Bitcoin has been around since 2009, but its adoption didn’t pick up until past 2-3 years. Today, it is one of the largest crypto-currency networks in the world and the number of users joining the Bitcoin Community is increasing at a rapid pace. The increase in bitcoin transactions is speculated to exceed the network’s current processing capacity which has given rise to calls for an increase in the block size.
Even with the increasing number of bitcoin transactions, the number of merchants accepting bitcoin is still less than expected. Currently peer to peer, trading and exchange transactions make the most of the traffic on the bitcoin network. However, the use of bitcoin for everyday expenses and transactions will help the bitcoin community take full advantage of the potential bitcoin has to offer.
At present, there are few players in the crypto-currency market who are working towards creating a better experience for the Bitcoin community. Bit-X is one such company that offers simple and easy to use solutions for the community. Its list of solutions includes Bitcoin and crypto-currency trading platform, cryptocurrency exchange services and also cryptocurrency debit cards. While there are plenty of trading platforms and exchanges which support multiple cryptocurrencies, there are only a handful of companies offering cryptocurrency cards.
Bit-X is the first company to offer crypto-balance funded debit cards in the world. With this card, customers can make use of their cryptocurrency balance to pay for goods and services even at places that accept only fiat currency. Bit-X has collaborated with a Gibraltar based Wave Crest Holdings Limited. Wave Crest is licensed by Visa Europe to issue Visa powered debit cards, which are currently used by Bit-X.
The use of Bit-X debit cards is not limited only to those who are signed up on the Bit-X trading platform. Bit-X has also partnered with other crypto-currency platforms to issue their crypto-debit cards. Recently the company in partnership with CCEDK, a Denmark based cryptocurrency exchange launched Nanocard that allows CCEDK users to save their money as SmartCoins or BitShares, which can then be spent through Nanocard.
Bit-X debit cards convert the crypto balance to fiat currency of respective denomination in real-time. Real-time conversion prevents the cryptocurrency from losing (even gaining) value while spending. Bit-X cards can be used to withdraw cash from any ATM across the world. Expenses on the card will be deducted from the customer’s Bit-X platform’s BTC, LTC, USD, EUR or GBP balances.
The company recently introduced cash back reward program for both new and existing Bit-X debit card users. These cards come with additional security features which help users manage their card, preventing misuse. Debit card users can set limits to expenses, restrict payments and also link or unlink wallets. These debit cards come with an embedded chip with individual account ID number, expiry date and CCV2 numbers. All these features make Bit-X debit card as good as any bank issued debit cards both in terms of security as well as ease of payments.
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