If you’re lucky enough to live in multiple countries then you’ll no doubt welcome a break from the British weather every now and then!
But one drawback of living in more than one location is the difficulties with payments and cash. If you reside solely in the UK, you only need to worry about having pounds sterling. But if you’re moving between different countries using the same UK-based account, then you’ll be being charged through the nose for making overseas payments.
Thankfully, there’s a solution – crypto cards. Here, we’ll be delving into crypto cards, explaining what they are, how they work and how they can make your life infinitely more straightforward if you live in more than one country.
What Is A Crypto Card?
Crypto cards are an innovation that has truly revolutionised the digital space. These are much like regular debit or credit cards and they can be used to pay for goods and services, but rather than being linked to your bank account, they’re linked to your crypto wallet.
So how exactly do crypto cards work? When you make a transaction, the crypto is converted into fiat currency. So even though you’ve paid in crypto, the business you’re paying for your goods still receives their usual currency.
In the past, one major drawback of crypto was the difficulty holders had in spending it. Therefore, most people viewed crypto as something to add to their investment portfolio, rather than a currency for making everyday purchases.
But all that has changed since the arrival of crypto cards, which means you can now use your holding to pay for your morning coffee, make ATM withdrawals and spend with any retailer that accepts Visa and Mastercard.
So now we have a good understanding of crypto cards, let’s take a look at the ways they can help people who live in multiple countries or travel frequently.
Benefits Of Crypto Cards
Here are the main benefits for those that are residents of more than one country:
Save Money:
For frequent travellers and businesses that engage in plenty of international transactions, traditional payment methods can be costly and inefficiently slow.
Conventional banks often impose hefty fees and exchange rates on overseas payments, eating into the funds of both individuals and businesses alike. Thankfully, crypto cards are here to change all that by facilitating seamless cross-border transactions at a fraction of the cost.
By leveraging blockchain technology, crypto cards enable users to make cross-border payments quickly and affordably, without being subject to eye-watering fees or currency conversion charges.
Save Time:
For those who would rather avoid the eye-watering charges banks often hit us with, cash is an option. However, this also comes with its drawbacks.
Firstly, you may get a poor rate that’s way below what you should be getting. This means your sterling won’t go as far when you change it to foreign currency, so you’ll be getting poor value for money.
Secondly, it can take time to get your currency exchanged, so this is something else to consider. Moreover, in some cases, the exchange may not have enough of the currency to give you, and if you’re forced to get your money changed at the airport then we all know the kind of rates they offer!
Lastly, carrying cash is potentially problematic as it can get lost or stolen, so carrying large wads around with you is just another burden you don’t need.
All of this can be avoided with a crypto card that can be used while you’re away. No hassle, no queuing for cash, no losing your money – easy peasy!
Enhanced Security:
Crypto cards offer enhanced security compared to traditional banking systems due to their reliance on blockchain technology.
If you don’t know what the blockchain is, it’s basically a decentralised digital ledger that records transactions across multiple computers. The blockchain is incredibly secure due to its tamper-resistant and transparent nature.
Additionally, crypto cards often utilise advanced encryption techniques to secure your funds and personal information. So with features such as multi-factor authentication and biometric verification, unauthorised access is practically impossible.
Furthermore, while the blockchain is public, it’s anonymous. So the nature of cryptocurrency transactions adds an extra layer of privacy and anonymity, reducing the risk of identity theft or financial fraud.
Flexibility:
When most people hear the word cryptocurrency, they automatically think of Bitcoin. But while Bitcoin is most certainly the biggest and most successful so far, there are thousands of cryptocurrencies out there.
Many crypto cards support the use of multiple currencies. So in most cases, you will have options and flexibility with regards to the assets you can spend on your card.
Moreover, that flexibility also extends to the fiat currency it’s being converted to. Regardless of the country or currency you’re in, as long as the vendor accepts Visa or Mastercard debit payments, you’re good to go!
What Are DeFi Wallets?
Short for “decentralised finance”, these wallets are like a digital bank account where you store and manage all of your cryptocurrencies.
They allow users to store, send and receive their digital assets. Unlike traditional wallets, DeFi wallets operate on blockchain technology, providing users with full control over their funds and allowing them to operate as anonymously as they please.
In addition, users of DeFi wallets can access various financial services, such as lending, borrowing and trading, empowering individuals to participate in the decentralised financial ecosystem, offering financial freedom and autonomy over their digital assets.
So that’s how a crypto card can help someone living in multiple countries. If you’re excited about taking advantage then sign up for our XRPayNet crypto card and start taking advantage the next time you travel.