Today we will talk about the advantages and advantages of the Binance Visa Card cryptocurrency plastic card fromthe world's largest cryptocurrency exchange Binance. Never heard of one? Then read the article to the end.
As conceived by the creator of Bitcoin Satoshi Nakamotocryptocurrency should serve as a financial instrument for day-to-day payments. Unfortunately, over 11 years, none of the digital coins has been able to become a full-fledged replacement for fiat assets. There are several reasons for this, first of all it is the conservative thinking of both the inhabitants and those in power who stubbornly refuse to change their usual way of life. But, one cannot turn a blind eye to more compelling arguments such as volatility and insufficiently high bandwidth of distributed networks.
Blockchain project developers are looking forsolutions to the problem of scalability and low transaction processing speed. Perhaps in the near future this issue will be closed, as for high exchange rate fluctuations, nothing can be done about it yet. A free market is a free market. However, it should be noted that digital tokens of top crypto projects can both get cheaper and more expensive, but the national money of almost any country depreciates over time. This is especially noticeable in third world countries.
Another reason for poor distributioncryptocurrency is the need to install special software and perform a number of operations necessary to transfer virtual assets from the sender to the recipient.
Many will say:"Now, if you can pay with cryptocurrency using a regular debit card." You are welcome! The Binance trading platform provides its clients with this opportunity. We will now tell you how to order a new debit card from Binance VISA and how the online payment system using cryptocurrency functions.
What is Binance Visa Card?
Binance Visa Card is a Visa debit card,tied to the client's cryptocurrency deposit on the Binance trading platform. The cardholder can instantly convert digital currency into fiat money and pay at over 60 million merchants. Like the exchange itself, all funds held on the Binance Card are protected by the highest security standards.
How do I order a new Binance card?
To become the owner of a Visa debit card from Binance, you need:
- Register on the official website of the exchange https://www.binance.com
- Pass simple identity verification.
- Top up your wallet balance.
- Go to the card section and apply for receipt.
For detailed instructions on registering on Binance, see here. Once registered, you can proceed to the application process for the Binance Visa Card.
If the service is available to residents of your region,the application form will open in front of you and after filling it out, the exchange will start the process of making the card. Delivery time varies from 7 to 14 days.
Until you receive the physical card,You can use the virtual version, which will be automatically activated in your Binance mobile application immediately after order confirmation. Well, now we have to upset the residents of Russia and the countries of the former CIS. This service does not yet apply to you and me, so you will have to exchange cryptocurrency for rubles or hryvnia in the old proven way.
Considering the latest changes in legislationRF, for Russians this is a long time, but in neighboring countries, the Binance Visa card, over time, will become available. At the time of writing, the map is available in most countries of the European Union.
Card activation and payment transactions
The Binance physical card can be activated on the exchange website in the sectionCard walletyour deposit. The activation button is grayed out and unavailable until the card status changes from “Pending” to “Sent.” To start activation:
- Log into your exchange account on the official website of the exchange https://www.binance.com
- Open Card wallet.
- Click "Activate"
- Enter the CVV code located on the back of your physical Binance card.
If everything is correct, the Binance card is activated andwill be ready to use. And, then the page will display a 4-digit pin code. It can be used to withdraw cash from ATMs. Please be aware that if you do not activate your physical Binance card within 45 days of ordering, the virtual Binance card will be canceled.
Binance Visa debit card payment is similarpayment from a simple bank card. The main thing is to have money on it. The replenishment process looks something like this. You send the crypt to the main account, then transfer the whole amount or some part to the wallet address for the card, and order, you can spend your bitcoins at the nearest restaurant or supermarket. You can add a Binance card to your Google Pay or Samsung Pay wallet and pay in crypto where these services operate.
You can enable automatic replenishmentcard account, every day after each financial transaction. Or set a minimum balance, and, then, the system will make automatic transfers from the spot wallet to the Card wallet. Direct funding of your Binance card in EUR with third party payment service providers is not currently supported. The maximum threshold for spending from a Binance card is:
- Virtual card - 870 euros for 24 hours;
- Physical card - 8,700 euros for 24 hours.
The daily ATM limit is € 290
Card Wallet currently supportsbalance of EUR, BNB, BTC, BUSD and SXP. Binance Visa is completely free! The exchange does not take money for issuing a card and commissions for operations. However, at the point of sale and when withdrawing money from an ATM, service fees (up to 0.9%) may be charged by the third-party services involved in the transaction. Reissuing the card due to loss will cost 25 euros. But, with each purchase, you can get up to 8% cashback.
Pros and cons
| Positive sides | Negative sides |
|---|---|
| Ease of ordering | A small selection of cryptocurrencies for replenishment |
| The convenience of use | Limited list of countries where you can use the Binance debit card |
| Reliability and safety | To receive a card, you must pass KYC |
| Instant conversion of cryptocurrency to fiat money | Daily expenses are limited |
| Cashback for purchases |
Conclusion
A couple of years ago, crypto skeptics once againstarted an old song about the imminent and inevitable collapse of the blockchain industry, and by the end of 2020, bitcoin is more expensive than at the end of 2017. And besides, digital gold can be used to pay in stores from a debit card.
If someone still thinks that cryptocurrency- it's not money, then he is greatly mistaken. A few more years will pass and it will be possible to pay with cryptocurrency for any product or service, anywhere in the world.
Rate this publication
