USDT then for starters no card issuer will let you continue if they find out you're cashing out business profits, and there are all the issues of USDT itself.

Well just as you are aware of the risks involved then may we proceed with the discussion. ;)
There is Coinbase's crypto debit card which they have a stable coin by the name of USDC.
This might be a better alternative for you to use if that is depending on your location because some regions are not allowed to use their services such as Singapore where I just found out watching a week old video from a youtuber who has both tenx and crypto.com
Btw, he said his tenx card does not work any longer in the past few weeks.

Right! Better to just convert it to local currency to save fees from using it every time. Well, it differs from the place you stay, Not everyone has an easy time converting bitcoin into local currency.

These are some of the reasons why I kept myself from using stable coins since I am also not a fan of Stable coins.

Having bitcoin and converting it to fiat is wiser and efficient for me.

There's the recent card made by Binance, the Binance card. But why is it that USDT is your favorite coin? I don't think that's a relevant coin to be your bias and favorite. Btw, see the details about Binance card.
(https://www.binance.com/en/blog/421499824684900479/Introducing-the-Binance-Card-Shop-and-Pay-With-Crypto-Anywhere-in-the-World)
(https://card.binance.com/en/)
(https://www.binance.com/en/support/articles/ed89f6797ae943ad87841e58591eb229)

from your suggestions I got that's it's better to get btc and immediately convert them into fiat to avoid its volatility then using a stablecoin to avoid it. Thank you so much to all who commented, I was so wrong

I read all the posts and thought. Way of storing their assets in different crypto wallets and in small quantities suitable for me better. But if I need money, I can use a Bank debit card. I never thought about using a debit card crypto. I think to wait until better times. But still I was curious and will explore this topic more thoroughly.

For some people it makes sense. For others it doesn't. A lot depends on where you are.

For a long time in the UK there were no exchanges other than P2P and banks were, and often still are, extremely twitchy about any funds related to BTC. In those circumstances a crypto debit card is perfect.

If you live in a place with good exchanges with low fees and fast banking then a crypto debit card will be a needless extra expense. Some may still prefer to keep those funds separate though.

you should also consider if your country and your locals banks are crypto friendly or not

I don't know why people like crypto cards as such. Crypto cards do seem like a fascinating service but at the same time it's highly risky too. And once you are using a card what's the deal with your favourite currency? Can't you just simply pay using any crypto based on exchange rate of currency you are paying at that time? Why do we need a different card supporting every currency? Help me if I am missing something here?