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hey bloomies today Bloom Academy is here to show you how to turn your crypto savings into coffee tacos or maybe even a house depending on how well you did this year let me introduce you to crypto debit cards let's say you've got some Bitcoin ethereum or maybe even Doge and you want to cash out normally you'd have to transfer it from your wallet to an exchange wait for it to convert to Fiat move it to your bank and then finally make a purchase at that point it might be easier to just ask your grandma for some cash that's where crypto debit cards come in it works just like a regular debit card but straight from the blockchain your crypto gets automatically converted into Fiat dollars Euros or whatever right when you use it want pizza swipe your card and here's the cherry on top cash back some car providers give you anywhere from 1 to 8% back in crypto every time you spend but it's not all sunshine and rainbows first off not every card is available everywhere for example Le binance's cards are only for European countries plus keep in mind that a crypto debit card isn't a credit card and no credit limit means you can only spend what you actually have finally for those of you in the US every time you spend crypto Uncle Sam considers it a taxable event let's say you bought Bitcoin at $20,000 and spent it when it hit $40,000 congrats you owe capital gains tax on that 20K difference didn't see that coming right so which card should you get well visa and MasterCard dominate the space so you won't have trouble using them but picking the best card depends on your needs look into Regional availability cash back perks and Extras do your research it literally pays off there you have it bloomies smash that like button subscribe and if you're already using a crypto debit card drop a comment I know everyone would love to hear about your experience catch you in the next video bye
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