Why Binance's New Debit Card Fails to Fulfill Satoshi's Vision

Many payment companies and exchanges already claim to offer services that enable crypto users to buy goods and services with cryptocurrency.

Upon further analysis, however - like with Binance's new debit card offer - it's clear their crypto payment solutions don't deliver on the blockchain, adding more intermediaries and opening users to the same harm that could befall them digitally using traditional payment methods.

The second method involves first liquidating the user's crypto into fiat in the user's account before it reaches the intermediary and then sending the fiat payment to the intermediary to complete the transaction.

What crypto users want, and what Binance's card offersCrypto enthusiasts, as well as regular consumers who like to pay in crypto, value the secure nature of blockchain, which, on top of the clear security benefits, doesn't include the hidden administrative feeds that credit cards do, such as chargebacks or non-purchase credit card fees.

Some crypto payment solutions available to crypto users have diminished this foundation by the way in which they execute transactions.

"To achieve our mission of making crypto more accessible to the masses, off-ramps are a key component as well. By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone."

A source close to Binance explained that if the fiat account is empty, Binance's system converts cryptocurrency from the user's crypto account into fiat currency.

Technically, the payment never truly involves paying with crypto or on the blockchain.

Why Binance's card offer causes crypto contradictionThere are two conceptual problems here.

To satisfy the crypto community's hunger for a truly decentralized digital currency, users need to know they are paying in crypto, and not be deluded by the promise of it.