GIFA Token - Crypto Credit Card Revealed

GIFX, a cryptocurrency exchange has revealed its Crypto credit card as the company taking a central position in the fast-growing industry. T...

GIFX, a cryptocurrency exchange has revealed its Crypto credit card as the company taking a central position in the fast-growing industry. The date of the crypto credit card launching will be announced in the late stage and such a card will be disseminated across different locations worldwide as soon as available. 

The exchange aims to take advantage of the rapidly growing number of users with the latest initiative and trading technologies. The Northern Cyprus-registered company made headlines this month when disclosed some of the finances gaining in the recently ended GIFX ICO Phase 1. 

What is a crypto credit card? 

Crypto credit card is the new paying technology in the blockchain ecosystem that functions the same as regular payment cards. The only difference is that you are using cryptocurrencies to pay for products and services.  When using these cards, your digital assets are converted into the local fiat currency and are then sent to the merchant. Crypto credit cards are supported with the help of Visa, MasterCard, the two global financial networks. QR code can act as a standalone paying channel between the exchange and merchants. 

According to the official announcement, the card has no annual or monthly fee and users can withdraw from ATMs without any charges. The crypto credit cards are the perfect choice for you! No longer will you be bound to dollars, yens, and euros as you have the freedom to spend cryptocurrencies at all times. Crypto credit cards make your assets significantly more portable since you basically carry them with you all the time. 

Want to have dinner at a nice restaurant or have a coffee at Starbucks? As long as they accept Visa you can pay with cryptocurrencies and complete the transactions in only mere minutes. Previously, it was almost impossible to use cryptocurrencies in stores as the transactions would take up to 30 minutes.

How does a crypto card work?

Cryptocurrency cards differ in their business model and the way that you spend and store digital assets. You required to create a dedicated wallet and transfer your digital assets to a wallet or to the exchange platform of your choice. Otherwise, you can connect your crypto credit card with the GIFA wallet that you already opened. By doing so, you remain the sole owner and operator of your digital assets.

Upon connecting crypto funds with the card, you can start making purchases and payments. As previously mentioned, all cryptocurrencies are converted into fiat upon using the card. However, some platforms may require that you convert your crypto into fiat before loading the card with money. Since all cards are licensed by either Visa or Mastercard, they have the same restrictions and regulations as regular credit cards. 

For example, you have maximum balances, maximum daily payments, monthly withdrawal limits, and so on. Certain platforms employ a loyalty system where different groups of users have access to different features. Cashback rewards are the most frequent feature in this context. There may even be tiers through which you can access better card limits, which you can unlock by staking cryptocurrencies.

Conclusion 

The range of products for crypto credit and debit cards is truly incredible and largely remains untapped. There might be a lot of platforms out there that offer these cards, but at the same time, there are only a few of them that are worth your time. But then again, security may be an even bigger concern for you. In this case, it would be better to use a truly reputable issuer.