Vincent Van Code (@vincent_vancode), a well-known cryptocurrency analyst on X, has voiced strong opposition to crypto credit cards, calling them a marketing ploy that ultimately harms users financially. His comments were in response to news that Gemini has launched an XRP credit card, a move he believes does not benefit XRP holders.
Stay away from crypto credit cards, nothing but a scam to make more money. XRP sold on proper exchange, and soon DEX once we get more liquidity is the only way to go. https://t.co/rFQUSCNIBS
— Vincent Van Code (@vincent_vancode) March 30, 2025
Concerns Over Crypto Credit Cards
Van Code has long supported XRP as a digital asset but does not see crypto credit cards as a viable way to use it. He argues that these cards force users to sell XRP at lower-than-market prices, preventing them from securing the best possible rate.
He also highlights that users incur capital gains tax every time they use a crypto credit card for transactions. “You still pay capital gains tax each time you use your card,” he stated, emphasizing that this creates unnecessary bookkeeping challenges.
Another key issue Van Code raises is that crypto credit cards offer little advantage over simply selling XRP manually on an exchange. By doing so, users have direct control over the sale price and can transfer funds to a traditional credit card instead.
He dismisses crypto credit cards as “scams and marketing,” arguing that they primarily serve the interests of the companies offering them rather than the users. With XRP currently struggling after its downturn in early March, Van Code’s insights are important as they could inform desperate investors looking for positive developments to hang on to.
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XRP as a Store of Value and the Role of DEXs
Van Code’s stance aligns with a broader belief among XRP supporters that the asset functions best when held and used strategically. He suggests that selling on a proper exchange or a decentralized exchange (DEX) is the best way to maximize returns, particularly as XRP liquidity improves. His emphasis on decentralized trading reflects a growing sentiment in the crypto community that users should minimize reliance on intermediaries.
With the increasing development of decentralized finance (DeFi), more XRP holders are looking toward DEXs as a more efficient way to trade. Van Code’s remarks reinforce the idea that true financial freedom in crypto comes from maintaining control over one’s assets rather than handing them over to centralized platforms offering credit card services.
The Financial Reality Behind Crypto Credit Cards
Despite their convenience, crypto credit cards present several financial disadvantages. Gemini was recently criticized for its credit card service and transaction fees, conversion spreads, and tax implications that often result in users losing more value than they would through direct trading.
Van Code’s criticism highlights that these drawbacks outweigh potential benefits, making them an impractical choice for those seeking to preserve their holdings.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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