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Shift Card is Accepted at 38 Million Merchants Worldwide

Shift Card

Thirteen hours ago Litecoin’s founder, Charlie Lee, reintroduced a partnership to his nearly 800K followers via his personal twitter. Coinbase, the US’s largest cryptocurrency exchange, signed a partnership deal with Shift Card back in late 2015. Shift Card works with over 38 million global merchants, which allows Coinbase users able to spend their Bitcoin(BTC), Ethereum(ETH), and Litecoin(LTC) virtually anywhere.

Lee then answered a few questions that his followers had saying:

There have been both positive and negative feedback on spending cryptocurrency for smaller daily payments. Wayne Willette responded positively to the post by saying:

>> LitePay Scandal

The Drawback

The main issue that is currently holding back many cryptocurrency investors from spending their cryptocurrency on a daily basis, is capital gains tax. When we buy a coffee with our native currency sales tax is immediately taken out, but if you spend cryptocurrency to buy coffee you must keep track of it to add to your taxes at the end of the year.

Not many people want to take that extra step and have to account for every single dollar they spent in cryptocurrency, on top of everything else that needs to be added to their taxes. I don’t blame them, as taxes are already confusing enough. While you can easily just print out a statement of everything you’ve spent on your shift card, the extra hassle and step aren’t worth it for most.

There may be a solution to this on the horizon, which would aid in mass adoption and the higher likelihood of cryptocurrency being used daily.

If the US would allow small cryptocurrency payments to be tax-free, I believe there would be a shift and cryptocurrency investors would use these debit cards more frequently. Thoughts? Concerns? Solutions?

Featured Image: Bitcoin

  • D Harlo

    Crypto visa? Isn’t that an oxymoron?

    Can it really be called “crypto” at this point?

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