Satoshi Nakamoto years ago envisioned an ecosystem that would be independent of the centralized financial system that dominates the global economy today. His creation sparked a global community of enthusiasts and an entire industry surrounding blockchain — the solution enabling individuals to turn their money away from centralized legacy institutions and toward transacting on a decentralized, distributed ledger. The ultimate goal was a world in which people could pay for goods and services with these novel financial instruments.
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.
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