Bitcoin, the first cryptocurrency has been in our lives for 11 years. As of writing the total number of cryptocurrencies is over 5000. And the total market cap of cryptocurrencies is running to $300 billion! The adoption we have been waiting for is on its way slowly but surely.
It has not been an easy task to spend crypto for our everyday expenses. Only a handful of stores and merchants accept crypto as a payment option. The vast majority of people do their shopping by credit card or cash. People use banks to pay their rent, take out loans and pretty much for all their finance options. Sadly, there are not many options for crypto. Cryptocurrency where we can, fiat where we must.
There are some options to get around that and the last contribution to these options is from Binance announced by Changpeng Zhao in late March this year. They have been working on a payment solution named “Binance Card”.
As stated in Binance Blog in April 1st, the Binance Card is in beta as of writing and will be available for Binance users “shortly”. According to Binance, the Binance Card will be available worldwide and quote:
The Binance Card will be accepted by more than 46 million merchants offline and online in 200 regions and territories, which makes shopping with crypto easier than ever before.
It will work as a normal debit card. We will send money to our Card account and spend it like bank issued card. Probably like we transfer money between wallets like “Spot” and “Savings” back and forth. There will be a “Card” wallet that we can send money to.
The interesting thing is that at first they announced this news with a Card picture “Visa” engraved on it. But as of ?writing that “Visa” writing is gone. Raising questions about the Visa partnership. Is there a problem with Visa partnership? Is this going to cause delays? Maybe a mastercard partnership is on its way.
Time will tell what will happen. A physical debit card fueled by crypto available worldwide without periodical fees is great. Regardless of the details, this is excellent news for adoption. While there are alternatives like this as payment options, Binance claims that they will provide this service worldwide. There will be a one-time $15 fee for a physical card. They claim that there will be no monthly nor annual fees for the card. And that is it. After that we will be able to go out and do shopping, buying stuff online and even pay our bills. With cryptocurrency!
There will be a Binance Card App for our smartphone just to make things even easier. Just transfer your crypto to your Binance Card Wallet with a few taps and it is ready to go. This is wonderful news. Maybe not the adoption we desire but a step towards that direction. Hopefully there will be a time where we can live off of crypto without banks.
Thank you for reading. I hope, you enjoyed it and/or it helped you somehow.
Have a nice day :)
Binance is more than an exchange, other than trading you can stake, lend, use it as a finance centre and much more.
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