Ask Leo: Will You Love To Use A Crypto Debit Card, If You Use One, How Do You Use It?

We know crypto currency is becoming worldly acceptable and it’s gradually becoming a norm. Taking over the financial economical system, people are beginning to switch over to crypto, creating more demand for crypto debit cards. I haven’t seen a crypto debit card before physically but I know that these cards are available. I know Binance, Nexo, crypto.com and Coinbase have a crypto debit card.

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There are lots of benefits of using these debit cards based on what I have read, I know that some of these centralized exchanges with debit cards give certain % cash back on their debit card use. They also support numerous different cryptocurrencies to be used, but while this is cool, I can’t imagine using them to pay for my everyday things because of the volatility.

The way the stuff works is that you have to deposit crypto into your debit card before using it. You use it like your regular fiat debit card but the difference is that, you deposit cryptocurrencies instead of fiat. Whenever you pay and you make a transaction with the card, the receiver gets paid in fiat, because the payments get converted from crypto currency to fiat payment.

This is the reason I wouldn’t use it, because my crypto holdings are my investment and volatility scares me. Imagine depositing $600 worth of BNB in your debit card and getting to where you want to make payment of something worth, let’s say $580, your card gets declined. Volatility has reduced the value of your holding from $600 to $575. But let’s not forget that the reverse can also be the case, just as your money can get reduced, your money can also go up because of volatility.

Whenever I buy any crypto, I don’t see or relate it to the present value in fiat, I relate it to the future value in fiat. So if I spend $10 on some item in BNB, ETH or BTC, how much will $10 worth today worth in 5 years. That’s how my brain automatically reasons, so I rather psychologically place my mind to keep a separate fiat card for spending and not have a crypto debit card. Except I can spend stable coins on the card, I don’t mind spending stable coins, but spending cryptos is a little bit difficult for me.

Although I have seen more people use the Crypto.com card and they prefer it compared to other cards. If you use any of these crypto cards, how do you use yours? Do you deposit crypto anytime you want to make a cash withdrawal or pay for anything with your card? Do you prefer using it compared to the regular fiat cards? Do you recommend it?

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