Making blockchain practical is the one of the challenges facing the crypto community. Practicality, or the lack thereof, has been a reason why blockchain has not become as mainstream as many would like. This shouldn’t deter the community however. It’s just a matter of time before each wall of an objection is torn down, brick by brick, and cryptocurrency is as mainstream as fiat currency.
Walls were brought down when crypto debit cards were revealed. The blockchain-based debit card provides a platform to use, track and manage all of your crypto and fiat currencies from a single mobile application. Through these debit cards, you can purchase anything with crypto all with the familiar swipe of plastic. The crypto token is immediately exchanged into the local fiat currency for a cheaper than average exchange rate.
There are a multitude of these crypto debit cards. TokenCard, TenX, Wirex, CryptoPay and Bitwala are all examples. They each have their unique strengths and weaknesses. These cards allow you the option to access a variety of different cryptocurrencies, like Bitcoin, Ethereum, and Dash among others.
It is exactly these types of platforms that are needed to help propel blockchain and cryptocurrencies into a firm place in our future. But unfortunately, a recent misfortune featuring WaveCrest sent blockchain adoption a couple of steps backwards.
The WaveCrest Damage
In case you haven’t heard, WaveCrest status with Visa was suspended earlier this month. WaveCrest is a debit card provider that many some crypto debit cards were using, including TenX, Wirex, CryptoPay and Bitwala. WaveCrest was the Visa provider that made these debit card transactions possible.
Due to some recent negative attention from influential figures, some may read this as Visa having an agenda against cryptocurrencies. However it turns out this shutdown is due to WaveCrest violations of Visa’s policies and operating rules.
Bitwala and CryptoPay have both come out with statements assuring their customers that while the debit cards do not work, their funds are still safe and they will receive a full refund of any lost tokens. The companies are working to get their cards functional as quickly as possible.
Not All Cards Were Affected
There are still some crypto cards that are working. TokenCard (TKN) and Monaco are still operating. TokenCard happens to be the first crypto debit card created. This blockchain based crypto card provides a seamless way to manage crypto and fiat currencies through a mobile app. The app provides a single place to view and manage all user assets, allowing platform participants to switch between tokens and currencies with a simple swipe.
Each crypto card also has its own blockchain with a token. TenX has a token, PAY and CryptoPay’s token is CPAY. The cards can pull from the users wallet, which will contain these tokens. The benefit to cards of this nature is that they are linked to more than simply the general cryptocurrencies, and have access to the proprietary wallets. This means that they are not affected during times of outage like the Wavecrest problem.
Many of the crypto debit cards also allow users to send and receive digital assets securely and quickly. Users are even able to invest in an ICO or purchase more of a token, all from the a platform wallet, while never leaving the app. These platforms create a secure, safe and simple way to manage and track all assets in real time. For example, TokenCard allows for immediate withdrawal in case of an emergency. And the wallet is smart contract enabled and triple-audited. You can even backup or restore your information on any device through a passphrase.
Most blockchain debit cards are designed to operate as Ethereum tokens with smart contracts. The cryptocurrency wallets are based Ethereum smart contracts, meaning that users can activate tokens simply by using the platform cards. It works like a bank account and it is where the funds are removed from whenever the card is swiped. The wallet combines the best of security while still maintaining full control of your own assets.
WaveCrest is an unfortunate situation to befall the crypto community. But TenX, Bitwala, CryptoPay and the others will make a comeback. This will pass. And piece by piece, this community of crypto debit cards will help build the reputation of blockchain around the world.
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