What is a debit card

"A debit card is a payment card that deducts money directly from a consumer's checking account when it is used. Also called “check cards” or "bank cards," they can be used to buy goods or services; or to get cash from an automated teller machine"

Source

A little about credit vs debit cards

With a debit card, when you buy goods, pay for a service or withdraw money, you are spending the money you have in the account that is connected to the card.
With a credit card, when you do the same thing, I mean buy things with it or withdraw money, (you are spending money you don't have) you are borrowing from the company who gave you the card and will have to pay back with some interest attached.

Just in case I end up useing the term "fiat currency" which I am most likely to use in this post, so I better explain it now. The usual debit card deals with fiat currency which is any legal tender who's value has no connection with the current price of gold, it's often issued and controlled by the country's central bank. Examples of fiat currency are: the francs cfa, the naira, the pound sterling, the euro and the US dollar.

With that in place, I can now easily say that, "debit cards use fiat currency". But cryptocurrecy is not fiat money.

What is expected of a Crypto Debit Card

A crypto debit card will have to convert your crypto assets in to the local fiat currency. Let's look at an ideal situation where @manuelhooks has 20,000 Steem in his Crypto wallet and wish to buy a regular toothbrush at Nteps Mart in Uyo, Nigeria.
Assuming the toothbrush is 150 Naira. At the point of purchase, the Crypto debit card issuer will have to calculate and deduct the Steem equivalent needed to (hoop over and under all legal black-box processes that) ends up dispencing the 150 Naira in to the Nteps' account through the Crypto Debit Card.
Alternatively, it may be requested that @manuelhooks convert the Steem equivalent of 50,000 Naira into the Crypto Debit Card which can be used for purchases and withdrawal and the conversion will have to be done each time the card runs low in cash.

Crypto Debit Card: really or fantasy

A Crypto Debit Card is a reality, though it's relatively new, this year being 2021 Crypto.com, BlockFi, and Nexo are the leading crypto debit card issuers. Read more on Crypto debit cards Crypto.com provides an app called
Crypto.com used to manage the crypto debit card they supply.
Note that there is no physical difference between a regular debit card and a Crypto debit card as they are expected to be used on the existing hardware facilities.

Issues with Crypto Debit Card

• They are not accepted by some countries.

• Some places don't have the infrastructure to implement it.

• Some countries who do not view cryptocurrecy as money but as an asset may place a tax on the use of the crypto debit card.

• You may not be able to buy groundnut with it on the streets for now.

@steemalive @focusnow @samuel20

#cryptocurrency #debitcard #krsuccess #nigeria #steemexclusives #steem