Cryptocurrency Update: A cryptocurrency is a type of digital currency system, which is linked to a personal computer chain and is built on computer algorithms. There is no control of any country or government over it. Its popularity is increasing in such a way that many countries have given it legal recognition. Along with this, now crypto credit cards are also coming in the market.
Credit cards can be considered as a convenient option for making purchases and payments, provided they are used wisely. The way we transact in Indian currency i.e. Rupee in traditional credit cards, crypto credit card is completely based on cryptocurrency.
In this, rewards are also available in crypto currency only. The company issues you a crypto credit card from which you can spend and pay later.
Transactions and payments both in crypto
If seen, there is no difference in the way normal credit cards and crypto credit cards work. The only difference is that the entire transaction is done in cryptocurrencies only. That is, you also have to pay the credit card in cryptocurrencies.
Cryptocurrency issuing companies are issuing such cards. Rewards are also being given in different ways on the cards of many companies. For example, on Gemini credit card, there is a payback of 3 percent in bitcoin. This payback is credited to the user’s Gemini account immediately after purchase.
Also, the BlockFi credit card gives the user a cashback of 1.5 percent. Its special feature is that you can get this cashback in 10 types of cryptocurrencies like bitcoin and ethereum. Similarly, SoFi, Venmo credit cards are also offering similar rewards.
pay attention to this
One thing should be kept in mind here. Like traditional credit cards, crypto credit cards can also face heavy interest rates on delayed payments and high crypto prices against fiat currencies can hit your pocket.