Some years ago, there was a major push for cryptocurrencies to have debit cards just like banks have master cards and Visa cards. But was it really a viable idea?
When they first hit the market back in 2017, crypto debit cards were the talk of the town and every crypto investor was dying to own one. Probably at that time, it was all for identity purposes especially given the fact that cryptocurrencies had just been invented and anything to do with them was a source of prestige.
Two years down the line, the same cards that were once a hot cake have almost become extinct with the companies that had invested in manufacturing them almost becoming ‘endangered species’.
Shift Card for an instant, that had been issuing cryptocurrency visa cards with Coinbase, have stopped producing the cards due to low demand.
But why did the demand for these tools become obsolete while the bank cards never lose taste? Is there anything that cryptocurrencies could borrow from bank cards?
At the moment No! The fact that cryptocurrencies are decentralized makes everything quite complicated for debit cards. In addition, in case crypto users want to withdraw their crypto coins, they can easily convert them for fiat money and use the normal bank cards to transact.
Also, most of the cryptocurrency transactions are done online and there are very limited cases where cards would apply.