Improving Crypto Usability
Cryptocurrencies, and the blockchain technology upon which these digital coins are built, have continued to make headlines in recent months. However, despite its growing appeal, the usability of cryptos remains limited; a hurdle that has kept it from achieving more rapid, widespread adoption. That might soon change, though, thanks to the growing popularity of crypto debit cards.
Crypto debit cards work like your regular flat debit cards, as they exist in a cashless payment infrastructure, but come with the added bonuses cryptocurrencies provide. Instead of being connected to a bank account, as traditional debit cards are, crypto debit cards are linked to a digital currency wallet.
One example is Centra Card, which supports several popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Zcash, and Dash. Since cryptocurrencies aren't bound by banking laws specific to a country, crypto debit cards can actually be used in any mainstream commercial environment.
— Floyd Mayweather (@FloydMayweather) September 15, 2017
Towards Mass Adoption
There are still several issues that need to be resolved if cryptocurrencies are to become a more widely accepted form of currency. Government regulation is one, as well as price volatility concerns. When these problems have been solved, we might be in for a revolution. Mass adoption of crypto would change how we conduct transactions — and not just financial ones. In the mean time, crypto debit cards can help bridge the gap.
"A crypto debit card allows users to use their crypto wallets in a retail setting easily and with low friction," blockchain-based "global consensus engine" Trive CEO David Mondrus said, according to Coin Telegraph. "I've travelled extensively in the US and abroad using my crypto debit card. It's been a real life-saver at times.”
Crypto debit cards are convenient for travelers because they allow for easy cryptocurrency conversion to different currencies. These can also be a life saver in places where local currency has been deteriorating. Crypto debit cards may also help more people invest in cryptocurrencies without losing their purchasing power.
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.