While Bitcoin has been designed as a decentralized peer to peer currency that would disrupt the current corrupt and Orwellian banking system, I have yet become a fan of spending crypto directly using a crypto to fiat debit card and to be honest I see BTC more like an asset than a currency. I have fallen to this consideration due to crypto's volatile nature.
Not even in a bull market would I do that when the tendency of prices is to go up for months and months in a row. I have my investing strategies well settled and such a spending behavior would definitely alter my portfolio.
I hate banks and always considered them as some sort of legal gangsters. I do own a bank account here in Romania and I've opened it explicitly for buying and selling crypto. I've always tried to circumvent banks though and kept on hustling towards means of getting in and out of crypto without the need for banking services.
I am using Revolut for almost a year in cashing occasional blogging rewards for monthly spending and so on, but 2021 might be the year when I will finally ditch any banking system that I've used and needed till now. I have just ordered my Binance Visa Debit Card and according to Binance it will be delivered to me in between 7 to 14 working days.
Patiently waiting for that now. What makes me opt for such a Visa card? Well, quite a few reasons that I'll briefly mention in here: first of all I can finally circumvent the banking sector and probably the taxing system as well. For now it's quite unclear how cryptos are being taxed in Romania, but I'm not willing to pay much taxes for that and for such consideration I try as much as possible to flow my crypto money through classic banking alternatives rather than the Orwellian ones and for the moment Revolut has played its role quite well.
Then there's the fact that I can spend crypto directly at any merchant accepting Visa payments and I can do that using stablecoins and not your regular volatile ones such as BTC, ETH or BNB. I can do that to if I want, but I don't incline towards it. Once I will lock in some crypto investing profits I will definitely do that by using BUSD, Binance's own stable coin, and use the Visa card they'll be sending for everyday purchases with the BUSD I'll store on it, not actually needing to hold and link all my future stable coins via Binance to the card.
The card is not actually linking your Binance account and you actually have tow separate accounts. You just have to send your funds from your spot wallet to your card wallet and you're good to go. No more bank issued cards needed for me, no more banking questions from communits grannies and gradually living more in the crypto space rather than the crooked fiat and corrupt government's created space.
I can use the card in Europe, in almost all of Europe's countries, Romania included, for this crypto to fiat payment service. Currently it has a 870 euros daily limit, but from I read on a blog post they're planning on increasing that to a 7,800 euros per day, absolutely no administrative or processing fees, except the third parties one which I will have to check once the card will be in my hands, some 8% cashback on purchases and of course the FUNDS ARE SAFU psychological insurance of Binance.
I already have the virtual card set up, but I'm more excited about the plastic one which I'm eagerly willing to put to work in real life. Who knows, it will probably be cheaper to use than a bank account... or not, but at least it gives you that financial freedom that we're talking about for years, and the release from the governments and banking sector painful claws.
To be honest I'd even rather pay three or five times the annual fees that I'm actually paying for my regular bank account, which I don't even use but keep it for just in case, and know that I am gradually embracing crypto in real life, although its just stable coins and fiat payments after all and not actually spending crypto, but it's a first step for my personal crypto real life adoption. I don't know how and when, but I do hope in the near future to be able to live entirely off of crypto and as much as possible using crypto services instead of bank owned services.
It makes much more sense to me, it offers me the financial freedom that those damn banks will never do and I'm finally feeling myself as an active member of this crypto revolutionizing movement. Hope my excitement will be fulfilled regarding the Binance card and will keep you updateed once I get my hands on it and start using it around.
Edit: In terms of card limits, the virtual card currently has a daily spending limit of EUR 870, with a much higher limit of EUR 8,700 for the physical card. The daily ATM limit is capped at EUR 290.
Thanks for attention,
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