Previously, buying Bitcoin (BTC) with a debit or credit card used to be extremely difficult. Fortunately, companies such as CoinMama and Coinbase (Canada, US, UK, and Europe) have helped speed up the process.
That’s why this guide was made to help users find the best card providers. We’ll even help you determine the factors that separate a good provider from the bad. So let’s begin!
How Can I Select the Right Bitcoin Card?
The first choice you’ll have to make when selecting your Bitcoin card is whether to select virtual or a plastic Bitcoin card. Plastic debit cards are like the traditional Mastercard or VISA cards but loaded with Bitcoin-denominated with GBP, USD, RUB, or EUR. It can be used for online payments, ATM withdrawals, and non-cash payments anywhere where Mastercard or VISA cards are accepted.
Plastic cards have two types of shipping rates: free and expedited. With the expedited service, it’s around $45-$75 depending on the card provider. And, most of these providers have smartphone apps that help the user experience and help you manage your finances anywhere and anytime.
Verified or Anonymous Card
Anonymous cards are for users who want to spend money but conceal their identity. Ever since the industrial revolution, the world has leaned towards the Orwellian theory to the point that any form of “anonymous activity” is directly correlated to “criminal activity” in people’s mind.
We’ve been used to being under control and surveillance to the point that we find legitimate reasons to stay anonymous. Everyone has a human right to have protected their privacy. And there are anonymous bitcoin cards available for those wanting to protect it.
Also, anonymous cards have limitations on how much money you can add to it. This is usually around $500 to $2500 per card. And their withdrawal limit is lower than verified cards.
Note: Some merchants and ATMs can refuse to accept an anonymous card for a multitude of reasons.
With verified cards, you have more freedom to spend the card on products and services. These cards require you to submit an identity verification document (passport, government ID, etc.) but don’t have loading limits throughout their lifetime. And their daily withdrawal limit is $2500.
You can fund them with other cards (i.e., PayPal) or by your wallet and can be used anywhere Mastercard and VISA are accepted.
Factors to Look For a Bitcoin Card Provider
- Transparency: You need to make sure that the provider is legitimate and reliable. They need to provide valid information about the company’s location, establishment date, and ownership structure.
- Customer Support: Whether you’re using the card locally or abroad, there needs to be a seamless payment verification process. And when things go wrong, you need to have someone that can resolve the issues that you’re facing.
- Fee Policy: This is when you’ll have to take out a calculator. You need to consider the cost of the card, delivery, and monthly fees. On average, this will total up to $1 USD (monthly fee), $5-$20 (initial price range), and about $50-$75 if you want expedited services.
Types of Payment Providers
This table demonstrates the three different types of card providers and compares their strengths and weaknesses. Once you’re done reading, select the one that suits your needs the most!
Remember, you have to get a good card provider to ensure that your cryptocurrency is protected during each transaction. Doing so protects you from scams and gives you the freedom to buy almost anything with cryptocurrency. Try out these payment providers and decipher which one has the best policies for you.
- 7 Best Bitcoin Wallet Apps For Android in 2018
- BitMex Exchange : A Bitcoin Trading Platform Review 2018