Though cryptocurrency has been around for over a decade, its usage has become much more widespread in recent years. Though it used to be a niche online currency, it has become a legitimate factor in the financial ecosystem. One of the newer innovations in the crypto market is the introduction of crypto credit cards. While it used to be challenging to use your tokens at many retailers, crypto cards give anyone the ability to access their assets and spend them at all of their favorite stores. Keep reading if you want to learn more about which is the best cryptocurrency credit card.
Which crypto credit card should you choose?
Crypto credit cards are gaining popularity among investors and crypto enthusiasts, which has many people wondering which credit card is the best pick if they want to sign up. While many people use crypto as an investment asset, crypto credit cards give you the ability to use your coins in more locations offline. The best crypto credit card for you depends on your preferences and what features you’re looking for.
You have a lot of choices when looking for a credit card, so it’s important to think about what your priorities are. Do you want a card that provides excellent rewards and cashback on purchases? Does the type of card you want support the type of cryptocurrency you tend to purchase? Keep in mind that many crypto cards function as debit cards, so if you want a true credit card, you’ll need to look for one specifically.
The BlockFi Visa card is one example of a real crypto credit card. You can earn 1.5 percent cashback on purchases, and the card is backed by one of the most trusted crypto lending services. The CRO Visa is a great option for those who want perks, as it offers up to 8 percent cashback on purchases and perks like free Netflix and Spotify and access to airport lounges. There are a lot of other choices, but these are two solid choices for anyone interested in a crypto card.
How does cryptocurrency work?
Before you apply for a crypto credit card, you should take the time to learn a little more about cryptocurrency and how it works. Put simply, crypto is a digital currency that can be exchanged for goods and services or treated as an investment asset. The defining feature of cryptocurrencies is that they use an online ledger with strong cryptography to secure transactions. Crypto works by using blockchain technology.
Blockchain is, in essence, a decentralized network of computers all over the world that verifies and records transactions. The reason this technology has gotten so much attention is because of its security. Though blockchain was developed to support crypto, many other businesses and industries are starting to explore other applications that it may have.
One new development in the crypto world is the emergence of NFTs as a viable asset. NFTs, or non-fungible tokens, are unique units of data, typically media like visual art or music. Proof of ownership is stored on the blockchain, so investors can verify that the data belongs specifically to them. Most NFTs are stored on the Ethereum blockchain, though there are other types of crypto that can be used to purchase different kinds of NFTs.
With crypto gaining more widespread adoption, it makes sense that lenders and exchanges are starting to introduce credit and debit cards that make it easier to spend your cryptocurrency. If you specifically want a credit card, rather than just a way to use your crypto anywhere, read the fine print and make sure you understand what type of card you’re getting. With so many choices, you can decide whether you want to prioritize perks, lower fees, or the amount of cashback you receive on purchases. No matter which card you go with, your crypto credit card will help you take your digital currency into the real world.