Coinbase partners with Visa for the first ever crypto exchange debit card

in #crypto5 years ago

In a move that could be a game changer for cryptocurrency real world application and daily use, crypto exchange Coinbase has teamed up with the biggest global payments processor Visa to launch a Coinbase debit card. Now users can spend their crypto as effortlessly as they spend fiat in their bank.

Traditionally experts have long agreed that to achieve mainstream adoption, bitcoin and cryptocurrency needs to be easier to use as a form of payment and not just a store of value. The volatility in price, however, has been considered much too unstable and volatile in this regard.

Can you imagine taking payment in bitcoin on one day only to see it drop 20% the next day?

As a result users currently only really trade cryptocurrencies for profit or buy and hold them as a long term store of value. And such a use case is fine but it leaves bitcoin out of the mainstream market, to be used only by real enthusiasts in the technology or experienced traders.

And for bitcoin and the alts to grow – in price and reputation – they really need to be adopted by the masses of society in as many countries as possible.

Well this could be a step in the right direction. Coinbase, based in San Francisco, is one of the most widely used and popular exchanges in the world and currently valued at $8 billion as of six months ago (October 2018). With the launch of their own personal new debit card, users of the exchange will be able to spend their crypto – whether bitcoin, litecoin, ethereum – in almost any location in the world, just as you would a regular Visa debit card.


source

The new card has a $6.50 issuance fee, and as you use it to pay with your crypto, it gets immediately converted into fiat so that the merchant gets paid in traditional fiat currency with no need for any crypto adoption on their side.

The card does it all for you.

As a Coinbase account holder you simply choose which cryptocurrency you wish to use from the numerous available on the exchange and you’re good to go. The app will provide you with receipts, transaction summaries and all the accounting or record-keeping you need to keep track of your spending.

This is truly the breakthrough that we have been waiting for as crypto enthusiasts.

Can you imagine the freedom it will provide from the need for any central banks or even government observation. You can buy crypto on the exchange and spend it directly from there without ever having to change it back into fiat or move it back into your traditional bank account at all.

Does this mean Coinbase is becoming like a bank?

It is recommended never to keep all your crypto on any exchange, so you may want to decide how you utilize such a facility.

This is possibly the first debit card of its kind in the world, linking directly to an exchange and allowing you to spend your crypto without moving it anywhere. In the past you may have had other similar debit cards but you had to pre-load a specific amount of crypto onto it, like a top up each time, which slowed down the process.

This current new design from Coinbase is much more streamlined and user-friendly.

The Coinbase debit card is currently available in the UK and there are plans to make it available in the EU in coming months. The rest of the world may have to wait it seems. Apto Payments (aka Shift) is providing the technology for Coinbase after discontinuing its own card and UK payment processor PaySafe is issuing the cards.

By smoothing out and streamlining the way in which we can spend bitcoin and crypto, Coinbase and Visa have really opened up the market and will certainly attract more of the masses, now that the practical daily application of crypto has been made so user-friendly.

It’s little things like this – at the actual user interface – that will really spur adoption and allow bitcoin to become mainstream. And this will only push the price to new ATHs, which is what current traders are waiting for.

It’s just a matter of time.

Sort:  

Dammit living in South Africa sucks balls I tried to download the app and see if the card is available here lol unfortunately not

Posted using Partiko iOS

hahaha O well, you cam always become a digital nomad and pick a better country for temporary residence!

Friend @runicar, this is great news, thank you for sharing this information.

This is truly the breakthrough that we have been waiting for as crypto enthusiasts.

Step by step the cryptocurrencies are positioning, in the future the large companies (not only financial) adjust their programs for the adoption of cryptocurrencies, this public tells us that we continue moving in the right direction. We expect things like these, but I think more is coming.

It's little things like this - at the current user interface - that will really spur adoption and allow bitcoin to become mainstream.

According to you, every move forward will generate more confidence and perhaps stability in prices so that the cryptos can be used for the acquisition of goods and services.

Very good work friend.
Pr EV

We expect things like these, but I think more is coming.

So much is being done on the background which we don't know about yet. A lot of projects are waiting for the first signs of a bull run to launch and there is a lot more to look forward to going in the future, that's for sure.

This is what we need. New ideas that stimulate adoption.

These tools that simplify the procedures mark the way forward. There is a large number of potential new users of crypto who often feel a refusal to venture because they have difficulty absorbing the technology and the whole blockchain concept. Then they prefer to continue with the traditional fiduciary market.

When you put something in your hands as common as a credit card, you are speaking in the language they want to hear.

No doubt this should be an example to follow.

I hope the transaction fees are not that high. This would be a limiting factor.

Thanks fopr sharing, dear @runicar.

We are just scratching the surface currently when it comes to adoption and yes, it's mostly because users are expected to be quite technically literate to be able to use buy, sell and use crypto.

As soon as we are able to make crypto trading and use easy enough for every granny to understand is when crypto will truly be able to tap into the mythical waters of the river bearing the name Mainstream Adoption

"...enough for every granny to understand"

That's what I mean

Hi again, @runicar!

This is excellent news! You are glimpsing the future of the world economy. It is true that there are countries that prohibit their use and others that impose taxes on transactions. The convenience of using your cryptos without borders is a giant step to freedom. It is like in futuristic movies, where no matter where you are you pay with the same currency, in our case with cryptocurrencies.

Another positive thing I see is that Coinbase is a strong exchange, with experience in the world of crypto currencies and if Visa trusts their platform, I would trust them too.

Thanks for sharing!

Sorry for the late reply.

Those that try to impose taxes are laughable. Every attempt to tax crypto enrages me to the fullest as it was always supposed to be a way to circumvent the traditional monetary system and consequently taxes.

I don't trust any exchange to hold my crypto tbh. Mt. Gox was also big and it failed, size of a company doesn't necessarily imply its inability to fail.

I heard the Netherlands wanted to tax cryptocurrencies.

I don't understand how they can put a tax on crypto assets

The only way they can try to tax us is on the way out (selling crypto for fiat) but we are obviously always going to be able to outwit them.

Yeah! You're right. Now that I think about it when I change my STEEM to my country currency (Bolívares) is a bank transaction that has no concept or legal invoice for the movement of money.

I'm sure that the IRS (in my case it's called SENIAT) will find a way to take their cut of the cake.

Oh My!

Dear @runicar

I think it's good for many of us who make a life in this crypto world. But the best thing of all is the opportunities that a service like this can offer, many people can develop using it. We just have to teach them how ..

A virtual hug for you.

Sorry for the late reply @lanzjoseg

Yeah, it offers us the ability to "stay in crypto" and not have to go out of our way to sell crypto for fiat to be able to spend it which is awesome as we could possibly avoid taxes of our crypto profits.

Dear @runicar

This is brilliant news. We need more of those if we're hoping to bring mass adoption to crypto space. Not to mention that level of TRUST will also only grow.

The volatility in price, however, has been considered much too unstable and volatile in this regard.

This reasoning never really meant a lot to me. Naturally with low volume we would experience high price movements. After all blockchain in current stage is nothing but infrastructure and things are far from "final product".

Great updtate buddy.

ps. I hope you don't mind that I will share this post with few close friends, as I found it quite interesting and worth reading.

Yours
Piotr

Hey @crypto.piotr

It truly is! While it is a step towards mainstream adoption many more puzzles will need to fall in place for blockchain and crypto to succeed in the long run.

I know but currently, the high volatility is a major hurdle for many that would otherwise be willing to use crypto as a form of payment.

Thank you for your valuable feedback. I always appreciate your comments and your eagerness to make content discovery easier through the wallet memos you send is admirable.

Keep on keeping on!

Dear @runicar

Thank you for your valuable feedback. I always appreciate your comments and your eagerness to make content discovery easier through the wallet memos you send is admirable.

I'm sorry but past few days turned out to be very busy and I failed to promote your post. Till next time buddy

and big thx for your previous comment. appreciate

Yours
Piotr

No worries!

Thank you so much for participating in the Partiko Delegation Plan Round 1! We really appreciate your support! As part of the delegation benefits, we just gave you a 3.00% upvote! Together, let’s change the world!

cool, Wirex already did it, but this will turn the tides for sure

Posted using Partiko Android

Hi @runicar!

Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 5.229 which ranks you at #846 across all Steem accounts.
Your rank has dropped 2 places in the last three days (old rank 844).

In our last Algorithmic Curation Round, consisting of 177 contributions, your post is ranked at #18.

Evaluation of your UA score:
  • You've built up a nice network.
  • The readers appreciate your great work!
  • Great user engagement! You rock!

Feel free to join our @steem-ua Discord server

This post has received a 25.9 % upvote from @boomerang.

Coin Marketplace

STEEM 0.36
TRX 0.12
JST 0.039
BTC 70223.87
ETH 3561.28
USDT 1.00
SBD 4.73