Today in the world of digitalization, people
are getting introduced to the latest method of transaction. Rather than
transacting with physical money and coins, people are involved in using virtual
money. It may sound complex at times, but once you understand the concept it
may seem quite easy and simple for you. Bitcoin ATM card is the latest technology where the users make use of virtual money
instead of physical money to purchase products, services and other items. It is
basically a peer-to-peer payment method that is totally based on open network
and hence it has no authority at all. For some people it may seem alarming,
however they need to play close attention to the concept to understand it
better.
Bitcoin powered debit cards are designed
cryptographically and they are operated with a complete consensus amongst the
users. No central authority here means that anyone can access the codes to
check and verify in real time. So, if you have any doubt related to Bitcoin
cards then it is better to log in and check out its algorithm. It is really
very easy to understand, simple and transparent.
One amazing feature of Bitcoin ATM Card is that the technology makes use of Apple and its
reluctance to allow Bitcoin wallets and money transferring application on their
Smartphone. Bitcoin technology endeavors to bring the crypto power back into
the Smartphone like Apple, thus allowing them a legitimate method to spend
their Bitcoin money.
Users are required to charge their wallet
with Bitcoins and use it to purchase goods, services and even make withdrawals
of funds from a variety of ATM network across the world. Users are free from
the annual debit card fees however they need to pay normal withdrawal fees on
each transaction made across the ATM network.
Owing to the low transaction costs of
Bitcoin, the advent of Bitcoin ATM card
has already shake-up the card payment industry. Its impact has been felt in the
area of international transactions. It is has been estimated that daily average
transaction volume of Bitcoin cards hover up to US $89 million, which is quite
higher compared to its counterparts. Till date, there are only seven major
companies that offer Bitcoin powered debit cards including, Coinjelly, Virtex,
Cryptex, Diamond Circel, BitPlastic, ANX and Xapo. The competition among all
these companies is quite tough.
Bitcoin technology is borderless and owing to
its pull factor, the Bitcoin powered ATM cards has successfully evolved as a
serious competitor for all major debit cards companies and for the position of global
currency. Although the debit cards has experienced a wide fluctuation in its
value against global currency, but it continued to maintain its own range for
several months, thus specifying that it will stabilize at its own range of US
$300-400 at least for a short period of time.
The implementation of Bitcoin powered debit
cards is always good for tourism, hospitality, and travel sector which accept
these debit cards as mean of payment.
