Debit Cards are they good for Crypto


I have just read a thread on another forum and the argument about debit cards was actually interesting with different view points.
I have received a debit card from CoinJar Australia, and it has some good points and limitations.
The good points are it can be used at any retailer or ATM in Australia, the transfer from my CoinJar balance to my card is instant making the cash available immediately. It has a hedging feature so I can lock in the fiat value of my BTC.
The not so good is it is not aligned to a CC provider so I cannot use it for online purchases nor oversea’s, Coinjar does not have a quick way to purchase BTC if I wanted to use it as a way of transferring money to another person. It is Australian based only but I believe plans for a UK launch this year.
Now a lot of people argue that all a debit card does is make people sell their coin for fiat and in simple terms they are right. However I think we need to look at the payment platform behind the card. Just imagine having a Debit Card that is aligned with a CC company, then having a platform like the Coin Jar one whereby the transfer to fiat is instant. This could be an easy way to send money abroad. The last piece of the puzzle though needs a solution, the ability to instantly buy the crypto to undertake the transfer, if this is also solved then the payment platform could actually help what ever coin that it chooses to use hold its value.
I would be interested to see what this community thinks.


Let’s say they are somewhat convenient until better solutions emerge and most importantly make it to the market.


I think they are a great way to promote crypto acceptance. Merchants always pay a small fee for eftpos purchases so using your swipe card can be a way to get talking about saving on the small fee and accepting BTC direct. Since you will be using the coinjar swipe card you can also talk about the hedging account so there is less risk for a merchant accepting BTC. I plan on using my swipe card to try get small merchants on board around my office :wink:


I have read about a few debit cards. Xapo seems to have the leading concept at the moment. I believe i read that they’re planning to add other coins in the future.

Only issue for me is that it only converts BTC you’re holding in your wallet to a few currencies when you’re at the cashier. Since my country isn’t one of the few, there would be a 3% exchange fee to convert it to USD before taking the equivalent BTC value from my wallet’s balance. So i guess i won’t be ordering a Xapo card until they add my country’s fiat to the automatic exchange when the card is presented at cash out.


I feel debit cards are neutral for crypto, neither good nor bad when you add up all the pros and cons. On the pro side they are easier than cashing to a debit card through Coinbase. They also encourage newbies, who are insulated from much of the crypto mechanics with no-hassle spending. On the con side every coin spent is an instant dump, which devalues Bitcoin. All that put together makes it seem like a wash.


I’ve shared this thought elsewhere, I’ll regurgitate it now, because it’s apt :smile:
Plastic cards are all well and good for those involved in crypto already, but they do nothing to further adoption. They ceertainly don’t provide anything to set themselves apart from the old system, and let’s face it, if someone is looking at crypto, why would they be interested in the same old, same old.

@UnbornZ the same rings true for almost any use of bitcoin to pay a merchant, whether a card is used or not. Adoption is coming, so there will be more conversions. I think the thing that’ll encourage newbies isn’t being able to use a debit card or credit card, it’s going to be having bitcoins on their phones or desktop wallets and wanting to spend them. If they have something of value they’ll find a way to exchange it for something they want or need :slight_smile:

All in all, as I said before, imo we need to move away from the old system and begin afresh. There’s saving to be made in the doing so and it’d be more beneficial to get used to those changes now rather than get caught up in the old way of doing things :slight_smile:

I need more coffee. Clearly I’m not hyperactive enough.