What is TokenCard?
The company behind TokenCard was one of the early movers in the Bitcoin debit card space. Then they went quiet for a while, however, and other card issuers became more prominent in the meantime. TokenCard is preparing for a relaunch and is currently not available. This review will take a preliminary look at what you can expect when you sign up for the TokenCard.
TokenCard Bitcoin Debit Card Review
Much like any other Bitcoin debit card out there, the TokenCard allow you to spend Bitcoin. It provides you with a wallet to store your cryptocurrency in and enables to convert them to fiat money quickly. One of the things that sets the TokenCard apart from their competitors is that they have their own TKN token. Loading the card also functions differently from other bitcoin debit cards. The process takes place on the blockchain using Ethereum’s smart contract technology.
Although we’ve called this a Bitcoin debit card for the sake of simplicity, the TokenCard doesn’t allow you to hold Bitcoin. Instead, the two main cryptocurrencies are ETH and TKN. That said, the card also supports some other altcoins. These include 1ST, REP, DGD, MKR, ICN, GNT, MLN, and SNGLS.
The Token Contract Wallet
Instead of a traditional Bitcoin wallet, you’ll get an Ethereum smart contract wallet. The advantage of this system is that you don’t have to convert your cryptocurrency tokens. You can swipe the TokenCard in store, and the money is automatically saved. The Ethereum smart contract wallet has all the same security measures as a regular Bitcoin wallet.
The TokenCard comes with some other bells and whistles not seen elsewhere. It can, of course, be used to purchase items in-store and online, as well as withdraw money from ATMs. But you’re also able to manage your spending by setting your usage limits. These limits can be configured on the smart wallet. You can, for example, set a daily limit for token or fiat money spending. It’s possible to adjust the amount and time for the threshold according to your specific needs. It’s also possible to freeze the card if you lose it, just like with a regular Visa card.
The Token app
The TokenCard comes with a mobile app that is compatible with both iOS and Android. The app allows you to access and manage your money. You’ll be able to view your transaction history, as well as details about the places you’ve used the card. The app is also connected to Google Maps, so you can see the physical locations the card has been used. You can also send and receive money with the app, and switch between GBP, USD, and EUR. Perhaps most impressively, you can use the app to access and invest in ICOs. Finally, you can contact TokenCard’s customer support via the app as well.
The TKN token
The native TKN token is used to calculate how much money you have in your wallet and on your card. TKN fees are charges every time you swipe your card, similar to a miner’s expense. Holders of TKN tokens will also enjoy shareholders benefits such as earning part of the TKN fees other users pay.
You can stay up to date on when the TokenCard is released by visiting their website HERE.