Cryptocurrencies have become a global sensation, known by most people. In 2022 you’ll have a hard time finding a major bank, accounting firm, software company, or government that has not researched cryptocurrencies or started a blockchain project. Beyond the noise in the press releases many people often fail to understand the basic concepts, so let’s walk through the whole story.
The cryptocurrency was invented with the aim of a peer-to-peer electronic cash system. But for something to be considered as money, it has to work in three ways
- As a medium of exchange
- store of value
- unit of account
The cryptocurrencies that are available today are not superior to the solutions that we now have, which are fiat money, for any of the fundamental uses of money that you can think of.
Liquidity: Crypto VS Fiat
Basically, money is anything that can be easily used to buy goods or services. Now it’s clear from this definition that currency, paper bills, and coins, are definitely money. Most of your payments however are made by using a debit/credit card, which transfers funds from your bank account to the seller’s bank account.
The utility of a coin means that a coin can be used as money, that is to buy goods and services. On its website, Tesla has begun to accept Dogecoin for the purchase of some items. The purchases come with several conditions. Similarly, in some states of the US, Bitcoin ATMs are installed through which you can use fiat cash to buy BTC or you can sell BTC to get fiat money in cash.
But the problem is, that you need instant liquidity against cryptocurrency to fulfill its requirement to be considered as an electronic cash system. Liquidity means that you can use your cryptocurrency instantly as you can use fiat money.
When BTC and other leading cryptocurrencies failed to fulfill their purpose of being an electronic cash system, Innovation Factory stepped forward and launched Bficoin developed on its own third-generation blockchain. Despite being a newcomer, this coin because of its massive utility-based ecosystem, gathers the attention of the market.
The Bfic Ecosystem is about to launch a project that will make BFIC the world’s first coin to be used as money and as a global currency. The name of this project is “Crypto Cash”, and is going to launch in March 2022.
It will be a super-solution to provide you with instant liquidity against your crypto assets!
- BFIC Credit Cards
- BFIC Debit Cards
- Cash Liquidity
Even if the vendors and ATMs don’t accept cryptocurrency, Crypto Cash debit cards let users conduct online or in-person transactions or withdraw cash from ATMs using BFIC. Rather than trading BFIC for local currency, cardholders load a certain amount of cryptocurrency onto their debit card, which is then automatically converted at the moment of purchase.
Applying for BFIC Crypto Cash Debit Card
Once you have made up your mind, you’ll need to apply for a card. To use a Bficoin debit card, there are a few steps you’ll need to take, including:
- Creating a Bficoin wallet
- Buying BFIC from XchnageOn or any reputable exchange
- Connecting the card to a wallet
- Funding the card
- Using the card to make purchases
At first, the owners of BFIC will be provided with a virtual credit/debit card and then after some time, they will receive the proper plastic form of a card. Before being accepted, some cards ask users to verify their identification. Others require users to buy a card or invest in the native currency of the card. You can swap Bficoin for fiat currency or use a BFIC ATM to convert Bficoin to fiat currency.
Where Can I Use BFIC Crypto Cash Debit Card?
BFIC debit cards will be issued in partnership with major credit card services i.e Master Card. It can be used online or in-store wherever the major credit card is accepted. Cardholders can also withdraw cash at any ATM supported by credit services all around the world.
In addition to that, a BFIC debit card can be used at any of the projects of Innovation Factory that are:
- BFIC Store
- BFIC Academy
Most Bficoin debit cards come with advanced security features like two-factor authentication, biometric scanning, and mobile codes. That make them as safe to use as most major credit cards. Similarly, cardholders can also freeze or