Innovation in fiat on-ramps can overcome crypto’s expensive card fees

Being in crypto is all about taking an intelligent view towards money. We know that Bitcoin (BTC) is the future, both as a store of value and also as a means of payment, as layer 2 solutions such as the Lightning Network begin to flourish. It is, therefore, vital that every cryptocurrency user makes sure that they always obtain the most competitive price for every service. While millions of crypto users convert fiat to crypto using a debit or credit card, this is by no means a low-cost choice.

According to The Motley Fool, people who are using credit cards to pay for crypto purchases may be subject to at least 7% in extra fees. For example, if you were to purchase $1,000 in Bitcoin using a credit card, you could pay up to $70 in fees if your card issuer was to treat the transaction as a cash advance, on top of the standard processing fees and charges.

While cryptocurrencies are globally accessible, one of the biggest barriers to mainstream adoption of cryptocurrencies is not the acceptance of digital assets but, rather, bridging the gap between the crypto and fiat worlds. The failure to do so has meant that the majority of individuals have lacked the tools required to engage with digital currencies or have been met with exorbitant costs in interacting with the ecosystem.


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