Will cryptocurrencies eliminate the need for credit/debit cards in the future?

[GreatArkansas]

Smart contracts are here to solve the most common problems of current traditional finance. If you really deep dive into how it will really solve, it's really amazing.
Especially with credit/debit cards, I believe it is possible that cryptocurrencies will be more convenient, I don't agree it will eliminate because there are still lot of people are comfortable using traditional credit/debit cards, so we can't force them.

[xzone]

Once upon a time, people were shopping by barter. Later, antique coins appeared. As time passed, we started to use the paper money we use now. Currently, everyone is shopping with credit cards, and the use of paper money is decreasing day by day. We know that payment methods change over time.
One day, the use of credit cards will also end, I don't know if bitcoin or another coin will be used instead, but I think the new future technology will be related to blockchain

[Smitty Werben Man Jensen]

It all depends on mass adoption. In countries where Bitcoin has been recognized as a legal tender, I think debit/credit cards are slowly becoming obsolete. I do not think there will be a complete elimination unless the banks close their services. In India, we rarely use debit cards nowadays due to UPI transactions but we are still using credit cards.

So far, only a few countries have legalized Bitcoin as a means of payment.
if in the future more and more countries legalize maybe either credit cards or debit cards will be abandoned,
Yes, for deletion, I don't think it will happen, but rather it will be abandoned, but anyway we need to see how it develops later

[Kunnu]

Now this crypto revolution will give the solid reply to the governments and banks which are playing debth games from decades with innocent middle class people now these banks will have to accept blockchain technology and need to change its traditional structure about credit/debit card otherwise the day is not so far when crypto currencies will definitely eliminate credit/debit cards.

[Woodie]

I don't think so because  as much as we see cryptocurrencies as a mode of money here to displace fiat and its tools like credit/debit cards... Cryptos themselves are hard to spend and credit and debit cards make it easy to spend.

You might say we have bitcoin atms and what not but these are limited to how and what coins can be used on them, which leaves these cards to be part and parcel of the future.

[kojektea]

The way a credit card or bitcoin works is almost the same, he can transact without fiat, that is a function of the two similarities.
But here, bitcoin has a more unique and free nature than credit cards, but some countries still doubt bitcoin technology for transactions. Will one replace a credit card? I don't think so. The most plausible reason is that no matter how good the technology or the benefits of bitcoin with its lack of stability as a currency will make it difficult to estimate the price, even if it is used as a credit system, it will pay or receive inappropriately at first.

[Abiky]

There's no need to eliminate credit or debit as this will remain to exist forever even when the centralized economic system will collapse. The thing is when you can spend your crypto through debit or using credit card that can be paid with crypto and why not? Eliminating anything will not solve the problem or make crypto even stronger. The main thing is crypto needs to be integrated with various service like this to make sure if it has more and more utility usage in our real life. These payment methods can be integrated with crypto. Some people are also using this right now with crypto
It's better if all of payment mechanisms can co-exist

It's certain that Fiat and crypto will co-exist, since centralization can never replace decentralization (and vice versa). But I believe plastic cards whenever in the form of a debit or credit card, will cease to exist as crypto/Blockchain tech proves to be superior. Instead, people will conduct payments on their smartphone at any physical store of their choice using a government-issued digital currency. It will work the same way as a stablecoin, but backed by "trusted entities". By then, VISA and Mastercard would've changed their business model in order to stay ahead of the game.

The next part of the digital payments revolution will eliminate the need for smartphones as implants will contain all of your financial information. But this is something we won't see happen at least decades from now. Paper money is still being used worldwide, so credit/debit cards will be with us for quite some time. Just my thoughts

[evichi]

Credit and Debit cards facilitate digital transactions in fiat currency. Currently, some crypto platforms are integrating crypto transactions in cards forms. Crypto project like Neox, for example, have a crypto card to facilitate transactions in fiat/crypto. IMO, I see card as one of the fast means of transactions between fiat and crypto - and since majority of our transactions are still in fiat, cryptocurrency transactions will not likely replace Debit/Credit cards for some years to come. I think Debit/Credit cards will be modernized (for example, Neox card) in such a way that they will facilitate fiat/crypto transactions. Currently, I think the use of Credit/Debit cards with crypto will co-exist for some years to come.

[aprilnot]

What do you think? Will cryptocurrencies eliminate the need for credit/debit cards in the future? If not, why? Your input will be greatly appreciated. Thank you very much.

no, the need for a credit/debit card will always be there. in the future crypto will only be made as an alternative choice. even though crypto such as bitcoin, ethereum, and others will be legalized later, but remember the taxes that will be imposed will definitely be higher. Unlike credit/debit cards, all crypto transactions may be taxed. this is the government's way of limiting the influence of crypto, when crypto fees are bigger than a centralized system, people will think again about using crypto.

[Outhue]

Banks, Credit cards, Debit cards, Crypto payments can all coexist without disturbing each other, there is no need for one to eradicate the others because they all have their advantages and disadvantages, some platforms are already accepting crypto payments and that's very good.

[kidbounty]

credit/debit cards seem to be abandoned if you look at crypto developments today. but don't worry, the government will not stand by watch this centralized system die. debit/credit cards will always be used even if crypto is fully legalized. governments may not be able to control crypto, but not their citizens. they can make regulations that can limit the use of crypto even though it is finally legalized. such as imposing a tax on every transaction. it is possible for banks to use blockchain in the future, and all the credit/debit cards that everyone uses today are already using the blockchain network. meaning that even centralized systems will inevitably start using blockchain technology, or they will be abandoned. What will distinguish a centralized and decentralized system is the fee. it will be a never ending competition.

meaning debit/credit cards and all other centralized systems will not be abandoned.

[TastyChillySauce00]

It will not possible There's no need to eliminate the debit and credit card and im sure that if anyone aware if the fact that when they are also spending their crypto through debit and credit card too. I think that main point that must be achieved about how to integrate any crypto that will be spent easily using the debit and credit card and yeah we have so many crypto debit card that can be used for that. From this we do know that if there will be no strict competition between crypto and debit/creditcard. it seems like this is the best answer for sure.

[molsewid]

no, the need for a credit/debit card will always be there. in the future crypto will only be made as an alternative choice. even though crypto such as bitcoin, ethereum, and others will be legalized later, but remember the taxes that will be imposed will definitely be higher. Unlike credit/debit cards, all crypto transactions may be taxed. this is the government's way of limiting the influence of crypto, when crypto fees are bigger than a centralized system, people will think again about using crypto.

Yes I guess theres no need to eliminate a kind of financial system circulating because these are already existed and each one has their own purpose or use that every people enjoy the use of it. All I can say is I think to have a credit/debit version cryptocurrency is one of the another project that I can say will be feasible but who knows if it will be successful. But so far I'd really love to use debit/credit and cryptocurrency altogether because each one has their own uses.

[wiss19]

100% guaranteed. I keep saying that crypto is not against fiat, it is against banking and people need to realize this. I mean you may think that crypto vs fiat is a war that is fought for the past 10 years, but they are just alternatives to each other. Imagine how we have survived so long with Europe having euro now (individual ones before this) and USA has dollars, china has Yuan, Russia has ruble and many many other fiat, we just added one more to that and nothing more and it shouldn't bother fiat at all.

However, we are improving the banking system of it so well that after the DeFi hype last year, I am 100% sure that we are going to do very well in the future for sure and eliminate the need for credit cards.

[MrDave]

Well, using cryptocurrencies everywhere is not that much easy even if it makes a place in general. And these cards actually bundle various services that are useful to consumers.

[vanesha]

It may be possible, but with the current condition of bitcoin it seems that replacing is impossible, but bitcoin can be an alternative to credit cards in the future, some considerations that I think bitcoin has difficulty replacing fiat are its unstable price, and its utilization for investment is much better rather than making a payments ecosystem. unless bitcoin becomes a stable coin and loses its decentralized character, but I think that's impossible.

[bitzizzix]

Credit cards cause a lot of problems such as
Transaction fees.
Fraud.
Risk of chargeback to merchant.
CC Information Theft. Your credit card information is sent everywhere every time you make a purchase, and it's often stored in so many places that you worry it could be misused.

maybe with that problem maybe in the future many people will switch to crypto but that doesn't mean it can replace it completely.

[LastKiss]

~snip~

What do you think? Will cryptocurrencies eliminate the need for credit/debit cards in the future? If not, why? Your input will be greatly appreciated. Thank you very much.

If cryptocurrencies are not banned in that country then they can replace credit/debit cards in that country but even in my country banned crypto as payments so the chance it will replace the credit/debit card is very small. I'm just hoping that a lot of store will accept cryptocurrencies as their payment so the utilities of the crypto card will bigger and bigger.

[indo1]

If in the future there is a bitcoin atm, of course it can be a threat to credit cards issued by banks. It's just that gaining public trust for bitcoin ATMs is not easy, coupled with the price that continues to get speculation due to the influence of the law of supply and demand, it is difficult for bitcoin to replace credit cards as a means of payment. Bitcoin is best as an investment coin for many people because that is the hallmark of bitcoin itself, and will forever be the hallmark of bitcoin.

[Abiky]

100% guaranteed. I keep saying that crypto is not against fiat, it is against banking and people need to realize this. I mean you may think that crypto vs fiat is a war that is fought for the past 10 years, but they are just alternatives to each other. Imagine how we have survived so long with Europe having euro now (individual ones before this) and USA has dollars, china has Yuan, Russia has ruble and many many other fiat, we just added one more to that and nothing more and it shouldn't bother fiat at all.

However, we are improving the banking system of it so well that after the DeFi hype last year, I am 100% sure that we are going to do very well in the future for sure and eliminate the need for credit cards.

Crypto may never be able to replace Fiat, but it would surely transform the banking system in the long run. With how successful digital currency payments have been over the past years, we may be one step closer of seeing credit/debit cards phased out by banks for good. I guess the future will consist of digital payments via the use of implants and CBDCs. Plastic cards and paper money will be eliminated, paving the way for a fully cashless society. It's probable "Ce-Fi" (Centralized Finance) will make use of Blockchain tech for its own benefit.

What matters is that crypto stays decentralized so it can prove to be an alternative to Fiat. As long it stays that way, it'll be able to last for generations. Who knows if Fiat will live alongside crypto for a very long time?