The recharge of Wirex card, the practical experience of using it and the thinking of the currency disaster so far

After getting the Wirex debit card in mid-April, a period of time has passed in a blink of an eye. It's time to talk about the bad things I did with this card during this period (?), and the last article about the application process. The article mentioned that when I read the book "Blockchain Sociology" at that time, I had some wild thoughts on cryptocurrency. What are your thoughts on the actual use so far?

Let’s start with a series of tragic currency disasters in LUNA (hereinafter referred to as LUNA before the fork) happened!

When I applied for the card, I wanted Wirex to support LUNA, and I could use the OSMOSIS exchange to exchange for LUNA, and then recharge the card from the KEPLR wallet. The handling fee was only US$0.1. After getting the card, I used various pieces of silver, including providing liquidity, interest on pledged OSMO, LIKE in the sponsor's bucket, and the income from LIKE I entrusted to exchange for a whole LUNA. After filling the card, first take the method of splitting it in half, deposit half of it into X-Account, and use the other half for consumption.

X-Account can see a LUNA born every week. At that time, he still had a full vision for this half. At the beginning of May, the price of LUNA was still about 60 US dollars. The half that can be used is in Lai Erfu swiped three royal rice balls; after binding LINE PAY, he ate dinner at Maido Ookini cafeteria; later, the tire broke without warning, and temporarily found a fee-free Cathay Pacific ATM and withdrew NT$600 The cash, the bicycle repaired, is almost used up.

Then the next LUNA plummeted, so I won't go into details. I'm a little fortunate that when I haven't fallen to pieces, I can withdraw NT$600 to repair the car when the tire blows out. If I use it later, I may not even have NT$6. As for the half of the LUNA in X-Account, after the crash, I couldn't get it out or use it. When I opened the app one day, I received a notification saying that the LUNA account in X-Account was closed. The game is a dream.

As the currency disaster became more and more severe, the cryptocurrency in the card was abandoned for a while. When the price of any currency continued to bottom out, while saving the currency, I was thinking about which one Wirex can support. coins to recharge the card. After doing some homework, on Discord at the end of May, I discussed several possibilities and infeasibility with the sponsors.

1. As long as it is recharged through the TRC20 chain, the handling fee is too horrible. I don’t have the financial resources, so I skip it all.
2. BTC: I play a little BCH in the noise, I can exchange it for BTC in my wallet, recharge it into the card for consumption, but I don’t want to use BCH to exchange coins yet, so I skip it first. Eh! I heard that @sloth's life is going to write a teaching article on replacing BTC recharge, why there is no follow-up, knock on the bowl.
3. Polygon chain: Bear thinks of the polygon chain that Wirex supports. Just got the Space airdrop at the end of May. There are thousands of Space coins in the little fox wallet, which were easily replaced by more than 20 Matic coins. The little fox recharged the cards from the polygon chain. Then, I filled up two more ATOMs, threw them into the matcha exchange and exchanged them for USDT, and then replaced them with more than 31 Matic, and went from the matcha to the polygon chain to charge the cards. Finally made the card come alive again.
4. The sponsor suggested that I use the OSMOSIS cross-chain bridge mechanism to exchange Matic, such as OSMO→axlUSDC→curve→USDC→matic. Later @Daisy also wrote related teaching articles , which is actually a feasible method. However, the two ATOMs I threw into the matcha had already been traded, and it was not so fast to continue to collect coins to implement it, so I did not use this method for the time being.

There are more than 50 Matic recharged in Wirex, and the current balance is as shown in the figure. The price of Matic has been pretty cute recently, so the available amount has increased a lot.

A little bit of sorting out the current experience with card consumption. The supermarket I go to most often is Lai Erfu, which mainly uses cards to force rice balls and drinks. Baoya and Baoya can also use cards to directly deduct payment; McDonald's and Carrefour need to be bound with LINE PAY. If the store can use LINE PAY, bind the card to LINE PAY and swipe the barcode directly, and you should be able to consume successfully. I bought Yangji Run Cake at the Gongguan Night Market, just swiped the LINE PAY code on the booth directly, and it really works. Last week, I visited RT-Mart in Zhonglun and wanted to buy a discounted bread for breakfast. I tried the credit card machine at the automatic checkout counter, and Wirex was able to sense success.

Summarizing the recharge experience after the currency disaster, if I don’t directly swipe the credit card in the APP to exchange currency, or directly buy the currency supported by Wirex in CEX, for example, Taiwan’s MAX has the TWD/Matic trading pair, after buying it, go directly through The polygon chain is recharged, otherwise, no matter if you go to DEX or CEX, you have to convert coins to recharge the card, and you can't escape.

However, I recently discovered that, in addition to Matic, USDT, DAI and USDC supported by Wirex can now be recharged through the polygon chain. I remember that it didn't seem to be a while ago. For example, USDT only had the TRC20 chain at the time. I am writing this article. During the article, I swiped the APP and found that I can already use the polygon chain to charge coins. In this case, the procedure for my currency exchange in the future may be:

1. Tokens held in OSMOSIS (CRO, ATOM or OSMO, etc.) → K-spray wallet → Matcha exchange → exchange for UDST or USDC → recharge into Wirex card with polygon chain.
2. BCH in the Bitcoin wallet → MAX exchange → exchange for USDT → recharge into the Wirex card with the polygon chain.
3. The coins (CRO, ATOM or OSMO, etc.) in OSMOSIS enter the little fox by means of a cross-chain bridge, and then use the little fox's polygon chain to recharge into the Wirex card.

Oh, by the way, although DAI supports the polygon chain to recharge in the Wirex card, at present, Matcha does not provide DAI to go through the polygon chain, so I still have to choose the very expensive TRC20 for docking. Dai.

Looking back on mid-April, I pondered a few questions in the process of applying for a card and reading "Blockchain Sociology":

1. If "price is decoupled from value, it is the norm", using the price of cryptocurrency for daily consumption may be regarded as "value", but such "value" seems to be related to Doesn't "price" seem to be so decoupled?
2. Taking the wirex card as an example, in addition to fiat currency, is it based on "price" or "value" in choosing the crypto currency that supports recharge?
3. It is not necessary to exchange "real money" or "sovereign currency" (fiat currency) to recharge cryptocurrency and use it directly in the financial card. This way of using currency will gradually break the thinking that only currency issued by the regime can be recognized as "real money" in the past.

After the currency disaster, what do I think about the above questions?

I believe you have heard of a series of tragedies in the currency circle recently. For example, the lending website that provides Miguel cryptocurrency has stopped withdrawing coins. Many users’ funds are locked in the toilet and cannot be retrieved. Otherwise, the company declares bankruptcy and the coins deposited in it will not be available I know if I can get it back. There are also CRO cards that constantly adjust other card benefits, which are almost the same as scrapping for many users.

Someone told me at the beginning that, compared to putting real US dollars in the bank to earn the interest on fixed deposit, why not buy USDT and put it in a cryptocurrency lending company like Celsius. The interest rate is too high. It should be because I am too lazy. I want to say that just a little bit of cryptocurrency assets can be used to lend to people to earn high interest. The interest earned is still very small. In addition to the lock-up mechanism of a bunch of lending companies and exchanges, I see Dazzled, I don't want to take real money too hastily, or bet the coins I got from writing and chatting, although I'm short of money.

So this time I "only" suffered the loss of the coin price plummeting. No matter how low the coin price is, basically the coins are still in my own hands, not in the hands of others. Of course, I'm not suggesting that you shouldn't use it to lend to people to earn high interest. It's human nature to pursue profits, but everyone must evaluate the risks they can bear.

The rise and fall of the currency price is the "price", and when it is recharged into the Wirex card for consumption activities, it is the "value" given. When the currency price rises and falls, and the "price" rises and falls, the "value" of consumption will also expand or shrink, or even worthless at all. After I topped up a LUNA, I spent half of it, and put the other half into my X-account to earn interest. After the crash, it was worthless in an instant. These two things are completely the control group.

Therefore, in terms of the fact that financial cards can be recharged with cryptocurrency for consumption, "price" and "value" are closely linked. In addition, Wirex removed LUNA's X-account, which seems to indicate that at this time, LUNA's "price" no longer has the "value" as a part of X-account.

Cryptocurrencies have values that traditional currencies do not have, such as voting and governance. In daily consumption, there is an additional choice for using money in addition to "real money" or "sovereign currency". I would think that cryptocurrencies are also A type of "real money".

Wirex acts as a daily subsidy for my coffee or snacks. For example, I just forgot to collect the money, so I just took it out and brushed it when I wanted to buy a wheat set; Being able to drink coffee, there are some little things in life that don't have to be paid for, so far I am happy to use it. It is likely that this pattern of use will be maintained for now.

How will this card develop next? For example, when you store foreign currency for consumption abroad, you may directly swipe my credit card, or recharge cryptocurrency, exchange foreign currency in the card, and then take it abroad to experience the coolness of consumption. However, I can't go abroad at present, and I can't play this game. The next article may be in a state of dystocia again, so I hope that the country will reopen soon!

Thanks to the editor-in-chief of "Suffix" Fake Breaking News Qingzhi @Jeger, and the sponsor @JohnShao for reviewing and valuable comments on this article.

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