Bitcoin debit cards have been around the past five years or so, and there are now quite a few companies that offer them to Bitcoin-enthusiasts around the world.
In this guide, we’ll cover…
- What a Bitcoin debit card is.
- The pros and cons of using one.
- The 12 currently active cards.
What Is A Bitcoin Debit Card?
A Bitcoin debit card does exactly what it says on the tin: It’s a debit card you can use to spend your Bitcoin. The companies that issue Bitcoin debit cards have made agreements with Visa or MasterCard, which means you can use them in all the same places those cards are accepted.
Pros of Using a Bitcoin Debit Card
The main benefit of using a Bitcoin debit card is that you cut out the middleman.
Traditionally, you’d have to use a cryptocurrency exchange to convert your Bitcoin to fiat money like Dollars, Euros or Pounds. Then you had to transfer the money to your bank account before you could spend them.
Bitcoin debit cards come with an app that allows you to exchange your Bitcoin and other cryptocurrencies directly. That way, they’re ready for use in physical and online stores within seconds.
Many of the card companies also offer virtual Bitcoin debit cards, which allows you to shop online without a physical card.
Finally, some Bitcoin debit cards also give you Bitcoin cashback on in-store purchases, and others come with exclusive perks, such as access to airport lounges.
Cons of Using a Bitcoin Debit Card
The convenience of using a Bitcoin debit card comes at a cost.
The exchange rate you get is often lower than on a cryptocurrency exchange since the card companies have to make a profit. On top of that, some card companies also charge you a monthly administration fee.
Another downside is that Bitcoin debit cards are tied to a bank account, which means the coins are no longer decentralized. That means you won’t enjoy the same level of security as you would otherwise.
The 12 Bitcoin Debit Cards That Are Active in 2020
There have been quite a few Bitcoin debit cards in circulation over the years. Unfortunately, many of the companies have either dissolved or lost their partnership with Visa and MasterCard.
We’ve rounded up the Bitcoin debit cards that are still active in 2020, and also included some new players on the market.
Keep in mind that each company has different…
- Fiat currencies.
- Exchange rates.
- Setup and admin fees.
- Geographical restrictions.
Make sure you check out the official website read the reviews of each one so you make an informed decision.
Aximetria is a new service that is a bit different from the other Bitcoin debit cards on our list. Instead of a new card, you tie an existing bank card to your Aximetria account. You’re then able to convert your Bitcoin to fiat money and transfer them to your bank card ready for use.
BitPay has been around since 2011 and has until now worked as a payment provider for companies that paid their employees in Bitcoin. They recently released their own Bitcoin debit card in the United States.
Bitwala is a European cryptocurrency exchange that launched in 2015. They’ve partnered with MasterCard to offer their own debit card, which is available in the EEA.
Coinbase is one of the most well-known Bitcoin exchanges. It’s based in the US and has been around since 2012. They offer a Visa debit card that is available in the US and most of Europe.
CryptoPay is a Russian company that started offering cryptocurrency payment solutions in 2013. It’s one of the few cards that offer Russian Rubles as a fiat currency.
Blockchain firm Monaco secured the coveted Crypto.com domain a few years ago. They’ve since then launched their own MCO token one of the most exclusive Bitcoin debit cards on the market.
7. Nexo Card
Nexo is one of the newest companies on the Bitcoin debit card market and boasts zero fees on all transactions. They currently offer early access to their card if you sign up on their website.
The company behind Revolut doesn’t focus exclusively on Bitcoin. Their main offering is cheap foreign exchange rates for travelers, but their card also supports cryptocurrencies like Bitcoin.
SpectroCoin offers cryptocurrency exchange services, Bitcoin wallets, as well as a prepaid Bitcoin card supported by Visa. The British-Lithuanian company was founded in 2013.
10. TenX debit card
Founded in 2015, TenX offers exchange and wallet services, as well as a physical debit card. The Singaporean company even has its own cryptocurrency token called PAY.
11. Uquid debit card
Uquid is a British company that offers cards as well as their own UQC token. Unlike other card issuers, they also enable their users to top up their mobile phone balance using Bitcoin and cryptocurrencies.
Wirex is one of the most well-known Bitcoin debit card providers on the market. The company was founded in 2014, is based in the UK, and claims to be the first of its kind.
Inactive Bitcoin Debit Cards
As mentioned, there has been some turbulence on the market for Bitcoin debit cards. Not all card issuers have survived, but they might reappear at some point.
Here are the companies that are currently inactive:
Which Bitcoin Debit Card Should You Choose?
As you can see, there are a lot of different Bitcoin debit cards to choose from. When you research each of the card issuers, pay attention to their fees, availability, reviews, and which cryptocurrencies and fiat money they support.