Crypto debit card is now becoming a thing since various digital coin brands appear in the blockchain market.
Despite these cryptocurrencies' up and down trends, new investors are still arriving since they believe that Bitcoin and other digital coins could financially benefit them in the long run.
If you are one of those individuals who already own cryptocurrencies, you might already have your own crypto debit card or you are thinking of having one.
However, Merav Ozair, a blockchain expert at Rutgers Business School, explained that you and other interested consumers need to be careful when opening a crypto debit card account.
Crypto Debit Card: Why You Need to be Careful With It
Ozair claimed that cryptocurrency debit card providers usually advertise exciting reward programs to attract consumers. He added that they might also claim that their crypto debit cards have low charges.
However, the fintech professor clarified that these digital coin cards hide the fees automatically deducted from your crypto. Ozair further explained that crypto debit cards don't include penalties in their advertisements.
This is why Merav urged new consumers to read all the fine print before opening their own accounts. Aside from fees, The Wolf Group International Tax Director, Mishkin Santa, said that blockchain consumers might also be taxed if they open a crypto debit card account.
"I would advise people to really be careful and educate themselves about the tax implications when it comes to these credit and debit cards," explained the tax expert via US News.
Is Crypto Debit Card the Same With Conventional Debit Card?
NDTV explained that crypto debit cards actually work just like the traditional ones.
The only difference they have is that you can actually use these blockchain cards to purchase items using your digital currencies, such as Ethereum, Ripple, Bitcoin, and other brands.
You can view this link to see more details. In other news, blockchain experts confirmed that the USDT supply is now higher compared to USDC. On the other hand, cryptocurrency CEOs plan to discuss the national competitiveness of blockchain coins in the United States.
For more news updates about cryptocurrencies and other related topics, always keep your tabs open here at TechTimes.
This article is owned by TechTimes
Written by: Griffin Davis