Crypto-card: the future or the end of the industry?
Earlier, we have repeatedly talked about newfangled payment cards that use cryptocurrency. However, earlier we discussed this phenomenon in a theoretical sense, describing the plans of large companies to issue their own settlement tools. But no theory today. Since the first plastic card is presented, which allows you to fully pay for purchases using the popular Litecoin. Next, we will tell you exactly how the new payment instrument works and what are its non-obvious disadvantages. So let’s get started.
Who is behind the development and what are the features of the project
First of all, the creators of the new payment card should be touched upon. Because in the crypto industry the name and reputation of the developer are extremely important. In the case of a cryptocurrency card, we are talking about the BlockCard company. Even from the name it is clear the main activity of this enterprise. It is noteworthy that the company already has other payment instruments for the physical use of cryptocurrencies on its account.
But for Litecoin, this is the first and so far unique solution. Nevertheless, the protocols used make it possible to bind accounts not only from Litecoin wallets to this card. And also addresses with coins such as Bitcoin Cash, Dai, Ethereum and many others. That is, the tool, as you understand, is quite versatile and will appeal to a large number of users. The development was supported by Visa specialists. Who allowed to equip the card with their own chips. Thus, by replenishing the card account, you can safely pay for purchases. And withdraw money from most modern ATMs around the world.
Where will the payment solution work?
By the way, about the territorial applicability of the new map. It is planned to launch the instrument in 31 European countries. And this is just the beginning. It is quite possible that the launch will also take place in America and Australia. It won’t be surprising if developers want to promote the map to the Asian region. But, of course, to guarantee the legality and security of the provided payment instrument, the developers undertake to verify users. Therefore, you will have to verify your own identity and agree to the standard conditions for using a bank card. Specific documents have not yet been published. Most likely, identity confirmation will be carried out remotely, for added convenience. This measure will also help maintain health in a pandemic.
What are the disadvantages of the card?
Don’t worry, this is not about instrument safety. The products of this company cannot be blamed for insufficient security. The firm provides truly secure and confidential cards. However, plastic cards contradict the very essence of Blockchain and the crypto industry’s idea of decentralization. In fact, if cryptocurrencies are coming to banking systems, this is not exactly a good sign. Such a pernicious tendency. Which threatens the main features and postulates of the industry, is already being criticized by the public. Many leading experts emphasize that plastic cards associated with cryptocurrencies should go without receiving the necessary popularity and funding.
We will not be so categorical. Because it cannot be denied that the ability to habitually pay with cryptocurrency using a card is convenient. It will be much easier for many users to enter the industry and discover the virtues of coins. After all, such newbie-loyal tools definitely fuel the attention of new users. Nevertheless, there are still certain disagreements with the ideas of the Blockchain. What do you think? Write your opinion in the comments.
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