Can I Use the Coinbase Crypto Debit Card for Gambling?

Seasoned crypto investors and pro gamers recommend holding onto crypto-assets and avoid using Coinbase’s crypto debit card. Coinbase recently launched new features for its debit card users riding on the crypto train. Cardholders will have access to their crypto funds via Google Pay and Apple Pay, but the card needs to be linked to your account. A Coinbase debit card with crypto access sounds like a good idea, but let’s break down the fundamental problems that no one has addressed.

It is possible to use the Coinbase debit card for cryptocurrency transactions at merchants ranging from Uber services to online betting and gambling. Coinbase is one of the most well-known financial exchanges, causing users to feel excited about earning cashback. However, it is easy to get carried away and overlook the important details. CryptoCasinos suggests reviewing other financial methods widely accepted by hybrid casinos and sports betting platforms. 

Problematic Issues Surrounding Coinbase’s Crypto Debit Card

Coinbase’s crypto debit card allows users to earn up to four percent cashback in digital currencies, like Bitcoin or Ether. Users receive one percent cash back for specifically using Bitcoin to make purchases. Crypto users who’ve invested in altcoins or less popular digital tokens cannot enjoy the cashback incentive. Cardholders also can reap four percent cashback in Stellar Lumens. While users can pay with digital capital, merchants don’t receive the payments. When cardholders pay with cryptocurrencies, the funds are converted before being sent over to merchants.

The most annoying problem with Coinbase’s crypto cashback program is the limited available merchants and vendors. In 2020 alone, Bitcoin was used to pay for over thirty billion dollars of retail products in America. Approximately fifty-four percent of those buyers have Coinbase accounts and crypto stocks. Digital capital forms are opening up new and exciting venues for several industries. However, many merchants remain skeptical about cryptocurrencies during such unprecedented times. For example, worldwide governments are still seeking ways to regulate the cryptocurrency exchange market. After regulations, you might face additional fines, taxes, or fees when making Coinbase debit transactions.

Coinbase Crypto Debit Spending Presents Challenges to Users

Coinbase users have found several challenges with the crypto debit card, ranging from refund problems and merchant availability. Even though PayPal opened more merchants up to accepting cryptocurrencies, several businesses refuse crypto transactions. Coinbase crypto card users are forbidden from making transactions at sports betting communities or gambling websites, which seems strange considering crypto assets are also a gamble. Pro gamblers were amongst the first loyal Coinbase users to jump ship to search for alternative options.

Internet and casino gambling transactions are blocked for Coinbase cardholders. Users cannot place wagers on horse or dog races using crypto assets, nor can they receive cashback incentives. Users also face problems when returning items, as they lose their cashback earnings and face transaction fees. Generally, Coinbase came up with a solid idea with their cashback debit capabilities. However, Coinbase fell short of an ideal delivery.

Not Exactly Everywhere You Want to Be

While Coinbase brags their crypto debit card is accepted anywhere that also accepts Visa, but that isn’t true. Several merchants accepting Visa transactions still refuse to participate in crypto transactions

Coinbase’s cashback crypto card lacks immediate rewards and several other essential features to maintain loyal customers. Cashback rewards can take multiple business days to approve transactions, leaving many users feeling frustrated. When crypto values decrease, cardholders won’t receive equal reimbursement with their cashback rewards.