There are currently several Visa cards that allow spend 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 anywhere they are accepted as a means of payment, that is, in millions of websites and stores 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 save them in the card's wallet and then freely spend them almost anywhere using the card itself.
In fact, at the time of payment, cryptocurrencies are automatically exchanged for fiat currency, so that the actual payment in the Visa circuit can be made in normal fiat currency.
In this way, users pay with their cryptocurrencies, but the merchant charges in fiat currency.
These payments normally apply two types of rates:
- the traditional Visa fee, paid by the person collecting the payment,
- that of the platform that performs the currency exchange, on behalf of the user.
Also, many of these crypto cards offer rewards to their users.
Visa cards with rewards in BTC
Besides BlockFi, which offers cash back in BTC, there are many others on the market.
The best known are probably the exchanges. For example, both Coinbase and Binance offer this service.
Coinbase launched its Visa card in the middle of last year, while Binance He released it a few months ago.
Eidoo It also launched its Visa card this year, but with a 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 rather 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, like Fold Card or Block Card, and all offer rewards for those who use them.
Recently, however, a card has been announced that will be different from the others: the card Circle.
In fact, this is the first time that Visa itself has participated in a similar initiative, with a $ 40 million investment at Circle, which is also the issuer of the USDC stablecoin, along with Coinbase.
Among other things, since the USDC is a stable currency tradable on a par with the US dollar, the holders of this card will be able to spend USDC in dollars without having to exchange it for another currency, but simply by exchanging the tokens to receive the US dollars that it can be spent through the Visa circuit.