The U card is a great all-purpose tool - if you can accept its fees comparable to those of airport duty-free shops, then it is simply a flawless existence.
Its emergence has completely resolved the pain of being banned by black cards and having accounts frozen when selling USDT. But don't celebrate too early; there are some things you need to clarify.
What exactly is a U card?
In simple terms, a U card is when you load USDT onto a card, and with this card, you can withdraw cash from an ATM, or go to the supermarket to buy groceries or cigarettes; you can spend it however you want. You can use it to make purchases all over the world and experience the charm of 'digital currency living'.
However, with the popularity of U cards, some 'monsters' have started to emerge in the market, eyeing this new market and wanting to take the opportunity to 'cut some leeks'. Come, come, let's talk about a few landmines that you absolutely must avoid!
1. Small fraudsters posing as U card agents
These people are like 'clowns' on the street; they do not have the formal qualification to act as U card agents but see the market demand and start scheming - posting ads to sell U cards on various social platforms. Then, after customers send them money, they never see the card or their money again, not even a trace! What's worse is that when they report it, the police won't even file a case, leaving them to 'accept their misfortune'.
The price of a U card usually ranges from two to three thousand yuan. Unlucky customers are embarrassed to report it to the police, after all, it's just a small fraud; we should just wish for the best.
2. Applying for a U card yourself leads to being scammed
Some 'smart people' see the price difference in agents in the market and think 'I'll do it myself', so they apply for a U card. But after waiting ten days to half a month, they finally receive the card, only to find that it is banned upon first use, with restricted withdrawals after recharging, which is incredibly frustrating. The most infuriating part is contacting customer service? The official response is extremely polite, handling it with a few English sentences, but the problem remains unsolved.
You see, the rules of society are like this: if you can handle it yourself, then agents don’t need to exist - isn't this the truth of 'the weak being preyed upon by the strong'?
3. Using U cards for Ponzi schemes - the classic 'cutting leeks' model
This kind of 'trap' is simple - project parties use grand slogans to attract people to join, such as 'The New Era of Blockchain Payments' and 'Digital Encrypted Funds'. Doesn't it sound impressive? In reality, it's just an old-fashioned Ponzi scheme.
They will pull you into an app, ask you to load U onto it, promise daily dividends and referral rewards, but when the funding chain breaks and they run away, you'll have nothing left. What's even more ridiculous is that there is no physical U card; they just make you play a digital game online - once the funds peak, the app shuts down and runs away.
By the time you realize what's happening, your wallet is already empty. In the end, you face a harsh reality - most of these project parties are overseas, and when you report it to the police, you can't even find a trace; it's undoubtedly 'high IQ crime'.
4. Virtual U cards, buyers suffer
The U card comes in two forms: physical cards and virtual cards. The former can be linked to Alipay, used for online shopping, and withdrawn offline; whereas the virtual card can only be used for consumption on specified platforms, making its functionality relatively limited.
However, some 'virtual U cards' cannot be linked to VX, Alipay, or other apps at all; they are basically just shells - after recharging, you realize you can't do anything with them, and online consumption is impossible. In the end, buyers are furious and realize - it's just a 'trap'.
5. Is using a U card really illegal?
A lawyer once said that using a U card might be 'a disguised illegal currency exchange', and this is true - even if the U card issuer is not domestic, according to the 'principle of personal jurisdiction', domestic law enforcement has the right to govern. Does this mean that as long as you cash out virtual currencies, you might be breaking the law?
Using a U card for personal use is relatively safe, the only risk is if you get a U card involved in black market transactions, which can lead to the card being banned by the issuer.
For retail investors looking to cash out USDT safely, the U card is still the most convenient choice - as long as you can accept the somewhat 'luxurious' fees.
The U card is indeed a magical solution to the problem of capital flow, but it is also fraught with risks. While enjoying the convenience, don't forget these potential pitfalls.
Smart users either choose to buy through legitimate channels or apply for it themselves, but in any case, they must be vigilant and beware of the traps of 'cutting leeks'.