Apr 26, 2021 at 11:00 // News
Cryptocurrency cards are the modern way to spend bitcoins for purchases even if the vendor doesn’t accept cryptocurrency directly. However, users worldwide face multiple issues while using these crypto cards, including the inability to pay everywhere, bad customer service, bad exchange rates, high fees, and even closed or frozen accounts with money lost.
Coinidol.com Blockchain and cryptocurrency news outlet collected the most common complaints from cryptocurrency cards users and recommendations on how to use them with the least problems possible.
Easy to get, harder to use
Today, cryptocurrency users in most countries worldwide can already order and use cryptocurrency debit or prepaid cards to make fast crypto to fiat currency conversions and buy goods and services both online and at the POS (point of sale), or even withdraw money from ATMs.
That sounds convenient and easy. However, cryptocurrency cards, whether they are Visa or MasterCard, require all their users to pass the whole Know Your Customer (KYC) verification process and follow the user’s agreement with the cryptocurrency card issuing company.
Basic KYC verification consists of:
(Almost always) Identity verification, including providing a full name, birthdate, passport/ID copy;
. (Often) Address verification, which sometimes requires users to upload one or several utility bills, bank statements, or rental agreements;
. (Sometimes) Money flow statements and risks involved with maintaining a business relationship, which requires users to provide information on their monthly/yearly income and the source of that income.