Bit.Store – a crypto investment social platform – is unveiling a new prepaid credit card linked to crypto that will allow users to purchase goods and services with digital assets.
Bit.Store Establishes New Credit Card Linked to Crypto
The card is being powered by Alchemy Pay, a leader in the crypto payment sector, and it can be used at over 50 million retailers and companies throughout the world given its Mastercard status. It will also be compatible with applications such as Google Pay and Apple Pay.
Bit.Store is helping to bring the initial goals and ideals behind crypto to fruition given that bitcoin and many of its altcoin cousins were first established to help users push credit cards, fiat currencies, and checks to the side. Cryptocurrencies have always been designed to serve as payment methods, but the big problem is that many of them are quite volatile, and this has gotten in the way of their payment journeys.
The price swings these currencies are known to experience have caused many traditional retailers and stores to say “no” to crypto payments as they are afraid of losing profit, and to a certain extent, we can’t really blame them. Consider the following scenario: someone walks into a store and pays for $50 worth of merchandise with bitcoin.
For one reason or another, that store doesn’t transfer the bitcoin into fiat over a 24-hour period. During that time, the price of bitcoin goes down and that $50 turns into $20. The customer still gets to walk away with everything they bought, but the store has lost out on profit. Is this a fair situation? Not everyone thinks so.
But with companies like Bit.Store involved, paying with crypto is quite easy. Instead of the store having to transfer the crypto used to pay for the goods or services into fiat, the card does this at the time of the transaction. This eliminates some of the hard or time-consuming steps the store would otherwise have to endure, and everyone gets to walk away feeling safe.
David Rant – co-founder of Bit.Store – explained in an interview:
We’re delighted to launch our own Bit.Store Mastercard card. It’s a move that represents our clear intention of becoming a truly global cryptocurrency trading platform where users can securely and conveniently make financial transactions.
Growing Its User Base
Bit.Store presently has a strong user base in both Asia and Europe. It is one of the top social crypto platforms in countries like Indonesia and builds its products with early investors in mind. The establishment of its new crypto credit card is helping to build a strong market that already boasts a valuation of roughly $2 trillion at the time of writing. The product can be used in stores, online, and through payment applications.
Thus far, Bit.Store has more than 500,000 individuals utilizing its services.
Source: https://www.livebitcoinnews.com/bit-store-unveils-new-crypto-based-credit-card/