Cryptocurrencies need to clear a major hurdle in order to go mainstream—ease of use.
While it’s easier now than it was several years ago to buy, sell, and use cryptos (thanks to exchanges such as Coinbase and digital payments company Square), the seeming complexity of establishing a cryptocurrency account, along with the relatively few companies that accept crypto payments, keep many investors on the sidelines.
Remember, Bitcoin is just over 10 years old. And it always takes time to adapt to new technology. It took time for people to adjust to using debit cards instead of cash and checks. And to trust that it was safe to pay bills online.
But the convenience of these services gradually led to mass adoption. Today, I bet most of you bank online, have accounts set up automatically at your favorite shopping site, and haven’t ordered a book of checks in over a year.
And two companies have partnered up to make it easier to use cryptos, too…
Binance, the largest cryptocurrency exchange by volume, has partnered with TravelbyBit to create a crypto-backed travel rewards debit card.
It will act like any prepaid card… but instead of loading the card with cash, it will be loaded with cryptocurrencies like Bitcoin. Consumers can use this card to earn travel deals and discounts, just like regular credit/debit card.
The card will be released next year to use on various travel sites, including TravelbyBit. To start, it will be available to travelers in the Association of Southeast Asian Nations (ASEAN), Australia, and Europe… gradually supporting more countries.
No doubt we’ll soon see many more crypto card launches… which will go a long way toward bringing cryptos into everyday use.
Research Analyst, Curzio Research