One way to spend your stablecoin is to connect it to a crypto debit card. This way, you are able to spend or make payments with your stablecoins in real time. Crypto cards convert your crypto to fiat currency to pay for goods and services. The cards are issued by major credit card companies, including Visa and MasterCard in conjunction with crypto exchanges. So wherever a Visa or Mastercard is accepted, you can spend your cryptocurrency. Different types of cryptocurrency have different cards available. And many of them are connected to specific cryptocurrency storage and marketplace options. So this is something to consider when deciding how to spend your cryptocurrency. Read about how to trade on P2P exchange and stake and earn crypto.
What are Stablecoins?
A stablecoin is a cryptocurrency whose value is fixed to another asset, often currencies such as the U.S. dollar or the euro, though other assets are possible. This kind of crypto coin tracks the underlying asset, making its value stable over time, at least relative to the currency it’s pegged to. Examples of stable coins are Tether ( USDT) , USD Coin (USDC), cUSD, DAI etc.
What are Crypto Cards?
Crypto cards are the most convenient way to spend your crypto instead of HODLing it. A crypto card is similar to a credit or debit card. A crypto debit card has to be pre-loaded with crypto to spend, while a crypto credit card is like a standard credit card with crypto rewards. You can get a crypto card from a licensed issuer such as a crypto exchange as virtual crypto card and/or physical crypto card. However, your funds stored on the card can still lose their market value, and any transactions you make with your card are likely to be taxable.
As a cryptocurrency holder, you are typically limited to the following steps when you want to spend your crypto:
- Send crypto from your hot wallet or cold wallet to your centralized exchange.
- Wait for the centralized exchange to wire you the money.
- Transfer the money to your current account.
A crypto debit card, however, makes this lengthy and tedious process, much more convenient.
What are Bitmama Cards
Recently, Bitmama launched its crypto cards. You are able to instantly access a virtual crypto card and pre-order a physical card. Bitmama crypto cards allow users to engage in online transactions on various platforms. Users can spend their stablecoins with ease and flexibility by funding their crypto cards with USD from their USDT, USDC and cUSD wallets on Bitmama. To create a card, a user needs to have verified on all three(3) levels on the Bitmama app. You can also freeze a card (We only advise this if you suspect that your card has been compromised). Once a card is frozen, you cannot use the card to purchase anything online.
Features and benefits of Bitmama Crypto Card
- The cards can be funded with stable coins – USDT, USDC, cUSD, so you spend crypto directly without first converting to fiat.
- Spend like a local globally with over $10,000 in monthly spending limits at the best rates
- The cards work on in-store payment options – POS terminals – and can be used to withdraw from ATMs anywhere in the world, the perfect travel buddy.
- The cards also work for online payments for platforms like Bolt, Uber, Spotify, GoDaddy, AWS, eBay, Asos, and Facebook, among others. They can also be used to pay international suppliers very seamlessly.
- No minimum deposit is required to get a card. A new user who completes verification can request one.
- The card will be delivered to users anywhere in the world.
How to make payment with Stablecoins using Bitmama crypto card
Bitmama crypto card doesn’t actually pay the vendor with crypto. It conveniently converts your stablecoins into the denominated fiat currency accepted by the vendor. You can make payments with stablecoins using Bitmama cards anywhere Mastercard is accepted. Read our article on 5 reasons why you should own a crypto debit card.
For example, imagine you have $1000 (US dollars) of USDT in your Bitmama Card. At a vendor’s website e.g Facebook, or Asos, you want to pay for an Ad campaign or goods worth $500 bill with your crypto card. The vendor gets paid $500 fiat currency and not USDT, and you’re left with $500 of USDT in your crypto card.
How to apply for a Bitmama crypto card
Getting a Bitmama card is easy. Sign up on Bitmama or download our apps on the Google play console or App store. To get started, you will need to complete all relevant verification up to level 3 processes before successfully applying for a Bitmama card.
The Bitmama card is available only to users from Nigeria, Ghana, and Kenya. We are working hard to ensure users in other countries access their crypto cards soon!
Leave a Reply