While Bitcoin and other cryptocurrencies are useful when you need to send money overseas quickly and cheaply, it’s still not clear how to use them for normal payments in our daily lives. You can’t just make a payment in crypto using your Bitcoin wallet in any local shop. The number of shops accepting Bitcoin is still too small and most of them operate online.

However, businesses make advances towards the market requirements. Moreover, there are companies that issue Bitcoin debit cards designed specifically for its use in regular shops.

Why use Bitcoin debit cards at all

Typically, an adult person already has several debit and credit cards for different purposes. Why get yourself an additional one?

To answer this question, think of why cryptocurrency was created in the first place. Bitcoin was invented by Satoshi Nakamoto in 2008 as a response to the economic crisis as banks proved unreliable. The first cryptocurrency was created with the purpose to give people financial freedom and avoid central banks scrutiny. But what’s the use of buying Bitcoin if you can’t spend it anywhere?

While cryptocurrency is mostly used online, practically all merchants accept traditional VISA and MasterCard. So, if you combine these two together, you will get a tasty combo.

A Bitcoin debit card is a good assistant to regular travelers. It has no geographical limits, while most bank cards can only be used abroad if you notify your bank beforehand. Otherwise, your funds can easily get blocked, and you’ll curse the bankers who are trying to prove that it was indeed you who has made a transaction.

Apart from bonuses for travelers, cryptocurrency debit cards offer a bunch of advantages, especially for crypto enthusiasts.

Advantages of a Bitcoin debit card

A Bitcoin debit card gives its users the same set of features as a VISA card. You can use bitcoins just like fiat money to pay in shops, hotels, gas stations, etc. You can even get yourself a virtual card for online shopping or order a physical card to carry around in your wallet.

Also, these cryptocurrency debit cards are an ideal tool for Bitcoin fans. Here’s what else you can do with their help:

Store Bitcoin together with fiat money, such as EUR, USD, and GBP, on one card.

Buy Bitcoin for fiat and convert it back again with ease.

Send funds instantly to anyone in the world.

If you’re a crypto trader, you can easily convert Bitcoin to other cryptocurrencies that are supported by your card provider.

Disadvantages of a Bitcoin debit card

Every coin has its dark side, and a BTC debit card is not excluded. Cryptocurrency enthusiasts can easily recognize the following disadvantages of storing cryptos:

You have to entrust your funds to a centralized company that can be hacked or go bankrupt.

You have to pay fees to issue a card.

There are deposit and withdrawal limits.

After presenting the advantages and the disadvantages, it’s up to you to decide if you need a Bitcoin prepaid card and if the former outweighs the latter.

How to use a Bitcoin debit card

As with normal bank cards and as mentioned earlier, Bitcoin prepaid cards have two forms: a physical card and a virtual card.

Physical plastic cards naturally come with a PIN code. You have to enter this code every time you want to withdraw money from the ATM or pay at a store. For an online purchase, you have to enter not only the PIN code, but also the expiration date and the CVV code found on the back of the card.

A virtual card can only be used online and comes with the same features.

VISA blocks WaveCrest

Previously, WaveCrest was the most popular publisher of Bitcoin debit cards. Companies such as Bitwala, Cryptopay, Wirex and many others relied on it in their business. However, on January 5, 2018, VISA blocked WaveCrest without warning and all accounts were suspended simultaneously.

This had a profound impact on WaveCrest’s partnership as Bitcoin debit cards were the essence of their business. These companies have managed to find some local card issuing partners, but their reach is nowhere near as big as before.

If you try to google the list of companies issuing Bitcoin plastic cards, you will find a ton of articles comparing dozens of companies, their pros, and their cons. But most of them ignore the fact that these companies issue cards only in limited regions (if they truly issue them at all). Bitcoin is still out of VISA’s favorites.

We’ve decided to make our own research and find out where one can order a prepaid card for their cryptos.

Top 5 Bitcoin debit card issuers

Wirex

So far, Wirex seems to get the widest geographical coverage as this company issues crypto debit cards in most European countries. They plan on covering North America and Asia next.

The debit card comes together with a virtual one. There is also a user-friendly app (both mobile and on the desktop).

Pros: reliable and established company, supports multiple cryptocurrencies (BTC, XRP, ETH, LTC, and Waves), no limitations on exchanging fiat to crypto.

Cons: works only in Europe, relatively high maintenance fees.

Bitwala

This company has revived its business in the country of its residence and now issues Bitcoin debit cards only in Germany.

It is integrated into an exchange platform that supports a large number of cryptocurrencies. It gives trading-oriented users the ability to exchange cryptos without leaving the service with a convenient interface.

Pros: supports 20 currencies and 40+ altcoins, user-friendly interface, flexible pricing structure.

Cons: cards are only available for German residents, relies on a third-party exchange.

Cryptopay

With the development team located in Russia, Cryptopay has managed to find a local card issuer after WaveCrest’s ban. Now its Bitcoin debit cards are only available in Russia.

In addition to a debit card, the service offers a Bitcoin wallet. The price at which you can buy bitcoin at Cryptopay is close to the market average, and service fees only account for 4%.

Pros: supports multiple cryptocurrencies (BTC, LTC, ETH and XRP), cards can be used worldwide, helpful support team.

Cons: cards are only available for Russian residents, maintenance and load fees.

Bitpay

Bitpay has been running its business since 2011 and has earned a good reputation over a long period. However, its prepaid cards can only be acquired by US citizens.

Pros: reputable company, enhanced security, no transaction fees, supports Bitcoin and Bitcoin Cash, the debit card can be used worldwide.

Cons: card is only available for US residents, a 3% conversion fee when using the debit card outside the US

Shift

This is yet another company offering BTC prepaid cards only for US residents. It works in almost all states with a few exclusions and is directly connected with Coinbase which can be a bonus for Coinbase fans.

Pros: relatively low fees, no maintenance and BTC conversion fees.

Cons: works only for US residents, doesn’t provide you with a BTC wallet.

Inactive Bitcoin prepaid cards

It’s not possible to order a prepaid card with the following services, but it’s worth keeping an eye on them. Hopefully, sooner or later, they will find a way to revive their main product.

Uquid

Spectrocoin

Coinsbank

Xapo (currently, only a virtual card is available for a limited number of the US states)

TenX

Wagecan

Advanced Cash

Conclusion

Both VISA and MasterCard are not eager to implement cryptocurrency payment options, but still, some brave card providers risk to provide users with such an option. The plastic cards are now available only in the US, Europe, and Russia.

All other countries are left to wait for better times. It is hoped that legal structures in the coming years will find a way to pass appropriate laws so that Bitcoin payments will be available in all parts of the world.