Why use fiat when you can use your crypto for payments? Just imagine how cool it could be – paying with your debit card, which is directly connected to your crypto wallet, to buy coffee in Starbucks. Impossible? Nothing's impossible, and Binance decided to prove it to us.
As we know, the “father” of crypto, Satoshi Nakamoto, was hoping that Bitcoin and other coins would once become a usual payment method for everyone. Maybe with time it could even replace fiat! Sadly, 14 years later it still didn’t happen. There are more than a few reasons for that. Governments, for instance. They just weren’t ready to change the usual order. And well, let’s be honest, ordinary people weren’t ready for it either. Crypto was and is famous for its volatility, so all concerns are justified and understandable. Moreover, there’s a problem of scalability. Of course, blockchain developers are searching for solutions for that, but there are still some issues.
Plus, using crypto isn't simple for those who are making first steps into this fascinating world of traders and investors. “Wouldn’t it be just great if I could just use my usual debit card to pay with crypto!” – newcomers often think in their heads. It would. And it is!
Have you ever heard about Binance VISA cards? In this article we’ll discuss what it is capable of and how you could get it. Let’s get started.
How Binance card works
Some would say that it’s magic. But no, it’s just technology. Cards automatically convert your crypto into fiat in real time at the current rate when you are paying for something. Alternatively, you can use Binance fiat wallets to make direct withdrawals from your account. So basically, it works like an ordinary debit card with a teeny tiny difference: there can be crypto in your account instead of fiat. Binance cards look like any other card in the world, so no one is able to tell that you’re paying with crypto. Of course, it doesn’t mean that what you’re doing is illegal, no. Remember, that you’re paying via fiat currencies like dollars.
How to start using Binance card
You can get a card on the Binance website. At the time of writing, the product is available in 39 countries. So don’t forget to check if your country is in the list.
- You should get an account on Binance exchange if you didn’t do it earlier. For that you need to go through a simple registration (Email, password, personal data) and not-so-simple KYC process. Exchange will ask you to provide your photo and photo of an ID (passport, driver's license).
- After successful authorization on the site, you can order a card.
- Once you get a virtual card, the physical version will be made and delivered to you a little later.
- After receiving the card, you need to go to activate it.
- Now you can use and pay with cryptocurrencies at all shops that support Visa payments.
Binance card setup
To start working with a card, you need to top up your separate wallet for the card. It supports BNB, BUSD, USDT, BTC, SXP, ETH, EUR, ADA, DOT, XRP, AVAX, SHIB, LAZIO, PORTO and SANTOS. You can transfer both cryptocurrency and fiat there, as well as choose the order in which funds will be debited first from the balance. If the main currency of debiting, for example, is USDT, and BNB is in second place, then Tether will be debited first of all during payments, and after they run out, Binance Coin, etc. will be used.
Google Pay and Samsung Pay users can Binance Card to their account. The daily spending limit for the virtual card is 870 euros, while for the physical card it is 8,700 euros. The maximum daily limit for withdrawing cash from ATMs is 290 euros.
Final thoughts
So now we really have the opportunity to get a crypto debit card. The funny thing is that some sellers will think we are ordinary fiat buyers paying in fiat. But you’ll know that behind it lies a whole Crypto World! Would you like to have such a card? Or maybe you already have one? Tell us your story in the comments below. And if you want to learn more interesting facts about crypto then check out our blog! You might like our articles “Crypto Cards” and “Mastercard Enters The Crypto World”.
