The world of cryptocurrency debit cards is expanding rapidly, and several reasons behind its growth exist. Many folks are eager to use their digital currencies for purchases but are put off by the hassle of selling or exchanging them for traditional money. Additionally, with the rise in COVID-19 cases among young people, some folks living in rural or low-income areas may need access to conventional banking systems. Finally, banks have spotted an opportunity here and are jumping into the mix, offering consumers greater access to cryptocurrencies while also earning revenue through ATM fees.
The crypto debit card industry is booming.
Data from the Federal Reserve Bank of St. Louis shows that there were more than 1 million active crypto debit cards in circulation in 2018—a number growing daily. It represents a 300% increase over 2017 and an 800% increase over 2016.
The same report showed 2 million crypto debit card users at the last count, compared with only half as many just five years ago (1 million). By 2023, it’s expected that this number will reach millions of users!
The COVID-19 pandemic is driving crypto debit card adoption.
The COVID-19 pandemic is an emerging threat that could change how we use cryptocurrency. You’re likely, not alone if you haven’t heard of it. The media and most governments around the world have entirely ignored the pandemic. The few who have become aware of its existence are mostly government officials or researchers trying to keep tabs on what’s happening in their own countries—and they don’t always have time to update us on everything happening around them!
But since we’re here today talking about crypto debit cards (which aren’t actually related at all), let us take this opportunity to talk about COVID-19: how it affects our lives, how many people have already died from it—and how many more may follow suit before things improve significantly!
Many crypto debit cards are connected to digital wallets.
Digital wallets are a way to store cryptocurrency. They’re also connected to cryptocurrency debit cards, which you can use like traditional bank accounts and pay for things with your crypto holdings.
Digital wallets can be used to store many different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple’s XRP token. Consider storing other altcoins in your digital wallet, including Dash and Monero.
Traditional banking firms are getting in on the action.
There are two main ways that traditional banks are getting in on this action:
They’re partnering with cryptocurrency debit card companies. The most notable example is Goldman Sachs, which partnered with WaveCrest Technologies to launch its own financial services division dedicated to supporting digital assets and blockchain technology.
They’re trying to keep up with the technology and keep pace with changes in consumer behavior. Many institutions have been slow at adapting to new technologies like smartphones and social media platforms—but they’re starting to catch up now that people are consuming more time online than ever before (and more money buying things there).
Crypto debit cards are popular among millennials.
Millennials are more likely to use crypto debit cards than traditional debit cards. According to a recent survey from Ipsos, millennials are 21 times more likely than other generations (the one exception being Gen Xers) to use a cryptocurrency debit card for everyday purchases.
Millennials also tend to prefer the security features offered by crypto wallets and exchanges over those offered by banks or credit unions. This may not surprise: younger Americans have grown up with technology that allows them access to information at their fingertips—including blockchain-based payment methods like Bitcoin, Ethereum, and Ripple’s XRP Currency (XRP).
Crypto debit cards are a great way to spend cryptocurrency. They can be used just like traditional debit cards but also allow you to make payments using your crypto holdings. In addition, they’re convenient and easy to use—and if you have the right wallet, you’ll be able to use them anywhere in the world.
The Growing Popularity of Cryptocurrency Debit Cards as a Payment Method.
The increasing popularity and acceptance of cryptocurrency and blockchain technology are disrupting the world of finance, and it’s no surprise that some merchants are starting to adopt it. With the rise in the value of blockchain, the potential benefits of cryptocurrencies are becoming more evident. One such benefit is the significant increase in crypto debit card transactions, with some companies reporting an average increase of 2,000%.
This trend presents an opportunity for businesses to leverage White Label Crypto Loading Platforms and Debit Cards to enable their customers to transact with cryptocurrency easily. Although we can expect that all merchants will eventually benefit from this trend, especially those who rely heavily on cash, the adoption rate is rapidly increasing. The world of finance is changing, and businesses that embrace this disruption will be best positioned to thrive in the future.
