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Preloaded Crypto Cards: Buterin’s new suggestion

Vitalik Buterin, the co-founder of the second largest cryptocurrency, Ethereum, proposed a new way of creating a buzz around cryptocurrencies among people in general. He tweeted about the initiative of making cryptocurrency cards available at corner stores.

His tweet read:

“I think there’s too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.”

Preloaded crypto cards are like gift cards that will be topped up every time you make a transaction. The topped up value can be transferred to your cryptocurrency wallets for making further payments and carrying out transactions.

After people started putting up questions regarding the use of these cards, Buterin replied saying that the crypto cards will not be used for buying regular commodities but will be put to use at the time of making payments and transactions in order to acquire digital currencies. The cards will prove to be feasible in the purchase of virtual currencies.

The idea of adopting these cards might not attract the institutional investors. But, the proposal is in line with one of the pillars, that cryptocurrency is built on, decentralisation. The preloaded crypto cards will reach out to farther geographies rather than just a group of well- informed investors.  

The level of adoption of the virtual currencies is quite uneven as of now. The emphasis, according to Buterin, is on “too much investment and not enough usage”. The idea proposed by Buterin is worth giving a second thought. These cards, if made as widely available as the phone cards, might actually result in the massive adoption of the digital currencies.

A poll conducted by Well Fargo/ Gallop announced that only 2% out of the 2007 investors said they currently own Bitcoin and less than 1% of them told the researchers about their knowledge of Bitcoin but the reluctance of buying it in the near future.

Another survey from late 2017 carried out by the CareerBuilder found that around 80% of the American workers lived on monthly paychecks. To achieve mass crypto adoption, it is important to consider this segment too.

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