Category Archives: Crypto Debit card

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Coinbase CEO Proposes the Introduction of a Crypto Debit Card in the US

Coinbase plans crypto debit card launch

Coinbase CEO, Brian Armstrong conducted a Live YouYube AMA on 16 May 2019, wherein he announced that his company is working on the introduction of a debit card to cryptocurrency users in the United States. However, he did not reveal any particular date for the launch of the card. The Coinbase card and its associated expense managing app have already been introduced to the cryptocurrency users in the United Kingdom.

The card will enable users to carry out online and in-store transactions using the balances they hold in respective cryptocurrencies. The associated expense managing app also enables the users to keep track of their crypto balance in a convenient manner. Armstrong believes that this could be a potential breakthrough in the conventional ways of accessing financial services.

He said,

‘The most important thing to understand about the cryptoeconomy is that we’re not simply righting the wrongs of finance 1.0. We’re creating an entirely new way to access financial services’

Armstrong also touched upon an important topic which has been going around for quite a lot of time, margin trading. Citing examples of a few other exchanges, he inferred that there would be an ample demand for it in the market. Many of the cryptocurrency users have recommended the addition of this feature to Coinbase, he said.

In addition, he stressed upon the need for meeting the necessary regulatory standards. Although margin trading is not something they have finalised, it is definitely something that digital currency exchange is taking into consideration.

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John McAfee Launches Visa Bitcoin Debit Card

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The ubiquitous John McAfee, needing no introduction to crypto converts, is never far from the news and his latest piece of that is a McAfee crypto debit card.

The card, naturally adorned with the cryptocurrency entrepreneur’s photo, just so users know exactly who created it, has been issued by Visa, and will enable users to use their crypto for purchases or to obtain cash.

A teaser for what is coming soon: The first crypto credit card accepted EVERYWHERE! pic.twitter.com/ARBIAcLQOf

— John McAfee (@officialmcafee) April 26, 2019

Originally advertised, and since corrected by McAfee, as credit cards, they clearly are not, but such debit cards play an essential role in enabling holders of cryptocurrency to use their Bitcoin as originally intended; as a source of purchasing power and convenience.

As a reminder, unless newsreaders have forgotten, McAfee is up as a 2020 presidential candidate, if only to offer himself a platform for talking about cryptocurrency and its place in the world. A further reminder is offered with each issued card with the 2020 presidential run logo, along with his photo is printed on each card; a very clever piece of canvassing. However, he did add that only the first 12,000 of such debit cards would carry his photo on them. After the first batch of 12,000 cards have been released, the others will be without his images.

Sorry – “Credit Card” was a misnomer. More like a debit card. You load it with Bitcoin then use it anywhere. We convert to local currencies. pic.twitter.com/0MRmh1PslW

— John McAfee (@officialmcafee) April 26, 2019

It is unclear which financial institutions will honor the cards at present, given his lack of popularity with the US authorities in general, particularly the IRS, who would reportedly like to talk to him about several millions of dollars in unpaid returns backdated to 2010. However, his popularity is assured with an impressive crypto community following, who hope that this is another little push designed to drag Bitcoin into the mainstream rather than a nonstarter publicity stunt.

 

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