May 1, 2022
PrivacyCards, to optimize crypto-usage in real-world transactions
The mass adoption of cryptocurrency is inevitable. More countries are accepting cryptocurrency as a form of payment, even when there are still companies and countries doubtful about it. To this end, PrivacySwap is a platform that promotes the benefits of cryptocurrency and continues to build long-term features for its seamless use. One such feature is the PrivacyCard. In this article, we will share more information about what a PrivacyCard is and how it can maximize your cryptocurrency usage.
Amazon has not yet added crypto as a payment option
One of America’s leading online shops, Amazon, mentioned that they are not yet adding cryptocurrency as a payment option. CEO Andy Jassy told CNBC that, despite the growing popularity of digital assets, they are not yet close to adding cryptocurrency to the business payment method.
He, however, mentioned that they are considering selling NFTs on the platform. Jassy said that he sees crypto to be a long-term investment, but he doesn’t own any cryptocurrency. Some platforms, such as eBay, already include NFT on their products. Aside from that, they also announced that they might also add cryptocurrency as a form of payment.
Though it is not yet possible to directly use cryptocurrency as payment, there are lots of ways you can pay using cryptocurrency. The most obvious way is by simply converting your crypto holdings to fiat. However, this might take time, so always ensure to make the withdrawal in a place with stable internet and phone reception. This is to ensure that the transaction will happen smoothly.
There is one more step; though it is very obvious that this is a direct crypto payment, you can pay crypto by sending it to the shop’s wallet address. However, this is very time-consuming as congestion always happens in the crypto space. Then there are crypto debit cards.
The creation of crypto debit cards simplified the process. All you need to do is provide your card to the cashier, put in your PIN (if it requires one), then proceed with your transaction. Or, if you are doing an online transaction, you can simply input your card number, expiration date, and security code. That’s it. Very simple.
There are two types of crypto cards, credit cards and debit cards.
Obviously, crypto credit cards allow cardholders to spend cryptocurrency up to a defined limit. You, of course, will need to pay your debts through fiat, which you need to either convert to crypto or use directly. It incurs interest and sometimes gives rewards or cashbacks. One of the platforms that offer crypto credit cards is BlockFi.
A crypto debit card, on the other hand, is similar to a conventional debit card. Money is taken from your wallet or account when you use a crypto debit card. That implies you’ll need to have cryptocurrency on hand to make a purchase. Many are prepaid debit cards, which means you must load money onto them before you can use them. That is what PrivacySwap uses for our PrivacyCard.
PrivacyCard: changes the way you use cryptocurrency
We developed PrivacyCard as we want to reduce crypto transactions. Before we created PrivacySwap, we were all crypto investors, and similarly experienced the inconvenience of cashing in funds to our wallets, then buying cryptocurrency, and transferring that cryptocurrency to our MetaMasks or trust wallets. When we need to withdraw our funds, we must follow the same process, but in reverse. Aside from the congestion, we also experience losing a few tokens to pay as gas fees. We know how hard that was.
That is why, when we built Privacyswap, PrivacyCard had been part of our roadmap. We envision a crypto space that is convenient and offers very low charges. However, that was not an easy task. We underwent various changes and reductions. From thousands of dollars down to hundreds, we lowered the staking requirements in order to ensure that more investors can join the hype. We did various testings and redesigns, and now we finally have the PrivacyCards.
How does it work?
If you are closely following us, you might already be aware of our PrivacyCard. But in honor of those new here, PrivacyCard is a debit card that accepts a wide variety of cryptocurrencies.
The cards have staking requirements which the team significantly reduced, and they are as follows;
Black Premium Tier: USD 200 worth of PYDEX
Black Metal Tier: USD 1,000 worth of PYDEX
Silver Metal Tier: USD 1,000 worth of PYDEX
Gold Metal Tier: USD 2,000 worth of PYDEX
We are very excited to announce that these cards will come along with our DEX. It will be launched very soon.
Conclusions
PrivacySwap is paying close attention to every movement happening in the crypto world. This is to attempt to create a solution to every crypto problem. That is why we have PrivacyCards.
Now that we are very close to the release of PrivacyCards and the DEX, we will ensure that our users will have the most convenient ways of using their cryptocurrency both in the DeFi space and in the real world.
Learn more about us now.
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