The first ever anonymous crypto debit card is here!
I've been using crypto debit cards since the old Shift card by Coinbase that was eventually killed off. It was later replaced with the Coinbase card, which works a little different but allows any kind of crypto to be used. I've also been using the Bitpay card for a few years at this point. Both of which I find extremely useful, but I don't like the fact that it's all connected to me via KYC information. It's the price I pay for wanting to spend my crypto in an easy fashion.
Until now! Edge, the company behind the Edge mobile crypto wallet, has announced their new "confidential mastercard". Edge has been one of my favorite mobile wallet apps since it was called Airbitz, and it has definitely evolved for the better. It was one of the first, if not the first, wallet apps that let you create a wallet with a username and password instead of a secret recovery phrase.
With Edge, you are able to create a wallet that can hold a plethora of different cryptocurrencies including Bitcoin, Ethereum, Zcash, and even Monero. It also supports FIO addresses, which allows you to link wallets to a username and people can then send any crypto to that address to pay you. As I said, I've used the app for a long time and consider it the most secure option for mobile wallets.
With the addition of a debit card to the app, I think I'm going to be using it a lot more. It's going to be the first ever crypto debit card that doesn't require KYC (know your customer) information. It will function in a similar fashion as Bitpay. You sell the asset and it loads the funds to the card, so it's prepaid. This is going to allow a lot of people that don't have access to a bank account, or just prefer not to use a bank account to transact.
This is a move of not only innovation, but inclusion. Imagine all the people that have issues with banks, can't get accounts, or have problems using crypto with their banks. They'll be able to set up the Edge app in 30 seconds, create a virtual debit card in 15 seconds, and fund the account to spend. No addresses, no phone numbers, not names.... Just your username and password that created the account.
Once you create your vitual Edge Mastercard, you're ready to sell assets to load the card up to $1000 per day. Not too shabby. You'll be able to add the card to Google Pay and Apple Pay, so you can use it most places easily. There will be a custom physical version of the card that's probably gunna cost $20. That's a small price to pay to have another way to easily use your crypto in the real world.
As you can imagine, this level of crypto and payments is unprecedented so it's being met with some regulatory hesitation. Despite supposedly being fully compliant with regulations, they were forced to temporarily disable the card shortly after launch. This is what happens when you try to give people financial freedom. This is what happens when the current regulators realize that there's a better financial system out there. They panic.
It comes as no surprise that it was placed on hold. I think it won't take long to sort the situation out, but with the governments and shit... Everything takes forever. I have high hopes that I can get my hands on one very soon! Imagine being able to anonymously transact in the real world with Monero via a debit card. Nearly complete anonymity.
Thanks for reading! Much love.
Wanna learn about all kinds of things you can do with the crypto you earn blogging on Hive? Check out my index - Learn Crypto Stuff for some fun educational crypto stuff.
Posted Using LeoFinance Beta