Trying to turn back from the conventional way of banks is kinda difficult. Cryptocurrencies are still not so regulated by the law making it the currency of freedom.
Crypto is really hard to track and some like Monero can’t actually even tracked and it’s one of the reasons why some shift to cryptocurrency. But it is the same reason why some don’t open their doors for it.
For those who don’t know, crypto is made to be free. To remove the middleman as in banks. This opens a faster and more reliable way of sending and receiving money anywhere in the world.
But since it has too much freedom, it means that your money can get lost forever. In fact, millions of crypto, especially Bitcoin have been lost forever already.
Now, as the rise of crypto and it seems like banks are facing their end. Cryptocurrency banks are rising.
Crypto banks are online-based banks that attempt to make crypto even better.
It tries to make an actual bank account without the need of conventional banks and the main goal is that users can easily buy, sell, and trade cryptocurrencies.
But not everyone that tries is killing it, one example is Change Wallet.
I’ve had assumptions that Change wallet would change the way how I interact with the crypto world as it allows anyone to have their own crypto wallet which supports (as of writing 8 cryptos including their own token namely Change and 1 fiat wallet which is Euro).
You can also order a Visa card to spend your crypto anywhere Visa is accepted. It looks like the best combination that you can get out there.
But when I actually downloaded it and tried its features, it let me down.
I have used it for less than a week and I’m already disappointed. Why?
At first, I liked how minimalistic it was. There were no obstructing features and stuff. But that’s actually not being minimalistic, they’re actually missing some things.
- An actual bank account
- Ways to add money to your account
- To integrate a debit/credit card to your account
Change wallet doesn’t offer an actual bank account which at some point loses its actual function.
You can only use your card as an actual payment to businesses that supports Visa, but you can’t receive money with it.
Because Change wallet doesn’t have a bank account feature, it makes it impossible to receive money instantly to your account under your name.
And to connect your existing debit/credit cards to Change is just impossible. There’s no option to do so.
However, crypto wise, it is very helpful because the liquidation is fast and you’ll get low latency when exchanging your coins. Not every app does that.
Actually, I have only been satisfied with the Change app and nothing else regarding this one.
So unless you would like to have both a bank account and cryptocurrency wallets at the same place, Change wallet would fit you.
The only thing to add money to it is to send it through bank transfer and that takes 1-3 days depending on the bank and location.
Change Wallet Card
I haven’t actually got mine yet but I will update this article once I do.
But my impressions on it is that it will allow you to simply convert your crypto to Euro and then you’ll be able to pay with it.
I don’t actually think there would appear any problem with the card but again, even though Change wallet offers a Visa card, you don’t get a bank account.
It is plainly a card used for payments.
And if some of you don’t know. Transferring your crypto to a crypto exchange and then withdrawing it to your account involves a lot of time and fees.
That’s why I recommend Change wallet if you’re planning to spend your crypto other than just let it sit and wait or if you do trading.
Change wallet also has a KYC-verification which makes the platform more secure and out of spammers.
This also means that your account will only be associated with you because no one can make two accounts.
And so again, if you like the simplicity of buying, selling, and spending cryptocurrencies in one app, Change would deliver.
But if you’re looking for more features like adding money easier to your account and having an actual bank account, then I recommend you go find something else like Wirex (an article about this, coming soon).
Have you tried some crypto banks before? Let me know in the comments below!
Bedroom Thoughts only published articles based on what the writer has experienced. It never forces anyone to join the crypto world.
Bedroom Thoughts is not responsible for any loss that you may experience.
Availability of the app and the card may vary from country to country.