The added security benefit of crypto debit cards
The PYDEX Ecosystem is now live, and its DEX venture comes with new features and services to make it a comprehensive space for all the Decentralized Finance (DeFi) needs of the PRV community.
In this article, we will highlight the PrivacyCards, the upcoming crypto debit card of PrivacySwap, with a goal of providing seamless spending of crypto from all over the world at any time of the day.
The future of PrivacyCards
A new dawn of debit cards is emerging, and this time, it is not using the typical currency in our traditional ones; it uses crypto.
Soon, there will be a time when going to banks will be a thing of the past as all will be made online using a decentralized network that would handle all of the transactions that do not generally need an intermediary.
With this setup, the security of the funds is much considered in the move towards the fluid transfer of money, causing some friction as to its full implementation and revolutionary move towards a cashless society.
Thankfully, the decentralization brought by crypto provided not only security of funds but also a better solution from the dangers of fraudulent transactions to siphon money from your traditional debit cards.
A better debit card
The usual dangers of using a traditional debit or credit card come from the info inscribed on the card’s faces. When bad actors get a hold of them, getting money is as easy as baking pie, and there are times that you wouldn’t know that your money is being depleted.
There are also instances that upon using a chip reader, the information from the card can be read with your name and other confidential info. It can also be used to steal money directly with just a single scan.
However, with crypto debit cards, this problem is eliminated. This is because crypto debit cards do not operate the same way as traditional ones.
Centralized organizations or institutions control traditional debit cards. Before you can use their products, you must first register your name and other essential information. This way, these organizations or institutions can track your spending and identify who uses their money to buy certain things.
With crypto debit cards, you do not need to register. All you have to do is open a private and anonymous wallet and load it up with crypto. There is no longer a need to provide information that would identify you as the one who spends on something you like.
With this, when bad actors are planning to steal money from your crypto debit cards, it will not be possible to be successful as they will be left in the dark trying to figure out how to exploit it.
This is because crypto debit cards do not have account numbers and identifiers inscribed on the card. All that is left is the name of the holder and the name of the service provider.
This is the added benefit of crypto debit cards. It strengthens the security measures of using it as there will be no other way to access its funds without knowing the seed phrase of the wallet used to store the funds (which is difficult to guess).
Without being able to access the wallet, the funds will remain intact.