Self-custody and Lightning Network integrations are expected to drive the next advancements in crypto cards.
The cryptocurrency industry has long provided a variety of payment cards with perks like cashback and interest. With new crypto cards continually being introduced, many wonder what will keep them relevant in 2024.
Sergej Kotliar, CEO and founder of crypto payment firm Bitrefill, believes crypto cards will stay relevant in 2024 as they offer a practical way for people to use their digital assets in everyday life.
“Users can spend their Bitcoin, Ether, or stablecoins as fiat, addressing significant issues for individuals without access to world currencies,” Kotliar.
This spending functionality helps users save on exchange fees, combat inflation, and use their Bitcoin while traveling without worrying about foreign exchange, he added. Kotliar highlighted that the variety of crypto cards — including those from Bitrefill and Bitwala — shows their adaptability to different user needs and preferences. He said:
“These cards simplify the process of spending cryptocurrencies by converting them into fiat at the point of sale, making them a convenient tool for crypto enthusiasts.”
Crypto Cards Will Improve with Lightning and Other Tech
According to Kotliar, the future of crypto cards looks promising, with significant advancements on the horizon.
One such advancement is integrating the Lightning Network, a Bitcoin scalability solution built on top of the main BTC network but facilitating transactions more efficiently.
“Integration with more advanced technologies like the Lightning Network could offer faster and cheaper transactions,” Kotliar said.
Other potential developments for crypto cards could include enhanced security features, broader acceptance at merchants, and support for multiple cryptocurrencies on a single card, the CEO noted.
“The trend toward decentralized finance integration, allowing users to earn interest or rewards directly through their card, could also become a significant growth factor,” Kotliar stated.
Self-Custody and Crypto Cards Are Coming Together
Another key feature of new cryptocurrency cards is integration with self-custodial wallets, which allow users to store crypto without relying on any third party.
“The Bitrefill card continues to operate with its self-custodial wallet, allowing users to hold and store their BTC securely,” Kotliar said, adding that users can transfer the amount to the card whenever they want to spend their Bitcoin.
“These cards typically work by linking the user’s self-custodial wallet directly to the card, allowing for real-time conversion of crypto to fiat currency,” the CEO stated.
According to Wirex co-founder Pavel Matveev, adopting self-custodial — also known as non-custodial — solutions will bring cryptocurrency cards to the next level.
Summary Reveiw: Crypto cards are expected to remain relevant in 2024 due to their practical use in everyday transactions. Innovations like the Lightning Network and self-custodial wallets are set to enhance their functionality, offering faster, cheaper, and more secure transactions. These advancements, along with the ability to support multiple cryptocurrencies and integrate decentralized finance features, will likely drive the continued adoption and evolution of crypto cards.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
