I’m still on my crypto$ soapbox I’m afraid!
In my opinion, one of the hurdles to general acceptance of crypto$ by the public at large is their seeming inability to be spent on mundane things like toothpaste and lunch. I know Starbuck’s made a song and dance about introducing the ability to buy coffee using bitcoin but I don’t think that their card can be used easily to buy anything, other than coffee etc., at a Starbucks outlet (or internationally?).
But I had an enlightening conversation a couple of nights ago with a young South Korean about this issue and he introduced me to wirex – an app and website (www.wirexapp.com) that connects your bitcoin with a debit card much in the same way that you top up prepaid debit cards, such as monzo (www.monzo.com), with cash.
I signed up straight away! I also signed up to www.bitpay.com who offer a similar app and card facility. I’m awaiting my new debit cards with great anticipation.
My wirex virtual card (you can get one straight away) does not yet work with android pay on my smartphone but when it does the crypto$ payment cycle will be complete for me. The acid test of convenient shopping with bitcoin will come when at last I can buy my houmous (English spelling) at M&S using android pay wirelessly through my phone, in the Isle of Man! Watch this space!
Finally, I have one more thing to get off my chest.
I have some dear naysayer friends who are of the same vintage as me (i.e., old) who are always telling me that crypto$ are just used by criminals to fund their nefarious activities.
Well, irrespective of the fact that we have now reached the point where South Korean millenials (I know one!) are using bitcoin to buy toothpaste, I have two points to make.
1) My friends are assuming that cash in the form of USD/GBP/YEN/EUR etc has NEVER been used by criminals to commit crimes.
2) Bitcoin transactions are much more traceable than cash transactions – including illegal cash transactions.
I should finally add that I am not affiliated with any of the above organisations; I am just one of the growing number of their users.
PLEASE NOTE USE OF THIS BLOG IS AT YOUR OWN RISK AND SHOULD NOT BE CONSTRUED AS FINANCIAL ADVICE!