Visa, Mastercard and Elo are struggling to integrate the cryptocurrency market with their cards using bitcoin and other new digital assets.
With an increase of more than 300% per year, bitcoin investors are looking for ways to conveniently spend their digital assets with old cards. With the proposal to integrate the old and the new economy, many companies already offer this service in Brazil.
In addition to the simplicity in spending your bitcoins, many of the solutions provide cashback, promotions and discounts for their customers.
For this reason, we have created a list of the 5 best cards in the Brazilian cryptocurrency market:
Alter is one of the fastest growing companies in the market in recent years, mainly due to the ease of buying and selling digital assets there.
With the purpose of being a bridge between the traditional market and the cryptocurrency market, the company has a card integrated with the Alter account, which gives its users several advantages, such as cashback.
Opening an account and most of the services offered are free, operated under the Visa brand.
We talk more about the Alter card and its advantages in this post here.
Novadax also has a card that is fully integrated into its cryptocurrency account at the brokerage.
Registration, annuity, withdrawals via TED, TEF and several other functions are free. The advantages increase when the user already buys at the brokerage house and moves more than R$5,000 per month (Silver member), which entitles the user to three free withdrawal operations on the 24-hour network or creation of a bank slip.
There are also cashback campaigns encouraging the use of certain cryptoactives and constant and exclusive promotions for those who have the card.
As the user moves more money on Novadax, the more advantages he will have. To order the Novadax card, you must have a brokerage account and place the order by clicking here.
Crypto.com is a broker that is still little known in the Brazilian market, but with great success internationally.
Recently, in partnership with Visa, it announced a cryptocurrency prepaid card for Brazilians.
With no annual fee, Crypto.com cards offer up to 8% cashback, 100% refunds on services such as Netflix, Amazon Prime and Spotfy (according to platform rules) and do not have fees.
“We want to serve as a bridge between the crypto ecosystem and our global network of 80 million merchants. We are happy and excited to be working with platforms like Crypto.com, which are looking to make it easier for users to use their digital currency balances wherever Visa is accepted.” – said Cuy Sheffield, head of Visa for cryptocurrencies, commenting on the integration with the broker.
Uzzo is a Brazilian startup that gives you the possibility to create a rechargeable virtual or physical card and multi-currencies using points, bitcoins or reals.
Under the Elo banner, Uzzo Pay gives you up to 1% cashback. There is no annual fee or maintenance fee. It also allows withdrawals from the 24-hour Bank network at a rate of 7.90 per transaction.
Zro Bank Card
Zro Bank comes with the proposal of a digital account operated via chat (chatbank), offering a Visa debit card that can be loaded with bitcoins or reais.
The company offers 0.5% bitcoin cashback using the card, in addition to free withdrawals on the 24-hour network, issuing bank slips and TEDs.
There are future plans for the integration of international accounts and the possibility of sending and receiving dollars via the SWIFT system.
Bitcoin Doesn’t Work as a Form of Payment, According to Celsius CEO Alex Mashinsky – Here’s Why
The CEO of crypto lending platform Celsius does not think that Bitcoin (BTC) has the correct properties to become a suitable payment option.
In a new interview on Coin Stories, Alex Mashinsky offers a contrasting picture between the qualities of the US dollar and the leading cryptocurrency.
“I’d much rather be in a scenario where the dollar remains as the reserve currency but Bitcoin continues to do very well…
The dollar is a phenomenal form of payment. It’s a horrible store of value and Bitcoin is a phenomenal store value, but it’s a pretty bad form of payment.”
Mashinsky highlights that it is not a great idea to use Bitcoin to pay for goods and services as he says that people who have done so in the past often regret making the transaction.
“If you fell for Elon Musk’s deal where he gave you a Tesla for two or three Bitcoins, obviously you hate driving that Tesla because you would in a second go back and take those three Bitcoins and return the Tesla, which lost value during the same period of time.
Anything you bought with Bitcoin in the last 10 years, you rather have the Bitcoin back and would have paid in US dollars. That’s really the crux of the matter that you cannot use it as a form of payment or cannot use it in a way that makes you happy about the transaction.”
Is Bitcoin Officially in Bear Territory? Crypto Analyst Michaël van de Poppe Analyzes State of BTC After Deep Pullback
A widely followed crypto strategist and trader is looking at the state of Bitcoin to determine whether the largest crypto asset by market cap has crossed bear territory.
Hours before the deep crypto pullback, analyst Michaël van de Poppe told his 518,000 Twitter followers that he was expecting Bitcoin to correct hard and leave an impression that the bull market is over.
“The scenario is very simple.
- People expected a peak bull run in December. Not happening.
- Let the market correct due to that.
- People will expect a bear market at the low (approx. $47,000-$50,000).
- Moon the markets and leave everyone behind.
With Bitcoin trading below $50,000, Van de Poppe says BTC is still in a bull market and highlights that he believes the correction is now over.
“Overall, this should be the low of a standard 30-40% correction in the markets.
However, corrections are super wicky the past few years in Bitcoin as there’s such a massive amount of leverage in the markets.
Through that, we overshoot.
But all good, should be done now.”
Looking at the charts, Van de Poppe says there’s a decent chance that Bitcoin will launch a V-shaped reversal or a sharp rally where BTC revisits its all-time high around $69,000 by early next year.
“Rounding off the day with this chart on Bitcoin.
I think that the chances for a V-shape recovery are there.
We’ll see coming week how it unfolds, but these bounces are significant and good.”
Bitcoin is exchanging hands at $48,994, down over 7% in the last 24 hours.
This Bitcoin fractal predicted the fall, but here’s the next price target
Bitcoin, along with the larger crypto-market, dropped the ball after the most recent price fall had echoes of 19 May’s crash. With BTC shedding 25% of its value in a matter of a few hours, the market seemed to reset to its September-end levels. While it was trading around the $49k-mark at press time, for a brief moment, it did tread close to $42,000 too.
The aforementioned price fall led to a mass wipeout, giving way to over $2.5 billion liquidations across the market. Ergo, the question – Does the macro bullish outlook for Bitcoin remain intact?
The dip was overdue
On the daily chart, Bitcoin’s price had been in a falling wedge structure since the 16 November crash. Looking at the larger structure for the past month, it can be argued that the latest crash to the $42k level was overdue.
During the previous major corrections too, the price had broken below this level in May and then again, in late June. However, it has always managed to hold it.
In fact, this level has acted as a support for the +100% rally from July to November. Thus, as long as the weekly closes above or at least around the 1W MA50, BTCUSD has a legitimate probability of forming support there and starting a new rally.
Interestingly, an RSI fractal seemed also to be in play here. As noted in the chart above, a similar RSI structure was seen from mid-2019 to early 2020, as seen from early 2021 to the time of writing. The key catalyst in both cases was the sell-off due to COVID fears.
However, this crash was more of a combination of multiple factors like the panic among retail investors, tech market crash, over-leveraged crypto-markets, high Open Interest, positive funding rate, and so on.
So, what’s next?
For now, while the price has rebounded, another fall to the lower $40k-level cannot be discarded.
However, BTC’s two main utility indicators continue to rise – A good signal. BTC’s token circulation and its daily active addresses, at press time, sat at a 6-month high. In fact, they seemed likely to continue their uptrend too.
Furthermore, the estimated leverage ratio dropped by 22% in just one day. This was last seen in September when the price dropped by 24% and touched $40k.
At the time of writing, the biggest takeaway as BTC’s price rebounded from its lower levels seemed to be that the market dynamics have been looking very different than previous cycles.
Even though volatility was still high, the market seemed to move from FOMO-induced price tops and sell-offs to more mature and sustainable growth while flushing leverage. Nonetheless, with the price structure still tilting towards bearish, despite the bounce, it would be best to be cautious.