Crypto cards continue to rise in popularity. As a result, blockchain-based companies have released many new debit cards with compelling benefits. Today, a growing number of experts believe crypto debit cards will lead to a shift away from traditional payment methods and with good reason.
After all, crypto debit cards are similar to debit cards, marking an easy entree into the world of digital currencies. But instead of drawing money from a bank account, the crypto card draws funds from your crypto wallet.
In this Monolith review, we'll take a look at one such crypto card platform. Here's what you need to know about this platform and whether or not it's right for you.
What Is Monolith?
An Ethereum wallet, Monolith also furnishes several choices when it comes to debit cards. These cards permit you to convert Ether along with a select choice of other tokens. These digital currencies then get converted into fiat currency, which is used to top-up the card to make purchases anywhere it is accepted.
The world's first wallet in the DeFi sector, Monolith's accompanying card is a Visa debit card. It runs on the power of smart contracts coupled with the Ethereum blockchain. As a result, it has unlocked a tokenized world. It is important to note that the Monolith Visa card converts crypto to fiat, and there's no Ethereum gas fee involved in the process. Hence, Monolith cardholders do not have to worry about the Ethereum gas fee while using their cards for payments.
Monolith is available on both iOS and Android, and it represents an attractive option for those who wish to explore the Ethereum ecosystem. The platform has worked hard to make the user experience streamlined and intuitive.
Setting up a Monolith wallet requires writing down a 12-word seed phrase. This phrase is crucial to recover your wallet when a user loses or misplace their phone. Besides this 12-word seed phrase, you'll also need to choose a six-digit PIN number, which you will use for regular logins into your Monolith account. After you've completed these steps, you'll gain access to your wallet.
This security approach isn't the safest or easiest route to go. So, if you're turned off by having to jump through extra hoops, you may wish to look elsewhere.
For those who wish to order the debit card, you'll also need to enter some additional information. This information includes your name, address, an ID document, and a selfie.
You can enter all of this data and documentation directly through the app. It doesn't get much handier than that. That said, you'll need to do a few extra things to get a debit card, and it also comes with a waiting period.
Signing up for the card can be done in about two minutes. But you'll need to allow an additional ten to 15 days for the card to arrive via mail.
What else do you need to know about Monolith? Let's check out customers' most frequently asked questions (FAQs).
FAQs About Monolith
Whether you're new to using a crypto debit card or have some rudimentary experience with these types of debit cards, you probably have questions about how Monolith works.
A fantastic way to learn more about the platform is by taking a look at customer's most frequently asked questions (FAQs). Seeing the answers to these questions will offer you invaluable information about the platform.
Monolith: The Takeaway
What's the final takeaway when it comes to Monolith? Many users enjoy the platform's inherent convenience. They also appreciate the fee structure, which is relatively intuitive and transparent.
That said, if you don't relish the idea of HODLing in TKN, you won't gain full access to the fee-free benefits of the company. How does Monolith compare to other popular crypto platforms? Check out our comprehensive list of the best crypto debit cards and credit cards of 2021.