There are now several Visa cards that allow you to spend bitcoin and cryptocurrency anywhere and give rewards to those who use them.
The latest arrival, for example, is that of BlockFi, which among other things allows you to cash out rewards directly in BTC.
These are real Visa debit cards that can be used anywhere they are accepted as a means of payment, or in millions of sites and stores around the world.
In addition, many of these crypto cards grant rewards to their users.
Visa Profit Secret cards with Reward
However, they are not hooked to a fiat currency account, but to cryptocurrency wallets that they can tap into at the time of payment.
In other words, the user who owns cryptocurrencies can hold them in the card’s wallet and then spend them freely almost anywhere using the card itself.
In fact, at the time of payment, cryptocurrencies are automatically exchanged into fiat currency, so that the actual payment on the Visa circuit can be made in normal fiat currency.
In this way, the user pays with his cryptocurrencies, but the merchant collects fiat currency.
Typically, these payments charge two types of fees:
Visa’s traditional one, charged to the person collecting the payment,
that of the platform that performs the currency exchange, charged to the user.
Apart from BlockFi’s, which offers cashback in BTC, there are many others on the market.
The most well-known ones are probably those of exchanges. In fact for example both Coinbase and Binance offer this service.
Coinbase launched its Visa card in the middle of last year, while Binance launched it a few months ago.
Eidoo also launched its Visa card this year, but with a peculiarity: in fact, Eidoo is both a hybrid exchange and a non-custodian wallet at the same time. Therefore, unlike Coinbase or Binance, it does not force the user to leave the custody of their tokens in the hands of a third party, but instead leaves full and total control of the funds to the user themselves.
Crypto.com’s Visa MCO card, which exists in several different types, works in a similar way.
There are also other similar cards, such as Fold Card or Block Card, and all of them provide rewards for the user.
However, recently one was announced that will be different from the others: the one from Circle.
In fact in this case it is the first time that Visa itself participates in a similar initiative, with an investment of $40 million in Circle, which is also the issuer of the USDC stablecoin, along with Coinbase.
Among other things, being USDC a stablecoin exchangeable at par with the U.S. dollar, the owners of this card will be able to spend USDC in dollars without actually having to change it into another currency, but simply redeeming the tokens to receive in exchange the U.S. dollars spendable through the Visa circuit.