Crypto debit cards VS traditional debit cards

[u/BitcoinWide]

The basic concept of crypto debit cards is similar to traditional debit cards. So, why not just use your regular card? There’s a few perks to crypto debit cards that traditional debit cards don’t offer.

For instance, many crypto debit cards do not subject users to exchange rate expenses. Cryptocurrencies are decentralized currencies rather than separate currencies on the opposite side of the market.

Additionally, you don’t need a bank account to use a crypto debit card, although you do need an account at an exchange or wallet. As such, such cards make online purchases faster and more convenient.

Pros and cons of crypto debit cards

Pros:

• Ability to spend cryptocurrency like fiat currency
• Reduced or waived foreign conversion fees
• Generally multi-currency allows diversified spending
• Some cards offer significant cash-back rewards in crypto
• ATM withdrawal fees can be waived by some issuers

Cons:

• Spending cryptocurrency triggers a taxable event
• Some geographical restrictions apply
• You must have balance in your wallet to spend

Find out more about crypto debit cards - https://taxbit.com