Making Bitcoin more usable in the real world is neither difficult nor easy these days. It all depends on your perception of using Bitcoin as a payment method. If you are looking to pay merchants in Bitcoin directly in the hopes of them keeping a portion of that transaction in BTC, you will have a hard time finding someone. But if you just want to use Bitcoin for everyday purchases, regardless of what the merchant does with it, there is a whole wide world to explore.
Bitcoin Debit & Prepaid Cards
One of the easiest and more convenient ways to spend Bitcoin is by using a digital currency-enabled debit card or prepaid card. There is a slight distinction to be made between these two terms, as a debit card would indicate the card is linked to an active Bitcoin wallet at all times. A prepaid card is how most Bitcoin “debit cards” work, as they need to be pre-funded before you can use them in the real world.
That being said, either of these cards are a great way of spending Bitcoin. Granted, the merchant will view this as a regular credit card transaction – with all of its associated fees – but it makes a huge difference for the customer. Doing so creates a different mindset, and while it may not be the ideal solution we all want to see take shape in the future, it does work well for the time being.
Many people are wondering whether or not the mass adoption of Bitcoin debit and prepaid cards could negatively impact the Bitcoin price. Using Bitcoin with the existing financial infrastructure forces liquidation of BTC across exchanges, which can create a negative trend of sorts in the long run. However, for the time being, that effect is almost negligible.
SpectroCoin – Creating Bitcoin Use Cases
In certain parts of the world, there are several companies trying to make Bitcoin adoption and usage more appealing to the everyday consumer. SpectroCoin is one of those companies which is very active in the Baltic States, as they have recently managed to make Bitcoin usable at restaurants, gas stations, and other key places.
Furthermore, SpectroCoin is looking to increase further Bitcoin usage around the world by issuing their Bitcoin debit card. It has to be said, however, this card works like a prepaid card, as you have to load it up with funds before it can be used to pay for goods and services. At the time of publication, residents of 150 countries can request their SpectroCoin Bitcoin Debit Card.
Note from the Author: These cards are issued by MyChoice, a bank in Gibraltar and subsidiary of Wave Crest Holdings Ltd. in the United Kingdom. Customers from the United States will NOT be able to purchase the SpectroCoin card at this time.
SpectroCoin Prepaid Bitcoin Card Details
If you are looking to obtain a SpectroCoin prepaid card, you will need to register an account on their platform first. Ordering the card itself will take you through a few steps of filling in personal information, and the shipment of the card will range between 4 to 7 business days, depending on your region. There will be a fee of 7 EUR to cover shipping and handling of the card itself.
In terms of associated fees, point-of-sale transactions will not incur any additional fees for the time being. However, every time you fund your SpectroCoin Prepaid Bitcoin card, a 1% fee will be deducted from the total amount. Last but not least, withdrawing cash from an ATM is subject to a 2.75 EUR fee (2.25 EUR in the UK).
Using the full potential of the SpectroCoin card will require you to verify your identity. Not doing so will result in a lifetime limit of 2,500 EUR, after which the card will become unusable. Verifying your identity will grant you a maximum card balance of 10,000 EUR and a maximum withdrawal limit of 1,000 EUR.
Source: Press Release via Email
Images courtesy of SpectroCoin