Crypto backed debit cards

• Paxful
• Binance
• Coinbase

Other services work like a regular debit or prepaid card, giving you cash back in crypto on regular Visa purchases. Crypto.com is one of the leading examples of this, with rewards paid their own token – CRO.

There are services, such as Nexo, that issue a loan for every purchase, which can be paid off in fee or crypto, or a full blown credit card, with cash back rewards, which is now offered by Blockfi.

What’s the catch?

Be aware that many of these debit card services face long waiting times for issuing cards. 

You’ll also have to ‘stake’ crypto upfront, like a bond to give you access to the card features. That can lose value, the same as any cash-back earned.

If the card is pre-paid, you’ll need to top it up regularly, which can be a bit of a pain.

Remittance

One of the biggest use cases for cryptocurrency is sending money overseas, often people working abroad sending it back to family. As this usually involves an exchange between currencies and banks the traditional process is very expensive and lengthy. 

6.8%
The global average cost of sending $200 in the first 
quarter of 2020 as reported by the World Bank

As remittance isn’t generally time sensitive, bitcoin’s confirmation time isn’t a barrier, while its store of value qualities make it more attractive than weak local currencies. If speed is important then you can always use the Lightning Network.