Despite the hype surrounding cryptocurrencies, few people are using the digital asset for its intended purpose — payments.
Cryptocurrencies offer several advantages to traditional money, including lower costs, faster transfers, and decentralized systems that do not collapse at a single point of failure. Despite these benefits, many people don’t consider digital currencies practical for everyday use. Moreover, the currently available crypto debit card solutions often require tedious transfers and incur high fees, making the process unfeasible for everyday users. Leading crypto exchange Bybit wants to change that, promising to make using cryptocurrencies more convenient and rewarding for users.
There are more and more companies accepting cryptocurrencies as a form of payment. While there has been some institutional interest, it hasn’t been enough for most businesses to start accepting digital currency transactions. As a result, it is difficult for a cryptocurrency user to make purchases directly with a company using digital currency.
While there are numerous crypto debit and credit cards on the market, the process of using crypto assets in traditional finance and everyday transactions is still not refined. Many platforms that offer cards still require users to transfer their crypto assets to specific accounts linked to the card and convert their crypto into fiat before they can start spending it. Additionally, such accounts often have monthly subscription fees and require users to cover the exchange fees associated with crypto-to-fiat conversions.
According to a recent survey conducted by the Pew Research Center, approximately 17% of Americans have engaged with cryptocurrency. However, most of these individuals have primarily acquired cryptocurrencies as investments rather than using them to conduct transactions to purchase goods and services.
And while payments were one of the main use cases outlined in the Bitcoin white paper, this vision has not yet become a reality for most holders. According to the June 2023 Cointelegraph report, global cryptocurrency adoption remains predominantly in the single digits, meaning it is currently in the “early majority” stage of global adoption.
For cryptocurrency to advance toward achieving widespread adoption, it must traverse what is often called the “chasm.” This refers to the significant divide between the initial adopters and the early majority.
A crypto card for mainstream adoption
A top-five cryptocurrency exchange, Bybit, addresses the main challenge cryptocurrency enthusiasts face — how to quickly and effectively use their digital assets for everyday transactions — by releasing its own crypto Mastercard. With this card, users can send and spend cryptocurrencies effortlessly, expanding the practicality of digital currencies.
Bybit Card, which appears very similar to a traditional banking tool, allows users to directly convert and withdraw their crypto by deducting funds when they use their card to make a payment. Users don’t need to transfer or convert their crypto to a special account.
Like the ease of managing traditional bank cards through online banking portals, the Bybit Card offers users flexible card management. This means that users can conveniently monitor their transactions and manage their cards on the go through an easy-to-use dashboard accessible via both the web and mobile apps. This feature ensures that users have full control and accessibility over their Bybit Card experience, making it a seamless and hassle-free addition to their financial toolkit.
The crypto payment card in detail
One notable aspect of the Bybit Card that sets it apart is its transparent fee structure. With the Bybit Card, users benefit from a fee schedule that incorporates only the foreign exchange and conversion fees, which are known to be among the lowest in the cryptocurrency card market. There are no hidden or additional fees for users to worry about, providing high clarity and predictability in their card usage. Most importantly, the Bybit crypto card does not incur blockchain transaction fees, which often plague trading on the busiest blockchains in the space.
Source: Bybit
In addition to offering a better user experience and low fees, the Bybit debit card allows users to get up to 10% of their spending in rewards points. Thanks to an extensive rewards market, including vouchers, coupons, fee discounts, NFTs, VIP trial cards, and airdrops, users can redeem their points toward brands like IKEA, Google, and Spotify, among others.
Source: Bybit
Aside from reward points, the Bybit crypto card also offers direct cash back. As part of an ongoing campaign to benefit its users, Bybit is strengthening the attractiveness of its crypto card by unveiling an upgraded cashback rate of 5% across various categories. What’s more, the cashback feature will be applied to a new category of purchases each month, offering users flexibility and savings based on their spending habits. To top off the passive rewards features, the Bybit crypto card offers up to 8% APR on funds stored in the account.
Ben Zhou, the co-founder and CEO of Bybit, shared his insights on the launch of Bybit Card:
“Through our pioneering programs and broadening services, we aim to advance global cryptocurrency adoption at pace. Bybit will continue pioneering the digital finance revolution through visionary programs and partnerships that cement our role in driving this new era.”
Bybit Card helps make cryptocurrencies more practical and user-friendly, bridging the gap between the world of digital assets and traditional finance. Bybit’s commitment to crypto adoption doesn’t stop there, however. The crypto exchange is partnering with the current Formula 1 Constructors’ and Drivers’ Champions, the Oracle Red Bull Racing Team, to expand knowledge of the cryptocurrency world.
Source: Bybit
To try Bybit Card, users can purchase a virtual card or order a physical card — its issue and delivery are free for a limited time. The virtual card becomes instantly available for use, but if users want to own a physical crypto card as well, they can take advantage of this exclusive initial offer now.
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