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Coinbase introduces Visa credit card with cryptocurrency

Published by

July 8, 2019 5:43 pm

Coinbase introduces Visa credit card with cryptocurrency

When people talk about cryptocurrencies like Bitcoin, they usually immediately have the object of speculation in their minds. However, the technology was introduced to facilitate payment.

Coinbase is a company that has focused on its origins. The linking of the virtual credit in the form of Bitcoins can be retrieved here via a Visa credit card. In this way, the cryptocurrency could be used in everyday life.

The model project was recently launched. The crypto credit card is already in use in Great Britain. The idea has been seen as a successful concept. Because now the model is being extended to six more nations in Europe. Spain, France, Italy, Ireland, the Netherlands and Germany would like to serve Coinbase with its concept.

Cryptocurrency: Out of the niche, into everyday life

What is currently the biggest problem with cryptocurrencies? They are very difficult to use! Whether we are at the checkout in the supermarket, at the bar in the hotel or even at the hairdresser at the bar, there are different payment methods available to us. Only the Bitcoin is usually not among them. So what does it take to use the Bitcoin or any other virtual currency for traditional payment? A link has to be created.

This can access the Internet account and retrieve the stock of Bitcoins there. But before that, the image that cryptocurrencies are a pure speculation object has to come out of people’s minds. In fact, this step will not be that easy at the moment. Because anyone who took the lowest entry and the highest exit with them this year was able to increase their use and 270 per cent. Anyone who paid in 10,000 euros could pay out 27,000 euros.

Meanwhile, some large US companies accept the Bitcoin as payment method. These include Whole Foods, Crate and Barrel. There have already been speculations that Amazon will open the gates to cryptocurrencies in the future. This would be a big step for virtual payment. But how did the rumours come about? In principle, we have already mentioned the answer. Whole Foods accepts payment with cryptocurrency. The company belongs to the Amazon Empire. So it might be a model experiment to see to what extent payment via Bitcoin, Ethereum and the like is already widespread among actual customers. With a crypto credit card, paying with virtual coins could grow faster than previously assumed.

Satoshi Nakamoto is considered the founder of the cryptocurrency Bitcoin. It is well known that this is only a pseudonym. The Australian Craig Wright has now been registered as the author of the original study. Since it was probably a joint project, there is currently speculation as to whether co-authors will also take the floor.

Coinbase launches a cryptocurrency credit card in Europe

Through cooperation with Visa Debit Card and Paysafe, payment with the crypto credit card is to be made possible. It would, therefore, be a payment card linked to the current balance of the account in the corresponding cryptocurrency. And this is where the big difference to the classic credit card lies. This is because it is linked to a bank account. But the common feature of the money value cards is that they can be used both online and offline for transactions. Of course, different cryptocurrencies may have different exchange rates. Interested parties may also have entered several virtual currencies at the same time.

But this is not an obstacle. Because an app, which is offered free of charge for Android and iOS, makes it possible to set the desired currency for payment. It is important that Coinbase supports the respective cryptocurrency. This applies to a wide range of payment options such as Bitcoin, Ripple, Ethereum, Litecoin and Co. Of course, it should also be possible to make a direct debit. When paying or paying out, the individual exchange rate at Coinbase is decisive. In return, the company charges a fee of 2.49 per cent. At least that’s how it looks in Great Britain. Details of the publication in Germany are not yet known.

Issue of credit card: It is assumed that the issuance process is similar to that of a conventional credit card. This concerns possible daily limits of 10,000 euros or the costs of 5 euros for the first issue.

Will it be possible in future to pay anywhere with the Coinbase Card?

Coinbase’s plan is precisely this concept. Credit cards are already recognised worldwide. This applies to petrol stations, restaurants and supermarkets. In everyday life, many things can be settled with credit cards. And the Internet is no exception. Whether Amazon or other large retailers, at least Visa and Mastercard are on board. This also applies to bookmakers and online casinos. Whereby some Casino offerers already permitted paying with the Bitcoin anyway.

But thanks to Coinbase, paying with the cryptocurrency could be considerably simplified. The fact that the integration into everyday life via the link between the digital account and a credit card is successful seems to be almost certain. However, it remains to be seen whether consumers will accept this method of payment for the time being. The Block-Builders have summarized further details.

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