Bitcoin is known amongst most business and investment circles as ‘digital gold’. It’s a commonly traded asset, and just like gold, acts as a store of value. On the other hand, bitcoin is much more than just an asset to hold onto until the time is right to sell it. Instead, bitcoin can be used and spent on the go. With the introduction of prepaid bitcoin cards, users can now store their bitcoins onto their prepaid card, which can subsequently be used to complete online and physical purchases.
You might now ask, ‘how does this get the issue of trying to buy goods and services from vendors who don’t yet accept cryptocurrency?’ In short, the debit card works by exchanging bitcoins into regular fiat currency in real time, and depending on the card provider, either exchanges at the point of sale (when a specific transaction is made), or at the point of loading (whenever bitcoin is stored onto the card).
This means you can buy your coffee, clothes, or anything else you want using bitcoin in regular high street shops. The guys at Cryptosuper.market have created an easy to read, yet in-depth explanation of how prepaid bitcoin cards work in full on their website, including pros and cons, how to use them, and how to choose your prepaid card provider.
Users can opt for either a virtual or physical (plastic) version of the prepaid card. The former restricts users to online payments, but allows users to make purchases instantly. With physical cards, users in the UK should expect to receive them within 2-3 days, and are able to use the prepaid card just like any ordinary credit or debit card – so long as the card is loaded with funds. Prepaid cards carry an increased amount of expediency in comparison to other ways of transacting with cryptocurrency.
If you were to transfer your bitcoins stored on a brokerage to fiat currency that you immediately withdraw, you can only expect to have the funds back in your account within 3-7 business days. This is incredibly cumbersome for users who want to be able to move their funds quickly and efficiently. Prepaid cards are the answer to this. And the good news is that there are many bitcoin prepaid cards to choose from. Check out CryptoSupermarket’s site here: it’s a fantastic resource for everything cryptocurrency in the UK!