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Data for today’s episode is provided by Mercator Advisory Group’s report – Cryptocurrency: A New Growth Segment for Prepaid Debit Cards?
Everything to Know about the Emergence of Prepaid Cryptocurrency Debit Cards:
- There are three prepaid cryptocurrency debit cards available for purchase in the US: BitPay, Ternio, & MCO.
- Jurisdiction: Because of how cryptocurrency is regulated, users need to check that their region is supported.
- Ease of Use: Funding options, fees, connectivity to an online exchange, and spending limits can complicate the initial experience.
- Security: Look for protocols such as site encryption, two-factor authentication, and email/SMS notifications.
- Reliability: Bitcoin is only 10 years old. Choose established and respected service providers.
- Fees: Users are still price sensitive and purchase and/or load fees may be prohibitive to adoption.
- Features: All prepaid cryptocurrency debit cards provide the same core functions for spending and ATM withdrawals.
Cryptocurrency prepaid debit cards are the method of choice for spending cryptocurrency off the blockchain.
A major cryptocurrency prepaid debit card serving the U.S. market closed in 2018. Only a year later, in addition to BitPay, there are two new entrants. Should you be a part of the new Wild West of cryptocurrency prepaid debit cards?