Sorry for my ignorance, I haven't had a bank account in over a year now and never owned a visa.
I was considering getting one of these cards but will be more cautious before I do
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Sorry for my ignorance, I haven't had a bank account in over a year now and never owned a visa.
I was considering getting one of these cards but will be more cautious before I do
People just need to realize that its a normal credit/debit card using VISA... and usually other providers of VISA have insurance and can revert transactions via banks.
In the case of Crypto.com VISA card, the same applies. There might be some differences on the conditions when you accept using it, but its all mostly the same.
The app itself, I never had problems with it. If they once day get hacked at that level, will be their doom. Its like a centralized exchange effectively. The ONLY way for you to hold to your crypto, is to have the private keys. Period.
=) although if you use little amounts to play with these things, it's quite fun. Even when these events happen. Because you get to know a bit more of the process around them.
And frankly using a non-secure method to play with crypto, is quite hilarious =) One day we will have true crypto cards ... not sure how, but we will.
Most likely things will work transparently where consumer and merchant transact in fiat, while the settlement happens in crypto in the background. The Strike app does this with Lightning BTC. As the buy and sell price are the same, it’s a non-taxable event. Both ends transact in fiat terms.
In this way, it saves a step if the consumer pays in crypto. The payment rail is already there for instant settlement. Thus, credit card issuer merely needs to convert to fiat at the merchant end.
It makes more sense with fast and cheap coins like HIVE, XRP, XLM, and Dash.