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Worlds First Bitcoin Debit Card Could Finally Make Cryptocurrency Usable Geek

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There are plenty of reasons Bitcoin hasn’t hit the mainstream yet, but the difficulty in spending it in real life is probably the most significant. A company called Xapo hoped to change that in a few months. Xapo already runs online Bitcoin wallets, but it will soon be issuing debit cards connected to that account.

The bitcoin wallets are available for the players to have desired results with safety and security with using Ethereum Dice. You should know about the pros and cons of the dice to have the best benefits available at the online platform. The use of debit cards is the best choice available to the traders. 

Right now, the only way to pay for something in the real world with Bitcoins is to find one of the rare merchants that accepts the cryptocurrency and send the payment to the right wallet address. Sometimes this is done with a QR code to save time, but it’s still a bit of a mess compared to just swiping a card. The debit cards issued by Xapo will be backed by a regular credit processor and should work anywhere Visa or MasterCard is accepted.

The clever part of this plan is that on the merchant’s side, everything is happening in traditional currencies. If a store expects to be paid in dollars, that’s what it gets. When you swipe the card, your account balance is queried to make sure you have sufficient funds, however Xapo is actually looking at your Bitcoin balance and doing the conversion. It then sells the proper number of coins on the Bitstamp exchange and pays the merchant.

One potential issue with Bitcoin that isn’t solved by the Xapo card is its general instability. You might leave the house with enough money to afford dinner, but then the value of Bitcoin drops during dessert and Xapo denies the transaction because your Bitcoins aren’t worth as many dollars as you thought.

Xapo appears to be doing things the right way with regard to US law. While it is incorporated in Hong Kong, it operates out of the US. Customers have to provide proof of residency and identification before they can open an account. The debit number and expiration date are provided for free, but the physical card you can use in real life costs $15.

About the author / 

Matthew
Matthew

Matthew Noyola is a colorful adult trying to establish himself as an eSports writer. He also wishes to participate in a global poker tournament.

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