Review on Coinbase Card by Stephen Toluwani
The Coinbase Card: An inch close to imperfection
The Coinbase Card is the first cryptocurrency issued Visa card to be released in the market and has long stood it's ground from it's competitors. Despite it's many advantages, it has a plethora of misdemeanors which I feel if not addressed can bring it's market crashing
I will like to discuss the advantages first. The fact that it's being anchored on a popular Exchange and wallet Coinbase, it's users are rest assured of their fund's safety and as they spend from the card, it's directly being debited from the Coinbase wallet and being automatically swapped to it's fiat value. Also they support a wide array of popular cyptocurrencies which makes it easier to interact with a large number of businesses.
Among the issues I have faced with the card is the high transaction fees of 2.49% per transaction which I consider extremely outrageous. The cost of a transaction reversal is at £20 which can be unaffordable and it's restriction of use from many countries is a serious wound to it's expansion. Hopefully they improve on their services then I will gladly update my review. Above all, having a crypto supported debit card is a great development to the crypto
Pros
- High security for it's users' funds
- Allows direct use of the funds from the Coinbase wallet to make day-to-day transaction without exchange to fiat currencies
- No monthly maintenance fees like our local banks
- Supports the most popular cryptocurrency that many service providers accept
Cons
- 2.49% for each purchase made on any product
- Cost for transaction reversal is too high at £20
- Limited use from many countries especially in Developing nations
- No Cashback rewards for it's users
