There are now several Visa cards that allow spending bitcoin and cryptocurrencies everywhere and give prizes to those who use them.
The latest arrival is that of BlockFi, which also allows users to collect rewards directly in BTC.
These are real Visa debit cards that can be used wherever they are accepted as a means of payment, i.e. at millions of websites and shops around the world.
However, they are not linked to a fiat currency account, but to cryptocurrency wallets that can be used for payments.
In other words, the user who owns cryptocurrencies can hold them in the card wallet, and then spend them freely almost anywhere using the card itself, including 5G mobile casino operators that doesn’t accept direct cryptocurrency deposits. By using it, players can easily turn their tokens into cash that they can then use to wager at any game available at the JackpotCity, from slot machines to table games.
In fact, at the time of payment, the cryptocurrencies are automatically exchanged for fiat currency, so that the actual payment on the Visa circuit can be made in normal fiat currency.
In this way, users pay with their cryptocurrencies, but the merchant cashes in fiat currency.
Typically, these payments apply two types of fees:
- the traditional Visa fee, paid by the person who collects the payment,
- that of the platform that carries out the currency exchange, at the user’s expense.
In addition, many of these crypto cards offer rewards to their users.
Bitcoin Visa cards with rewards
In addition to BlockFi, which offers cashback in BTC, there are many others on the market.
The best-known ones are probably those of the exchanges. 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 one special feature: Eidoo is both a hybrid exchange and a non-custodial wallet. Therefore, unlike Coinbase or Binance, it does not require the user to leave the custody of their tokens in the hands of third parties, but instead leaves the user with full and complete control of the funds.
The Crypto.com Visa MCO card, which exists in several different types, also works in a similar way.
There are also other similar cards, such as Fold Card or Block Card, and all offer rewards for those who use them.
Recently, however, one card has been announced that will be different from the others: the Circle card.
In fact, this is the first time that Visa itself is participating in a similar initiative, with an investment of $40 million in Circle, which is also the issuer of the stablecoin USDC, together with Coinbase.
Among other things, since USDC is a stablecoin tradable at par with the US dollar, holders of this card will be able to spend USDC in dollars without actually having to exchange it for another currency, but simply by redeeming the tokens to receive the US dollars that can be spent through the Visa circuit.