Crypto Academy

Are there crypto payment cards?

crypto payment cards

6 min reading

Obtaining cryptocurrency as liquid cash.

are there crypto payment cards

Are there crypto payment cards?

Just as there are payment cards in centralized banking systems, there are also cryptographic payment cards for purchases and other needs. The Bitcoin debit card, for example, allows people to shop online. Individuals also have the opportunity to withdraw money from ATMs, even if the latter does not accept cryptocurrency. Instead of converting these bitcoins to local currency, cardholders simply fund their debit card with cryptocurrency, which is automatically converted at the time of purchase. In fact, cryptocurrencies use different existing debit cards. Well-known are such cards as Coinbase, BlockCard, Wirex, BitPay, Bitwala, Binance, and many others.

Please note that each cryptocurrency debit card is different depending on the cryptocurrency supported, the fees charged, and the incentives it offers to users.

What is Coinbase?

Coinbase is a cryptocurrency exchange that instantly converts cryptocurrencies stored in multiple wallets and accepts Visa cards. It was founded in 2012 and offers a range of security and convenience features such as a mobile wallet app, two-factor verification, instant card blocking, expense tracking, and more. With Coinbase debit cards, users convert cryptocurrency to a fiat point of sale which allows them to pay with crypto. 

Like every other debit card, it must be activated before use and this can be done within the coinbase card app, or get to the customer support agent who will then provide the user with an activation code. The downside is that a Coinbase account is required and the fees charged are excessive.

What is BlockCard ?

BlockCard is a US cryptocurrency debit card that offers the lowest prices. It also allows cardholders to make purchases using the cryptocurrency based on their choice wherever Visa cards are accepted. It does not charge any deposit, exchange, or withdrawal fees. On the other hand, you need to buy Ternio tokens and also know your verification (KYC). The main aim of BlockСard is to accelerate the use of blockchain and cryptocurrency in everyday life.

This enables its users to gain the utility of their cryptocurrency and also to trust the fact that cryptocurrency is not a scam. with BlockCard, after creating a BlockCard account, the user will then either buy or  make a deposit of any cryptocurrency of their choice. This is then converted to TERN which is the user’s purchasing power. 

What is Wirex?

Wirex is an EU-only digital payment platform that has been around since 2014. It offers bitcoin cashback and referral bonuses. It supports 19 cryptocurrencies. On the other hand, the Wirex cardholder must have a Wirex token (WXT) in order to receive rewards. In order to be able to use Wirex, you will have to create an account on the Wirex website, get verified, add some cryptos or fiat currency to the account, and then place an order for a card. Note that there is a maintenance card fee with all fees and limits broken down.

What is BitPay?

BitPay is an American cryptocurrency that is available in 50 states, can be located anywhere in the world, and does not require the US conversion fee. On the other hand, in order to have this debit card, people must have a social security number and a driver’s license. These cards also cannot be sent to a post office box. To obtain a BitPay card, the user will have to be above 18 years and will have successfully completed the identification stage. BitPay is a prepaid debit card that allows businesses to accept Bitcoin as payments as well as bank deposits in the currency they will prefer for a one percent payment fee. To use this service, you will have to transfer crypto into a BitPay wallet and once that is done, you can convert it to dollars. These are not the only cryptocurrency cards available, over time other cryptocurrencies tend to leave payment cards. Here are some examples: Trastra, Bitnovo, PolisPay.

In conclusion, essentially all of these payment cards aim to provide more options for online and in-store purchases, as well as for withdrawing money in places that do not accept cryptocurrency. The best payment card to date is Coinbase due to its automatic cryptocurrency conversion, ease of use, and security features.


What are blockchain ?


6 min reading

Explore the blockchain features and where this technology can be used!

What are blockchain

What is blockchain


Have you ever heard about blockchain? Most cryptocurrencies are based on blockchain technologies. Blockchain is considered to have become a breakthrough in the economic sphere. Its history of development goes to 2009 when bitcoin was launched. In the article, we are going to discuss what is blockchain, how it works, its features, and its spheres of use.  

What is blockchain?

Blockchain is the shared ledger that is used to record and track the transaction data and account of assets if needed. It is quite a secure and reliable system, that can prevent computing vulnerabilities and become useful in the financial sector of the economy. Besides, the range of its functions is much larger, but there are main ones. If we speak about blockchain, we mean  only not the cryptocurrency but the technology underlying the digital foundation and supports the mechanism of bitcoin functioning. 

Thus, blockchain has its applications in various spheres as almost any valuable asset can be tracked with the help of technology.  The concept of blockchain was developed in 2008 and came into use in 2009 after the launching of bitcoin. Blockchain technology makes a revolution in the method of data storing, conveying, and generating. 

The traditional Internet model presupposes that all computers connect to nodes that concentrate and distribute the information in order to form a stream or a flow of information. The structure of data storage and methods of distribution differs in the blockchain. Cryptography and enhanced data compression allow each computer on a blockchain network to keep all information. At the same time, computers in the network are connected simultaneously. All devices connected are already nodes, which makes it possible to avoid and do not use central nodes in the system. 

Advantages of blockchain

The most important advantage of blockchain is that it is a decentralized network, changing our understanding of trust. Blockchain technology presupposes storing the transaction history in the nodes of the computer network without mediators controlling the entire network. As there is no central node on the blockchain where data is generated, it is almost impossible to change this data when it adds to the system. There is not a single authority structure that could change the data information. Blockchain has brought us reliable data exchange in the digital world and is considered to be a new technology for structuring information ledgers.

Blockchain types

As we can see, there are two types of blockchain as public and private. The example of a public one serves a blockchain of bitcoin. The degree of openness of a blockchain can depend on several factors. The public blockchain often refers to the availability of the source code for the blockchain protocol and the possibility for any user to connect to the network without getting any permissions. However, in public blockchains, the user always decides to participate or not, and what resources (financial or hardware) to put. Furthermore, because all participants in a public blockchain are equal, no one can disconnect a user from the distributed network.

However, in private blockchains, specialized trustworthy nodes or groups of nodes with greater power than common users may be in charge of joining new members of the network (as well as allowing them to disconnect). Private blockchains are two or more layer hierarchical architectures. Then, access to the system is granted and controlled by special administration nodes. Thus, private blockchains do not adhere to the technology’s fundamental principles of decentralization and participant equality since they pose major threats to business systems.

Practical application

Nowadays, we can define spheres where blockchain is or can be successfully used. They are the following: cryptocurrency trading and investment, brand protection, efficient supply chain management, CRM, certification, and validation of documents, the settlement of disputes in different fields. Also, blockchain can be useful when tokens are issued in order to replace the paper assets, shares, or the possibility to use some functions on the platform. Besides, even the supply network can implement blockchain into its technologies, which will provide better data exchange between companies.

Blockchain in IoT

Nowadays, the Internet of Things requires blockchain for further development. The IoT is fast transforming our daily lives, whether you are a consumer utilizing wearable devices to live a healthy lifestyle or a corporation utilizing sensors to track assets. The blockchain serves as a bank of trust for device authentication and security since it is a decentralized, traceable, and tamper-resistant data structure. Thus, you can see the impact of blockchain across the IoT data lifecycle: 1) device registration in blockchain, 2) data traceability from a peripheral device to the gateway to the blockchain, and 3) secure data processing and transmission.

Blockchain allows simplifying data exchange between partners. There are just a few examples of blockchain applications. Blockchain technology also can be used to incentivize companies to share data while making each source of information accountable for credibility. However, it can improve the quality of operations with big data and promote the quality of the information provided by all market participants.

However, blockchain technology usage looks set to increase significantly in the coming few years. This transformative technology comes as an innovation and a breakthrough. Blockchain could greatly change existing business processes, increasing efficiency, reliability and security.