Most millennials embrace mobile banking and electronic finance systems. Even new finance technology such as cryptocurrencies had been welcomed by millennials and even people from Gen Y.
A decentralized monetary system certainly has its perks, and many people from the younger generation are very much willing to adapt to the technology. And because millennials are projected to be the largest demographic in 2020, it is expected that they will be at the forefront of real property investments and stock markets.
For millennials, Bitcoin and other cryptocurrencies are better investments than traditional savings and accounts such as 401K, Bonds and Mutual Funds. Here’s why:
Crypto investments have performed better than the traditional savings account.
Traditional savings account usually just yield less than 2% per annum, and it has been that way ever since time immemorial. In contrast, Bitcoin and cryptocurrencies have been proven to acquire high gains in the past few years. A single Bitcoin worth $672 last year can still see its price double by the end of this year.
Speed and Convenience
With decentralized and mobile platforms in place, buying, selling and trading Bitcoin is faster and more convenient than dealing with traditional banking methods. It is fast, easy, and secure compared to a centralized banking system.
So Is It Now Possible to Live on Bitcoin?
Bitcoin may be fast and easy to use, but the real question is, is it useful and practical for real-world transactions? Nowadays, Bitcoin traders and investors can avail of a Bitcoin card which basically works like a credit or debit card. But don’t get too excited, you have to dig deeper about how the Bitcoin card really works to see if it can actually finance your day to day needs and expenses.
So What Could A Bitcoin Debit Card Do?
If you already own Bitcoin, getting a Bitcoin debit card seems like the next logical step to take. Like the usual debit and credit cards, a Bitcoin debit card is made from plastic and it can be accepted wherever online Visa/Mastercard are accepted.
The debit card has two main functions. First, users can top up from BTC into fiat currency. Second, users can exchange BTC to fiat right away at the point of sale.
When Do You Need A Bitcoin Debit Card?
Since the Bitcoin debit card is accepted wherever Visa and Mastercard are accepted, users can basically enjoy them anywhere. In other words, it is a universal form of payment and frequent travelers will certainly love how convenient it is.
Bitcoin Debit Card Benefits & Fees
- Easy and Convenient – you can convert and use your Bitcoin to fiat currency with much ease and convenience.
- Comes With Rewards – there are incentives whenever you use your Bitcoin debit card, but this also depends on your provider.
- Secure and Private – BTC debit cards usually allow anonymity for small transactions.
Like credit cards, the Bitcoin debit card has annual and service fees. The rates would depend on the provider, and charges of at least 3% usually apply to transactions made abroad. Ultimately, you will still have monthly and annual charges, just like a regular debit and credit card.
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