NEW YORK—A major hurdle in the way of blockchain-backed currencies such as Bitcoin may soon be overcome.
That hurdle has been that crypto-currencies are not as readily usable as standard forms of payment, such as cash and cards. But cryptocurrency debit cards could change that, reports Nasdaq.
Cryptocurrency debit cards give users the freedom to pay in virtual currency just like any normal transaction, Nasdaq noted.
“The ability to use cryptocurrencies for transactions in our day-to-day lives-directly without pre-conversion into fiat-at regular stores, restaurants, or gas stations-can be the tipping point that merges the crypto and real world,” Nasdaq explained.
Cryptocurrency debit cards function like clones of fiat debit cards in terms of simplicity, ease of use and acceptance. The issuers have mobile applications for contactless payments with an NFC checkout terminal as well as physical debit cards for use at the point-of-sale, Nasdaq said.
The payments are carried out in collaboration with a payment gateway (Visa or MasterCard), making it very convenient for cryptocurrency investors to use their tokens at millions of locations globally, Nasdaq explained.