1. PixelPlaygroundHome
  2. Metaverse Insights

Why does Bitcoin need a new bank card (Does Bitcoin need to be linked to a bank card)?

• Metaverse Insights • 72 views

Why does Bitcoin need a new bank card? Editor\’s note: This article is from Caiy

Why does Bitcoin need a new bank card (Does Bitcoin need to be linked to a bank card)?

Why does Bitcoin need a new bank card? Editor’s note: This article is from Caiyun Blockchain (ID: cybtc_com), author: irishash, authorized reprint from Odaily Planet Daily.

With the rise of cryptocurrency and the increasing importance of traditional banking systems, Bitcoin has gradually become a viable means of storing value. However, for most people, this is not a new choice or solution – in this case, you must create your own bank card to store your BTC.

When you use a Bitcoin card for transfers, you need to keep your money in a secure and undamaged place, just like all other users need to.

If you want to send it to your account, it needs an additional mnemonic phrase. If you don’t have this password or if your funds are stolen, you can put it in their cold storage vault and wait for it to be returned. But please be aware that this is a disaster.

Nevertheless, as Bitcoin payment methods are different from traditional cash transaction models, a new credit card is an effective option. Although some merchants have started accepting Bitcoin as a form of payment, these merchants may still refuse to provide Bitcoin. In other words, they can now use cash for their services – without directly obtaining anything from the consumer.

In order to address this issue, people should have a simpler way to handle transactions related to digital assets. By leveraging existing methods and various technological innovations, we are building new bank card designs to meet the growing needs of our customers. What is a new bank card? The old bank card had two main features:

(1) Paperization; (2) Counterfeit-proof; (3) Easily damaged. This article will explain why a new bank card is needed: “To establish a new account to prevent money laundering criminal activities.” After Bitcoin appeared, many companies launched new financial institution accounts, including the New York State Attorney General’s Office and the Federal Bureau of Investigation. They also established software for recording Bitcoin transactions and other activities. Currently, only the mobile version limited to US residents is available.

In addition, according to CoinMetrics data, the number of daily active addresses for Bitcoin is about 450,000, and it has been steadily increasing since 2018. However, the latest surge was between January and mid-May 2019. It is reported that Bitcoin transfers about $1 million daily.

Does Bitcoin need to be linked to a bank card?

According to Bitcoin news, does Bitcoin need to be linked to a bank card? Anything related to using a bank card to purchase cryptocurrency must be verified by a central bank. This means that if you want to hold Bitcoin through a bank account, there is no need for an associated wallet or credit card number, nor do you need to keep your money in your bank account.

It was reported that after investigating certain financial institutions, the central bank found that about half of the respondents stated that they were unwilling to provide services to their customers, and some of them believed that these companies might use digital assets as collateral to obtain loans.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/24574/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 08/17/2023 13:17
Next 08/17/2023 13:39

Recommended articles