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Upgrade credit cards- A way to scale the Bitcoin Network to the new users?
The craze about cryptocurrency is increasing since the start of the year. The word ‘crypto’ is rather not new to anyone, but its adoption is getting higher and higher as the days pass. These cryptocurrencies have indeed made a considerable impact in the financial sector as well, and these are believed to disrupt the banking sector in the near future.
oving ahead with the same, Upgrade has recently launched a new credit card incorporated with BTC rewards. Yes, you heard it right. Now, you can very quickly get Bitcoins with your credit card. Notably, Upgrade is a neobank offering credit to consumers via personal loans and cards. If you don’t know, what a neo bank is, let me tell you that neobank is a digital bank that is entirely online, rather than being physically present at a place.
Why are neobanks growing these days?
Well, Neobanks provide us with digital and financial solutions, including money lending and money transfers. Although they don’t have a license, but they provide bank licensed services by counting on their bank partners.
No doubt that traditional banks are fulfilling the needs of people for many years, but they are not entirely able to satisfy the customers in each aspect. There has created a gap between what a bank offers and what a customer expects. So, the neobanks are basically trying to fill that gap, and this could be the most precise reason behind their growth nowadays.
What is an upgrade, and what it has to do with Bitcoin?
As mentioned earlier that Upgrade is another neobank, but what makes it different is its Bitcoin Reward Card, launched recently.
Although it is not the first company announcing such a credit card, but it is the only company that has made this card generally available. The working of the Upgrade Bitcoin rewards Card is much similar to the ordinary credit cards, but the only difference is that you will get 1.5% as rewards in BTC when you make some payment.
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It’s a pretty straightforward process, and anyone can apply for and start using their virtual card. Notably, it doesn’t have any card fees, and the fixed rates are also kept low. As a cardholder, you must hold your BTC rewards for 90 days and only then can you sell those with a transaction fee of 1.5%.
The credit cards are launched in partnership with Visa, so it comes with all the standard benefits of Visa, including car rental insurance, perks at luxury hotels and extended warranty protection.
The crypto space is expanding, yet not everybody has a crypto wallet. In other words, not everybody is necessarily a crypto adopter, and a smaller proportion of individuals actually dominates the field.
Providing Bitcoins for payments with credit cards is indeed a unique way to make BTC available to everybody. No doubt that cryptocurrencies are becoming more mainstream over time. Upgrade’s credit card can undoubtedly facilitate the involvement of more individuals in the crypto space.