Cryptocurrency has taken many normal people to great riches. So-called crypto billionaires flood tax havens like Puerto Rico and Malta. But they may not be as rich as they claim.
Cryptocurrency is notorious for its wild rises – and nosedives – in value. In 2017, the world’s most well-known cryptocurrency, Bitcoin had price fluctuations from nine thousand USD per Bitcoin to a record high of thirteen thousand in December, with a huge dive all the way down to six thousand in March of 2018. Other cryptocurrencies follow similar patterns. Ethereum, Bitcoin’s successor, capped at a value of around $1,000 USD per ETH in January of 2018, but as of September 2018, is valued at only $218. Of course, the prices could rise at any moment – that’s the nature of crypto.
The values of cryptocurrency as an exciting investment have long been touted. Buy when prices are down, and sell when prices are up. But as the value of cryptocurrency continues to plummet, perhaps it’s best for aspiring crypto entrepreneurs not to look to crypto as an investment. It’s high time that the fight to legitimize cryptocurrency moves away from investment and into practical applications of crypto. After all, what good is an investment if it can’t be used?
Efforts to legitimize cryptocurrency have taken hold in quite a few countries already. Certain major retailers also accept bitcoin as payment. Switzerland and Japan, for instance, have both made legal steps to encourage the use of cryptocurrency. You can buy furniture from Overstock with bitcoin, or book a vacation with Expedia. But there are plenty of articles about that, so we won’t waste our time there.
Some retailers, on the other hand, have begun to change their minds about accepting bitcoin. Steam, the popular gaming service, rolled back its bitcoin support service in December of 2017. The reasons reported in an official statement were high fees and bitcoin volatility, citing the almost 25% drop in the latter half of 2017. High profile, well-known retailers outside of the blockchain community hardly ever accept ethereum as payment. It stands to reason that the most profitable way to use your crypto is to buy it and then sell it for fiat currency.
But what if that isn’t entirely true? The volatility of cryptocurrency is largely due to a relatively small market size. A small amount of money can tip the scales drastically in one direction or the other. Cryptocurrency has lots of benefits beyond getting rich very quickly. And if today’s crypto entrepreneurs want to be rich in ways more than a name, it’s high time the fight for the legitimization of cryptocurrency began.
One possible way to legitimize cryptocurrency is the budding movement towards crypto debit cards. Crypto debit cards offer a solution to the practical application of goods. They work just like a Visa or Mastercard. The only difference is that when you make a transaction, the necessary funds are withdrawn from a cryptocurrency wallet and converted into fiat. It’s an easy way to pay for your McDonald’s takeout with crypto without actually asking if you can pay in crypto.
Crypto cards have a storied and largely unsuccessful history. Many cards, like TenX, WaveCrest, and AdvCash, have suspended their services. Others, such as Monaco, have limited functionality. Others work, but only in a limited number of countries and currencies, such as Wirex, which supports fiat only in GBP, USD, and EUR. However, new cards continue to storm onto the scene with attempts to address the problems of their predecessors.
These cards offer a way to stay protected from fiat inflation in places with their own volatile currency.
Options like Minex’s crypto debit card allow users to spend a stable cryptocurrency without changing anything about their daily life. It’s the equivalent of moving from one bank to another.
With MinexPay, payments can indeed be made anywhere in the world Visa or Mastercard cards are accepted, as they work the same way. This includes countries where cryptocurrency has been prohibited by the government, due to the exchange being made through the bank and not a crypto exchange.
The transaction speed is an average of 3 seconds because the user does not need to wait for the crypto to exchange to fiat through the exchange. The fund provides that step in advance, so a fiat equivalent is ready to use on demand.
Therefore, these cards are the step to the long-awaited thing that cryptocurrency has actually promised to do – eliminate the banking middleman and return money to the consumer’s hands. Cryptocurrency debit cards are the step to a blockchain based future.
Using a crypto debit card is a fantastic way to bring about the stabilization and legitimization of cryptocurrency. It’s also a great way to use your bitcoins before they fall. It’s time that the world comes to recognize cryptocurrency as more than an investment. Getting crypto from exchange to the cash register is the first step.