As long as its existence from 2008, cryptocurrency was a decentralised digital currency. A lot of developments were made through time. Just recently, Binance, one of the leading cryptocurrency e-wallet in the industry, released a physical card that can be used on regular transactions with 60 million merchants using your crypto balance.
Although this is not the first physical card that was released, the different thing about this one is that you can use this just like how you use your traditional credit or debit card. Other crypto cards would require you to top up with cryptocurrency before you can use it. With the Binance card, the cryptocurrency is automatically converted into fiat currency.
The physical card would be connected to a Binance Spot wallet which has a balance. Even though this is a Binance card, you can still choose to debit your preferred crypto, such as Bitcoin, Binance, Supremex, Binance USD. The Swipe platform will be easy to use for its customers since cryptocurrencies are only being converted at the time of the transaction.
“We are making sure to give the easiest way to convert and spend crypto for our daily lives. We are further developing our goal to make the cryptocurrency experience accessible to all. Providing the cryptocurrency holders with the access to convert and spend cryptocurrency on the spot with merchants globally would be total ease to the customers,” words from the CEO of Binance, Changpeng Zhao.
We are further expanding the availability of the cards and will be further developing new features to add up to the full experience of the Binance Card with the help of a partnership with Swipe.
Binance is one of the leading cryptocurrency e-wallets as of now, founded in 2017. Binance has a user-friendly interface, but still, it is also one of the platforms that offer edge and are more suitable for advanced users since it offers three options depending on trading experience. One of its main features is it also supports international trading with a lot of currency trading options of choice.
Even though Binance is an established platform, it is still one of those that offer the lowest fees with hundreds of cryptocurrency options. Binance only charges 0.015% – 0.10% for purchase and trading fee, 3.5% or $10 if you use a debit card to purchase.
Binance also comes with strong security, they are insured with Federal Deposit Insurance Corporation, have two-factor authentication, address whitelisting and cold storage. They also offer a massive selection of transaction types, market orders, limit orders, margin orders to name a few. With Binance you’ll also get a reward centre with challenges and giveaways in which you can earn cryptocurrency as well.
Even though it is one of the top cryptocurrency platforms it has a lot of restrictions in the US; 180 countries can trade on Binance, only 43 states in the US can enjoy the benefits of using Binance. Another thing is that US investors cannot use credit cards or debit cards to pay or trade.
Binance already released a beta version of their physical card this year, and they are making it a goal to widen their service to everyone for new and existing Binance users this week.
Binance E-wallet is necessary if you’re interested in getting one of the physical cards. If you do happen to have the physical card, you can go directly to their website and follow the instructions in registering for one.
This major step made by Binance can be the start of more possibilities that we can get from cryptocurrency. Imagine paying cryptocurrency for your coffee, grocery or services; that is something you cannot imagine happened way back in 2008.
Even though it may be easy for crypto users that they can now purchase something through crypto in an instant, you should always keep in mind to save an ample amount of cryptocurrency for you to still enjoy it in future developments. If you got excited about this new development and would like to invest, visit Bitcoin Era.