Unlocking the Potential of Crypto Payments: A Closer Look at Payment Methods


Unlocking the Potential of Crypto Payments: A Closer Look at Payment Methods

Cryptocurrencies have already become an integral part of our lives. Not so long ago, many people considered them nothing more than “coins on the Internet,” but today they are a payment method. About two years ago, Vitalik Buterin, a founder of the Ethereum blockchain, talked about the advantages of crypto payments over fiat ones. The expert emphasized their convenience, noting that crypto payments are a “big boost to international business and charity, and sometimes even payments within countries.” Today, the number of different cryptocurrency payment methods has increased. So what methods are available to us, and what are their main advantages? 

Crypto Payments: Pros and Cons

Before considering different crypto payment options, it is necessary to analyze their pros and cons. While crypto payments have several advantages, there are also some potential disadvantages to consider.

Let’s start with the advantages:

  • Fast and secure: Cryptocurrency transactions are processed quickly, and the blockchain technology used to process them is very secure.
  • Cost-effective: Due to the absence of intermediaries involved in the process, transaction fees for crypto payments are generally lower than for traditional payment methods such as credit cards or bank transfers.
  • Worldwide availability: Crypto payments can be made from anywhere in the world, and there are no restrictions on who can make or receive payments. This makes them a great option for businesses that operate on a global scale.
  • Anonymity: Some cryptocurrencies offer a high degree of anonymity, which can be important for people who value privacy and security.
  • No chargebacks: Chargebacks, which occur when a customer disputes a transaction and the funds are returned to them, are not possible with crypto payments. This means that businesses don’t have to worry about losing money due to chargebacks

So, what are the disadvantages of crypto payments?


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  • Volatility: One of the main features of cryptocurrencies is volatility. It is almost impossible to sell and buy cryptocurrency at the same price.
  • Regulatory uncertainty: The legal and tax implications of cryptocurrency acceptance are still evolving and may differ from country to country.

Read Also: Crypto Banking Trends: What’s Driving the Industry in 2024

Bybit Card

Bybit Card is a Mastercard debit card from the Bybit exchange. The card is linked directly to the exchange’s recharge account. To obtain the card, users must go through a step-by-step procedure that includes identity verification, setting a PIN, confirming data, and paying a card issuance fee. The card is available in certain EU and UK locations, with some exceptions.

The card is available in three forms:

  • Bybit Card Lite: The card has a daily spending limit of 150 euros, which applies to both fiat and cryptocurrency transactions. The Lite version comes without a physical card.
  • Bybit virtual card: Compared to the Lite version, the virtual card and a physical card have higher spending limits.
  • Bybit physical card: This card is suitable for withdrawing cash from ATMs.

Cardholders are offered the following features:

  • The card can be used to pay for purchases both in your country and in any other country where Mastercard is accepted
  • It supports various fiat currencies such as EUR and GBP, and cryptocurrencies such as BTC, ETH, XRP, USDT, and USDC
  • Users can receive cashback for points that can be spent in the Bybit loyalty rewards store for exclusive offers and also offer a loyalty rewards program that includes awards from partners, unique offers, and more.
  • Customers can set spending limits and receive benefits such as free ATM withdrawals up to a certain limit.

One of the biggest cons of the card is its extremely high fees. Users have to pay 0.9 conversion fees to exchange cryptocurrency for spending. As well as an additional one-click purchase fee of about 1% of the amount of card usage. In addition, an extra 0.5% is charged for transactions made outside the native fiat currency.


Whitepay is a cryptocurrency payment solutions provider that allows you to accept payments both online and offline. Whitepay provides a platform and POS terminals for payment in more than 140 different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Tether. A big plus is that they do not charge any additional fees beyond the standard cryptocurrency network fees. 


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Whitepay offers the following features:

  • Dashboard
  • Detailed transaction history 
  • Deposit and withdrawal of funds
  • Customizable commission options
  • Financial reporting
  • Customizable receipt options

Whitepay has several advantages: 

  • Convenience: Thanks to its user-friendly interface and mobile apps, it allows companies to easily accept cryptocurrency payments both online and offline.
  • Prevention of volatility: The account rate for the selected currency is fixed, so you do not have to worry about its fluctuations.
  • Security: Security measures such as multi-factor authentication, withdrawal protection, and safe development practices are implemented.
  • Reduced fees: Businesses using Whitepay benefit from reduced transaction fees, which helps them save money on fees and attract new customers.
  • Financial flexibility: Allows you to make payments in your preferred currency, whether it’s fiat or cryptocurrency, providing flexibility in financial transactions.

Some feedback from users:

  • “Pleasing design, easy-to-use, huge choice of cryptocurrencies for payment Nice user experience!”
  • “Using this service for a few months already. What can I say, it does the job pretty fast and smooth. A few new customers were surprised that I have this service on, and now I have a few more active clients.”
  • “Very fast and comfortable service, well done!”
  • “Fees are lower than in banks, and the speed of transactions is way faster.”


Cryptopay is a digital payment platform that allows users to securely accept credit card and mobile payments.

Some of the features of Cryptopay:

  • Cryptopay allows users to buy and sell more than 35 different cryptocurrencies, including majors like Bitcoin (BTC) and Ethereum (ETH), as well as 3 fiat currencies (EUR, GBP, USD)
  • It is a secure cryptocurrency wallet for storing users’ digital assets. The platform stores users’ funds in cold rooms to ensure maximum security
  • Cryptopay offers both virtual and physical debit cards linked to users’ cryptocurrency balances, allowing them to spend cryptocurrency at any merchant that accepts VISA payments.
  • The Cryptopay mobile app is designed to be intuitive and user-friendly, with features such as biometric security and on-the-go portfolio management.

To receive the card, you need to do the following: Register a Cryptopay account and go through the KYC verification procedure. Purchase the required number of CRO tokens (Cryptopay’s cryptocurrency) to stake on the desired card level. Card levels have different CRO staking requirements.

To participate in the card staking program, the cardholder must accept the CRO Staking Terms and Conditions in the Cryptopay app. After the CRO tokens are staked, you can order a virtual or physical debit card, which will be linked to your Cryptopay account and cryptocurrency balance. The virtual card becomes available instantly, while the physical card may take a few days to arrive, but you can start using the virtual card immediately.

Read Also: JPMorgan CEO Criticises Bitcoin Amidst Bank’s Warning on Crypto Downside Risks

User reviews:

  • It is a serious company and I am more than happy with it. They have fast support whether it is communication via live chat or email.”
  • “Cryptopay app has a nice user-friendly interface, so using their services is easy and convenient. Moreover, they have an amazing support team.”
  • “I was always satisfied with them, the registration and verification process is very simple and fast. Their service works with normal fees on exchange crypto or load card etc.”
  • “I’ve been using Cryptopay’s services for over 10 years, and I am very thankful. I never lost my money, the service is always online and accessible 24/7, and the best support team you can ask for.”

Gate Card

Gate Card is a Visa debit card that allows users to spend their digital assets at more than 70 million merchants worldwide.

Some of the main benefits of the Gate Card include:

  • Cashback of 1% in USDT for every purchase transaction.
  • Support for depositing hundreds of different cryptocurrencies, which gives users the flexibility to manage their digital assets.
  • Compatibility with Google Pay/Wallet for smooth and secure transactions
  • Availability in 29 countries of the European Economic Area (EEA)
  • Exclusive VIP upgrades and double cashback for the first 90 days for new cardholders
  • There are no annual or transaction fees for transactions within the European Economic Area (EEA), but fees may apply outside the EEA

To start using a cryptocurrency card, users must register on an exchange, verify their identity, link their cryptocurrency wallet to a card account, and activate the card. 

Coinbase Card

The Coinbase Card is a Visa debit card that allows users to spend their cryptocurrency assets anywhere Visa cards are accepted. 

Main features of the Coinbase card:

  • The card has no annual fee and allows users to earn cryptocurrency rewards for every purchase.
  • Coinbase automatically converts the user’s cryptocurrency into US dollars when making a purchase, so the card can be used as a regular debit card.
  • Cardholders can choose which cryptocurrency they want to pay for their purchases and can switch between different cryptocurrencies using the Coinbase app.
  • The card comes with security features such as two-factor authentication, card freeze, and PIN change.
  • There are no fees for spending in US dollars (USD) or US coins (USDC), but spending in other cryptocurrencies is considered a taxable transaction.
  • The card is currently available to all Coinbase customers in the US (excluding Hawaii)

How to get a Coinbase card: Sign in to your Coinbase account or log in to the Coinbase mobile app. Select the Card section in the navigation bar. You will be asked to verify your address, agree to legal disclosures, and select a cryptocurrency to receive the reward. Once your application is approved, you can start using the virtual card immediately or order a physical card that will be delivered in 2–3 weeks.

Users on the Reddit platform wrote a few reviews after using the card:

  • “I’ve been using it recently and it’s been a good experience.”
  • “I use the Coinbase card every month to pay rent. I’d use it for more things, but for whatever reason the coinbase app is so laggy on my phone that it’s unusable.”
  • “The rewards from using it to pay my rent alone make it worth it.”


Crypto payments are becoming increasingly common due to their numerous advantages. They provide fast and secure transactions, are available in many parts of the world, have a high level of confidentiality, etc. However, before you choose a crypto payment method that suits you, you need to weigh the pros and cons and analyze user reviews.

Read Also: The Rise of Cryptocurrency in Western Europe: Insights from Bitget’s Research

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I am a Copywriter, Crypto Writer, and Crypto Enthusiast