The changes in how we view, use and earn Crypto has at last started to be... well.... practical!
2020 may lack the hype of 2017, but it is shaping up to be the year that we step towards mass adoption via practical applications.
Amongst the most practical I have used is the Wirex Card. Although there are others, this has been the 'crypto card' I have engaged with most.
This post looks at Wirex as an interesting product and in my opinion, one of my favourite innovations of late.
Full disclosure - I am NOT paid by Wirex Directly, however, if you use my link, I will be rewarded in BTC, but then again so will you!
Wirex token (WXT), a brand-new native cryptocurrency from the payment platform of the future.
WXT holders enjoy heavily-reduced fees, exclusive merchant offers, super-charged rewards and more!
Register your Wirex account.
Setting up your Wirex account is easy and quick. The experience is similar to setting up any challenger bank or card service.
To use Wirex’s practical features, you need verification, so have your passport ready so it doesn’t take long.
The verification process stalled the first time, as i hadn't paid attention to my camera flash, but once shot was accepted, it was pretty quick from there..
Add some funds to your Wirex wallet
To add funds to your account, you could add aome crypto from your bags via your wirex wallet, or debit card or bank transfer. I started with a few hundred dollars just to play with, but add as much, or little as you like.
Word of warning, you do not control your private key, so I would recommend only keeping what you need there.
Order your card...
Now remember this is all about spending and earning Crypto, so of course you will need a card!
To order a card, select the card you want, enter your personal information, residence address and desired payment method. My card arrived in a few days and pin number was available from the app.
Add some funds to your card.
Loading cash and Crypto to your card could NOT be easier. The experience was user friendly and more akin to the Coinbase experience, so yes, zero knowledge meaning anyone could get involved. One locked and loaded, use your Wirex card anywhere Visa is accepted. That's pretty much everywhere that cards are accepted!
Rewards for spending and referrals
Cashback cards are great, especially via prepaid, or debit cards. This is because you don't have to be as organised as balancing the interest repayments of cashback credit cards.
Wirex will pay you up to 3 percent cashback on BTC. By holding Wirex tokens, you can move to the top tier of cashback AND save fees.
Spreading the love?
Another way of earning is referring your crypto and even non crypto friends. You both get 5 dollars worth of BTC each, once they have uploaded 100 dollars and made their first purchase. My wife got involved and is no way into this space, but after a little explaining she was up and away. You can join with this code to get some free BTC.
The ease here and rewards for just doing what you do normally when spending via card, could help get new people involved in the space. Only time will tell..
Ready to spend an earn!
To earn free Bitcoin, there is a catch, the rewards are only available offline. So, coffee, groceries, trainers whatever, will see you rewarded. But it needs to be spent in a physical store.
I would also suggest, changing your pin in an ATM machine. My card struggled in a restaurant with the Pin number they supplied. Maybe that was bad luck, but after changing in the nearest ATM, I could spend with no issue. This is not a widely reported problem, but worth noting incase you experience the same.
First payments and rewards
The Satoshis I earned were viewable straight away and I was pinged with a note to show my earnings instantly. The speed of this is comparable to the notifications one would get from Revolut.
The whole process of earning in this way is addictive, and has changed the way I spend. I now set my budget for the week and send that cash to Wirex via my bank account debit card.
After a few weeks, I have found the whole experience of using Wirex a blast. I haven't used my debit cards, even my loyal Revolut metal card in weeks and I am earning BTC for doing what I would do normally.
Straightforward applications like this are a sure fire way to help towards mass adoption. The geek in me says that there are better token models for this kind of app, say Crypterium, but I have found the ease of use of Wirex to be my personal choice and the choice of many of my peers.