Collecting History in the Making

in LeoFinancelast month

         For those of you who use Coinbase, some of you might have seen this promotion:

         Like many of their promotions, I said to myself, "why not?". The card includes several perks, including rewards similar to existing credit cards.

         They look like pretty standard stuff. It's worth noting that you aren't spending your crypto much different than, say, Bitpay. Most merchants don't accept crypto as is. There's usually a conversion process to fiat.

         The last time I read into the rewards, it mentioned 1% in BTC or 4% back in XLM. Coinbase claimed that more options could be on the table in the future. For me, 4% "cash back" is an upgrade depending on what I am spending my money on.

         In theory, the rewards are great if we are deep in the bear market. Your 4% cash back might end up being 40% or even 400% when the market pushes into the next bull cycle. Even putting it all in BTC would guarantee you gains in several years.

         The question then becomes, what about tax implications? Well, that's beyond the scope of this post. But, when you are an American like me, taxable events are things that deter usage.

         Should you get it? I don't know. I'm getting it as a token of history in the making. It would an incredible visual aid for educational purposes. It's much like the Robinhood debit card I got when it came out. Hey, you'll never know when it becomes a valuable relic.

         I never used my card for purchases, but it was nice getting that 1.8% interest until it was no longer available. The hype surrounding the brokerage was its easy-to-use application. Adding a side of zero commission trades, one could see why it was popular. Now, more and more brokerage are going that route, making it less unique. The result? More people are now participating in the market. How else were we able to have the AMC, GME, and Doge craze this year?

         DeFi, under the greater blockchain umbrella, will do the same thing. There is so much potential locked away among the "unbanked" in the world. They aren't poor because they have nothing of value. Many are poor because they can't access means of exchange.

         Imagine being able to extract those values AND bring those people into the global market. I emphasized the word "and" because history has shown that we are more than capable to extract value. However, people were often left behind. Sounds like colonialism, no? It is my belief that this will change with the emerging technologies we are seeing.

         Until then, I'll collect silly trinkets like these along the way.

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It is a bit of history because in Thailand, there is almost no card usage at all. Everything is phone and QR based for everyday spending which is perfect as crypto direct to bank (or cash) direct to coffeeshop! The slow part is the BTC.

The other thing is that I find it a little sad that crypto has to get into bed with the centralised enemy to gain use case. It's all seems somewhat contrary!

As you say, if they're giving them away, why not indeed!

The core of the problem, to me, is that the money we have today isn’t sound.

There will always be centralised entities.

Here in Portugal recently a restaurant in Algarve is accepting crypto payment! It would be a great invention to create a device where you can pass those cards! And it was a taboo here 80% of the population does not know that it is a cryptocurrency! And you see a reflection of it in HIVE there are no Portuguese in the community !! But these cards are going to make crypto known all over the world !!

Ha, it did just hit me that I don’t think I’ve seen anyone from Portugal besides you around here.

It is my belief that this will change with the emerging technologies we are seeing.

Technology is one thing humans can never erase because it's here to liberate the world into the next phase. The next Generation will have more advance tech than the current ones and that will also apply to the generation coming after.

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It’ll be fun to see where things lead us.

Yes’m it’s going to be very Fun😊😊😊😊

Let’s enjoy the ride

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I've been using the Fold BTC card, which is fun but ultimately I did better with my American Express and didn't have to pay fees. That will change when BTC starts breaking $100,000.

Can’t wait.

Hmmm, Coinbase is certainly doing a great job. Imagine, the card is a Visa (debit).

If I may ask, what does the card mean between Visa and Crypto? (Bitcoin in particular).

The cynical me says, this is how they will accumulate crypto for themselves.

But greater adoption is always good.

So you just swipe the cards or use it in an ATM for cash? I mean, assuming you use it of course

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You'd have to load up crypto in your Coinbase account first.

Yeah and after that, just use it normally? Are there specific types of ATMs it works on or is it compatible with every kind? Does it also work in every shop and establishment or is it only in places that accept crypto?

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That'll depends on Coinbase's arrangements.


For one, the State of Hawaii cannot use this.

Other than that, places that accept Visa should work since you aren't spending crypto directly. It's all fiat conversions.

Interesting. Pretty cool though. Assuming you have different crypto in your coinbase wallet, how does it determine which one to convert?

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I assume you can choose. But, we won't know until it comes out.

That's a pretty neat card. I guess it works like a normal debit card?

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Very nice, I don't think these are rolled out in Aus yet. Maybe in time though

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There is no rush for folks like us.

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