SpectroCoin has unveiled their Bitcoin debit cards, bringing more competition to this market. One of the main advantages of Bitcoin debit cards is how this medium creates an instrument for digital currency users to spend it in a more convenient fashion. The new Bitcoin debit cards offered by SpectroCoin are denominated in USD and GBP, which complement the company’s offering of EUR denominated cards.
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SpectroCoin Expands Bitcoin Debit Card Offerings
Various companies around the world are looking to break ground in the Bitcoin debit card sector these days. Whereas this medium was originally labelled as a niche product that did not represent the spirit of Bitcoin properly, it does provide a great way to spend Bitcoin wherever plastic card payments are accepted.
Unlike what many people would like to do, Bitcoin can not be spent just about anywhere in the world. This creates a bit of an awkward position where a lot of Bitcoin users are forced to convert digital currency into fiat to pay for shopping, food, and monthly recurring bills. Bitcoin debit cards offer a solution to a lot of those problems, although it is far from perfect.
By offering these Bitcoin debit cards in various denominations used around the world, it becomes easier for users to keep track of their balances. Furthermore, this removes the need for fiat currency conversion fees when using a specific card in a specific country. Using a USD card in Europe, for example, will cost a lot more than ordering a separate EUR card and funding it.
Considering how the price per SpectroCoin card starts at just US$0.50, there is no reason not to obtain additional Bitcoin Debit cards from the company. Funding the card and keep track of your balance will require users to download and install the companion app on their mobile devices, though. For most people, this will be more of a bonus than an annoyance.
Physical or Virtual Card, That Is The Question
SpectroCoin, just like most other companies in the Bitcoin debit card game, is offering their cards in both physical and virtual form. Virtual cards are always a lot cheaper than the physical counterparts, and delivery will be instant versus waiting up to three weeks. However, both types of card will be subject to similar fees, both for topping up and currency exchanges when needed.
Other companies, such as E-Coin, Xapo, and Bit-X, have all been competing in the Bitcoin debit card industry for quite some time now. More competition in this market will only benefit the consumer in the end as fees become more competitive. It all comes down to whether or not the end user wants to keep a balance in Bitcoin on their card, or have it converted to fiat at the time of funding.
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