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Title: bitinstant paycard Post by: Ivica on August 19, 2012, 09:41:06 PM This already made news on irc (http://pastebin.mozilla.org/1766068) and reddit (http://www.reddit.com/r/Bitcoin/comments/yhl0p/well_this_should_be_interesting/). Didn't see forum topic yet.
Edit4: Official Response: http://blog.bitinstant.com/blog/2012/8/22/public-statement-regarding-the-bitinstant-paycard.html Edot3: Quote MasterCard Denies Plans For BitCoin Credit Card http://www.techweekeurope.co.uk/news/no-bitcoin-credit-card-planned-90058So according to discussion here (https://bitcointalk.org/index.php?topic=102494.0) and according to irc log, we wouldn't see any official announcements just yet. Edit2: sign up for one. Quote from: Yankee (BitInstant) Quote from: stan.distortion I'd want 2 or 3 when they're out and if there is anywhere to sign up for one of the first please point me to it :) https://docs.google.com/spreadsheet/embeddedform?formkey=dHZtVkZSVm92X0otR2gzb3UtckFVNVE6MQ Edit: due to popular demand let me sum what I've seen on irc. Code: <bitinstant> We're launching our debit card in a few weeks --And that's how it began. Code: <Plat33> bitinstant: what brand? Source material: http://pastebin.mozilla.org/1766068 I didn't edit grammar and cut out time stamps. If you really need timestamps I can provide them, too. Edit: I've put everything into code section, hope you don't mind. Title: Re: bitinstant paycard Post by: Taz on August 19, 2012, 09:46:06 PM Juicy!
America only though, right? Title: Re: bitinstant paycard Post by: Matthew N. Wright on August 19, 2012, 09:46:43 PM Juicy! America only though, right? USA and International according to Charlie. If that's true and it's 1%~2% like he claimed on Reddit, even I'll use one here in South Korea. Title: Re: bitinstant paycard Post by: Fluttershy on August 19, 2012, 09:46:48 PM So tell us about it. All I see is an image and a link to a reddit topic with no info. Who's it by? When's it coming out? Will it really be backed by MasterCard?
Title: Re: bitinstant paycard Post by: thebaron on August 19, 2012, 09:48:04 PM I'm guessing a SSN/Tax ID is going to be required for AML/PATRIOT ACT bullshit.
Title: Re: bitinstant paycard Post by: Ivica on August 19, 2012, 09:48:41 PM So tell us about it. All I see is an image and a link to a reddit topic with no info. Who's it by? When's it coming out? Will it really be backed by MasterCard? Ok wait. Let me edit first post to sum everything up I've seen on irc. Title: Re: bitinstant paycard Post by: bigasic on August 19, 2012, 10:13:55 PM Wasn't there another group trying to do the same thing? But, I dig this idea.. Will help the btc big time.. Make it easy to turn coins into a usable currency.
Title: Re: bitinstant paycard Post by: Matthew N. Wright on August 19, 2012, 10:15:17 PM Wasn't there another group trying to do the same thing? But, I dig this idea.. Will help the btc big time.. Make it easy to turn coins into a usable currency. OKPAY already has one, high fees, lots of paperwork and proof required (I'm in Korea and they wanted an English bill.....I'm not hiring a translator and apostiling a bill just to have a card) Title: Re: bitinstant paycard Post by: Coinoisseur on August 19, 2012, 10:16:02 PM So will faster block confirmations be announced in September? Waiting 10-60 mins to buy lunch would suck.
<bitinstant> SO basically, this is what we are thinking <bitinstant> You keep your Bitcoins on your blockchain or Bitcoin Spinner apps <dissipate> bitinstant, you found it from the database logs? <bitinstant> and then you wanna buy something in a store <bitinstant> right ? <bitinstant> why would you have to send so much money and pay 6%+ <bitinstant> With our card, you scan the QR code printed on your card <bitinstant> send 3 BTC to it, only get charged like 1% <bitinstant> buy your lunch <bitinstant> and have a nice day <bitinstant> all happens instantly <bitinstant> and this card can be used worldwide Title: Re: bitinstant paycard Post by: istar on August 19, 2012, 10:18:28 PM This means that whenever someone is introduced to Bitcoins and ask. So where can I use them. The answer will be. Everywhere
Title: Re: bitinstant paycard Post by: Ivica on August 19, 2012, 10:20:10 PM So will faster block confirmations be announced in September? Waiting 10-60 mins to buy lunch would suck. <bitinstant> SO basically, this is what we are thinking <bitinstant> You keep your Bitcoins on your blockchain or Bitcoin Spinner apps <dissipate> bitinstant, you found it from the database logs? <bitinstant> and then you wanna buy something in a store <bitinstant> right ? <bitinstant> why would you have to send so much money and pay 6%+ <bitinstant> With our card, you scan the QR code printed on your card <bitinstant> send 3 BTC to it, only get charged like 1% <bitinstant> buy your lunch <bitinstant> and have a nice day <bitinstant> all happens instantly <bitinstant> and this card can be used worldwide I think bitinstant mentioned this before, they will wait for 1st confirmation, so you won't wait for an hour. Title: Re: bitinstant paycard Post by: Coinoisseur on August 19, 2012, 10:21:10 PM 10 minutes is still a long time compared to cash, debit and credit.
Title: Re: bitinstant paycard Post by: bigasic on August 19, 2012, 10:24:13 PM I have a feeling that this is going to be part of the big announcement in September.. I've been trying to figure out what could help stabilize the bitcoin and faster block authentications certainly would help achieve that..
Title: Re: bitinstant paycard Post by: Ivica on August 19, 2012, 10:29:25 PM I have a feeling that this is going to be part of the big announcement in September.. I've been trying to figure out what could help stabilize the bitcoin and faster block authentications certainly would help achieve that.. Quote 1byte: OMG, is this that big announcemnt coming in september? :-O bitinstant: No, thats something totally different lol 1byte: damn it, you are killing me! :P Title: Re: bitinstant paycard Post by: oOoOo on August 19, 2012, 10:31:44 PM This is COMPLETELY fantastic!! Is there any info about when this will be ready (a "few weeks" <- is that 2 weeks, 3 weeks, more??) and what documents will be required for europeans??
I sure as hell hope they don't require some kind of "utility bill" because for people who pay their bills online, as is custom around here, this is a real hassle! Title: Re: bitinstant paycard Post by: scintill on August 19, 2012, 10:33:04 PM 10 minutes is still a long time compared to cash, debit and credit. Maybe carry a balance on the card for everyday transactions, so you deposit to your card while you're in line, pay with the balance you already had, and by the time you're done eating your balance is back? This could be a pain if exchange rate(s) are moving a lot though. Title: Re: bitinstant paycard Post by: Ivica on August 19, 2012, 10:38:07 PM This is COMPLETELY fantastic!! Is there any info about when this will be ready (a "few weeks" <- is that 2 weeks, 3 weeks, more??) and what documents will be required for europeans?? I sure as hell hope they don't require some kind of "utility bill" because for people who pay their bills online, as is custom around here, this is a real hassle! Quote <sharpfocus> bitinstant, what's the eta on this? <bitinstant> We are at the last steps, so maybe 6-8 weeks Quote <beezlbud> bitinstant, do you have to meet AML documentation requirements in the US? ^ was already answered. Wait 2 months.<bitinstant> As per AML, we will require the standrad <bitinstant> *standard <bitinstant> scanned docs, or social <bitinstant> if your from Europe, ect. <bitinstant> Its whatevr they requoire <bitinstant> I think Russia doesent even require anything lol Can BTC be bought using it as well? Um? Pay btc => usd/eur/etc => btc again? Title: Re: bitinstant paycard Post by: Mushroomized on August 19, 2012, 10:45:55 PM want
Title: Re: bitinstant paycard Post by: bigasic on August 19, 2012, 10:46:51 PM I have a feeling that this is going to be part of the big announcement in September.. I've been trying to figure out what could help stabilize the bitcoin and faster block authentications certainly would help achieve that.. Quote 1byte: OMG, is this that big announcemnt coming in september? :-O bitinstant: No, thats something totally different lol 1byte: damn it, you are killing me! :P Well, they didn't clarify if it was bitinstant announcing this card or is it the faster block chain? Bitinstant just said that this wasn't the big announcement in September. It still could be faster block authentication, couldn't it? But, very exciting, indeed.. AR All I know is that I will be getting one :) Title: Re: bitinstant paycard Post by: Ivica on August 19, 2012, 10:53:11 PM Wouldn't mind to get one myself.
Title: Be the First! Post by: oOoOo on August 19, 2012, 10:56:31 PM Is there a way to sign up to be the first in line when this comes out???
I absolutely MUST have this a.s.a.p!!! I'm willing to pay extra $$$ BTCBTCBTC !! Title: Re: bitinstant paycard Post by: misterbigg on August 19, 2012, 11:07:31 PM This is awesome. It means the possibility of not holding any fiat at all in the corrupt banking system.
Title: Re: bitinstant paycard Post by: minimalB on August 19, 2012, 11:15:21 PM This is fantastic news! I want!
Title: Re: bitinstant paycard Post by: PayPal on August 19, 2012, 11:23:40 PM Bitinstant, u so cool. Can I be like you when I grow up?
Title: Re: bitinstant paycard Post by: Phraust on August 19, 2012, 11:44:50 PM very, very nice. will we be able to submit our own designs for the cards as well? (pretty please!)
Title: Re: bitinstant paycard Post by: Domrada on August 20, 2012, 12:08:50 AM Question: Does BitInstant convert the BTC to $$ when you:
1) send the BTC to the address on the card, or when you 2) swipe the card? If (2), I love it. If (1), I don't see the point. The attraction for me is being able to keep my cash in BTC until I am ready to spend it. If (2), I can pre-load the card with spending money once a week. If (1), I would have to whip out a calculator and load the card with just enough funds 60 mins prior to every transaction. Too much hassle. Title: Re: bitinstant paycard Post by: cbeast on August 20, 2012, 12:29:04 AM Question: Does BitInstant convert the BTC to $$ when you: 1) send the BTC to the address on the card, or when you 2) swipe the card? If (2), I love it. If (1), I don't see the point. The attraction for me is being able to keep my cash in BTC until I am ready to spend it. If (2), I can pre-load the card with spending money once a week. If (1), I would have to whip out a calculator and load the card with just enough funds 60 mins prior to every transaction. Too much hassle. very, very nice. will we be able to submit our own designs for the cards as well? (pretty please!) +1Title: Re: bitinstant paycard Post by: thebaron on August 20, 2012, 12:32:45 AM If (1), I would have to whip out a calculator and load the card with just enough funds 60 mins prior to every transaction. Too much hassle. The security implications of being a storage wallet-to-instant cash service is probably too big of a liability. Between hacking the servers and someone using stolen card numbers...yeah. A bunch of people are gonna whine about losing hundreds thousands of dollars one day and then Bitinstant is fucked. I don't think it would be a smart thing to stray from their business model of being a currency exchange. Title: Re: bitinstant paycard Post by: cbeast on August 20, 2012, 12:38:34 AM If (1), I would have to whip out a calculator and load the card with just enough funds 60 mins prior to every transaction. Too much hassle. The security implications of being a storage wallet-to-instant cash service is probably too big of a liability. Between hacking the servers and someone using stolen card numbers...yeah. A bunch of people are gonna whine about losing hundreds thousands of dollars one day and then Bitinstant is fucked. I don't think it would be a smart thing to stray from their business model of being a currency exchange. Title: Re: bitinstant paycard Post by: thebaron on August 20, 2012, 12:48:13 AM Bitcoin can be much more secure than any other bank anywhere. Maybe if everyone agreed not to accept stolen coins. Security weaknesses seem to be found in Bitcoin services only after someone has broken in and committed theft, though. And since you cannot put a stop payment on BTC and can launder stolen coins through anonymous mixing wallets before someone finds out... Title: Re: bitinstant paycard Post by: Coinoisseur on August 20, 2012, 01:01:04 AM Would like to add my voice to the question of: will this be a loadable card going the other way too, as in from USD/EUR/JPY->BTC?
--- Bitcoin can be much more secure than any other bank anywhere. Maybe if everyone agreed not to accept stolen coins. Security weaknesses seem to be found in Bitcoin services only after someone has broken in and committed theft, though. And since you cannot put a stop payment on BTC and can launder stolen coins through anonymous mixing wallets before someone finds out... I must have missed the memo from the US Government where I'm supposed to scan the serial numbers on USD physical notes and check them with a central database of dirty money. You know to make sure no stolen money gets into the pure as snow US money supply. Oh that's right, people would get mighty upset over a demand like that. Title: Re: bitinstant paycard Post by: cbeast on August 20, 2012, 01:03:19 AM Bitcoin can be much more secure than any other bank anywhere. Maybe if everyone agreed not to accept stolen coins. Security weaknesses seem to be found in Bitcoin services only after someone has broken in and committed theft, though. And since you cannot put a stop payment on BTC and can launder stolen coins through anonymous mixing wallets before someone finds out... Would like to add my voice to the question of: will this be a loadable card going the other way too, as in from USD/EUR/JPY->BTC? I must have missed the memo from the US Government where I'm supposed to scan the serial numbers on USD physical notes and check them with a central database of dirty money. You know to make sure no stolen money gets into the pure as snow US money supply. Oh that's right, people would get mighty upset over a demand like that. +1 Title: Re: bitinstant paycard Post by: Disengage on August 20, 2012, 01:08:25 AM I want one of these yesterday.
Is there a cost for the card itself? Is there some kind of pre-order to get one of the first batch? Title: Re: bitinstant paycard Post by: evoorhees on August 20, 2012, 01:11:20 AM I would have to whip out a calculator and load the card with just enough funds 60 mins prior to every transaction. Too much hassle. I can tell you that loading the card will not require 6 confirmations. It will likely be zero confs. Have people yet realized that you do not need to wait for confirmations for transactions to occur? Seems like people are still stuck in that line of thinking, but it's been an outdated notion for a year :) Most Bitcoin services, long term, will require no confirmations. Title: Re: bitinstant paycard Post by: Stephen Gornick on August 20, 2012, 01:16:50 AM Question: Does BitInstant convert the BTC to $$ when you: 1) send the BTC to the address on the card, or when you 2) swipe the card? If (2), I love it. If (1), I don't see the point. The attraction for me is being able to keep my cash in BTC until I am ready to spend it. If (2), I can pre-load the card with spending money once a week. If (1), I would have to whip out a calculator and load the card with just enough funds 60 mins prior to every transaction. Too much hassle. If I am comprehending this correctly, it would appear to mean if you have a BTC balance, it can convert from your BTCs when you make the charge. Code: <ThomasV_> bitinstant: is there an option to keep the deposit as BTC until the card is used to make a payment or withdrawal? So the only time there would be a delay in being able to use the card is if both your BTC balance and your USD (or whatever) balance for the card are insufficient. So then you send BTCs and after 1 confirmation (for an under $1K USD charge) those BTCs can be used for credit card purchases. I don't know how they found an issuer (bank) that was willing to work this way. From what little I know about it, for a prepaid debit card the process of adding funds to the card account are not in real-time. Perhaps there is some notification when a charge authorization comes in that an external party (BitInstant) can transfer funds immediately and thus the authorization would never fail, as long as there were sufficient BTCs available. I thought this might actually be a credit card used like a debit card where you get approval for a credit limit, and then all transactions are settled on a per-transaction basis from your BTC funds, but that's not at all the way this is being described. Who knows, maybe there is some innovation occurring that allows them to work the way Charlie is describing them. Looking forward to getting one! Title: Re: bitinstant paycard Post by: cbeast on August 20, 2012, 01:23:02 AM Question: Does BitInstant convert the BTC to $$ when you: 1) send the BTC to the address on the card, or when you 2) swipe the card? If (2), I love it. If (1), I don't see the point. The attraction for me is being able to keep my cash in BTC until I am ready to spend it. If (2), I can pre-load the card with spending money once a week. If (1), I would have to whip out a calculator and load the card with just enough funds 60 mins prior to every transaction. Too much hassle. If I am comprehending this correctly, it would appear to mean if you have a BTC balance, it can convert from your BTCs when you make the charge. Code: <ThomasV_> bitinstant: is there an option to keep the deposit as BTC until the card is used to make a payment or withdrawal? So the only time there would be a delay in being able to use the card is if both your BTC balance and your USD (or whatever) balance for the card are insufficient. So then you send BTCs and after 1 confirmation (for an under $1K USD charge) those BTCs can be used for credit card purchases. I don't know how they found an issuer (bank) that was willing to work this way. From what little I know about it, for a prepaid debit card the process of adding funds to the card account are not in real-time. Perhaps there is some notification when a charge authorization comes in that an external party (BitInstant) can transfer funds immediately and thus the authorization would never fail, as long as there were sufficient BTCs available. I thought this might actually be a credit card used like a debit card where you get approval for a credit limit, and then all transactions are settled on a per-transaction basis from your BTC funds, but that's not at all the way this is being described. Who knows, maybe there is some innovation occurring that allows them to work the way Charlie is describing them. Looking forward to getting one! Put this capability into the Bitcoincard. Since it won't need solar panels, the debit card can go on the back side. :D Title: Re: bitinstant paycard Post by: cbeast on August 20, 2012, 01:53:24 AM Think of this. You will have this card as cold storage for a deflationary currency that will grow in value and then spend some earnings anytime you want. This is perfect liquidity for our form of gold. I can't imagine anyone who wouldn't want one. From goldbugs to Overseas Foreign Workers, to business expense accountants that monitor fluctuating prices and everyone that wants to have a savings account that appreciates in value. This is a big deal.
Title: Re: bitinstant paycard Post by: Matthew N. Wright on August 20, 2012, 02:13:34 AM As awesome as it is to be able to actually -buy- things with my bitcoins, the very concept of creating this alternative decentralized currency free of the issues of credit cards, merely to add those issues on for convenience again is mind-numbing. I'll take one, don't get me wrong, because I love spending bitcoins-- but isn't this like being a cop and doing coke that you confiscate? Shouldn't we feel like we're destroying Bitcoin by not making it work in -other- ways, or is this going to be the way that gets it working more? Thoughts anyone?
Title: Re: bitinstant paycard Post by: cbeast on August 20, 2012, 02:16:06 AM I understand from a purist standpoint the bitinstant card isn't our ultimate goal. It's baby steps toward adoption and the adoption period may take a long long time.
Title: Re: bitinstant paycard Post by: Matthew N. Wright on August 20, 2012, 02:21:57 AM As awesome as it is to be able to actually -buy- things with my bitcoins, the very concept of creating this alternative decentralized currency free of the issues of credit cards, merely to add those issues on for convenience again is mind-numbing. I'll take one, don't get me wrong, because I love spending bitcoins-- but isn't this like being a cop and doing coke that you confiscate? Shouldn't we feel like we're destroying Bitcoin by not making it work in -other- ways, or is this going to be the way that gets it working more? Thoughts anyone? Good point. The big huge plus is it means bitcoin can be used for every day transactions so its a foot in the door. The transaction fees will push folks towards using bitcoin directly, any smartphone or PC can do that, the main hurdle is getting them accepted and in use.I suppose so. I retract my initial inquiry entirely. It seems as long as we can 'sneak it in" and people say "If I use bitcoins, I can't spend them!", this can always be that slap in the face they need. That said, I feel really sorry for -any- company trying to offer these services because it seems like they're only going to be defrauded. I hope I'm wrong. Title: Re: bitinstant paycard Post by: kjj on August 20, 2012, 02:22:04 AM As awesome as it is to be able to actually -buy- things with my bitcoins, the very concept of creating this alternative decentralized currency free of the issues of credit cards, merely to add those issues on for convenience again is mind-numbing. I'll take one, don't get me wrong, because I love spending bitcoins-- but isn't this like being a cop and doing coke that you confiscate? Shouldn't we feel like we're destroying Bitcoin by not making it work in -other- ways, or is this going to be the way that gets it working more? Thoughts anyone? This seems silly to me. As a credit card user, I absolutely love credit cards. They are super convenient, and totally free (if you don't carry a balance and don't have an annual fee). Having a credit (debit) card that converts from bitcoin on the fly is super awesome. As a vendor, however, credit cards blow ass. They have insane fees, they are slow, and they have chargebacks. I'll be happy to pay bitcoin to any vendor that accepts bitcoin, but I'll be just as happy to use a credit card with any vendor that doesn't. Their problems, not mine. Title: Re: bitinstant paycard Post by: kjj on August 20, 2012, 02:24:54 AM As awesome as it is to be able to actually -buy- things with my bitcoins, the very concept of creating this alternative decentralized currency free of the issues of credit cards, merely to add those issues on for convenience again is mind-numbing. I'll take one, don't get me wrong, because I love spending bitcoins-- but isn't this like being a cop and doing coke that you confiscate? Shouldn't we feel like we're destroying Bitcoin by not making it work in -other- ways, or is this going to be the way that gets it working more? Thoughts anyone? Good point. The big huge plus is it means bitcoin can be used for every day transactions so its a foot in the door. The transaction fees will push folks towards using bitcoin directly, any smartphone or PC can do that, the main hurdle is getting them accepted and in use.I suppose so. I retract my initial inquiry entirely. It seems as long as we can 'sneak it in" and people say "If I use bitcoins, I can't spend them!", this can always be that slap in the face they need. That said, I feel really sorry for -any- company trying to offer these services because it seems like they're only going to be defrauded. I hope I'm wrong. Why would the issuer be defrauded? They have your bitcoins, and they can claw back anything they pay to a vendor. I'm surprised it took this long for someone to see that. Title: Re: bitinstant paycard Post by: Matthew N. Wright on August 20, 2012, 02:26:38 AM Why would the issuer be defrauded? They have your bitcoins, and they can claw back anything they pay to a vendor. I'm surprised it took this long for someone to see that. Good point, don't know what I was thinking. Back on track now :-*Title: Re: bitinstant paycard Post by: thebaron on August 20, 2012, 02:35:21 AM I understand from a purist standpoint the bitinstant card isn't our ultimate goal. It's baby steps toward adoption and the adoption period may take a long long time. It will promote more agorist merchants within the BTC community. A quicker way of converting them to cash (at least in the USA) is needed, and this will fill the gap for now. Title: Re: bitinstant paycard Post by: FreeMoney on August 20, 2012, 02:41:16 AM I understand from a purist standpoint the bitinstant card isn't our ultimate goal. It's baby steps toward adoption and the adoption period may take a long long time. It will promote more agorist merchants within the BTC community. A quicker way of converting them to cash (at least in the USA) is needed, and this will fill the gap for now. Yes, this is nice (like tiny unnoticeable nice) for every merchant in the world, now you guys can more easily and cheaply spend your coins to them. But it's really nice for small merchants who have been earning coins and unloading them in medium sized batches with somewhat large fees. Also nice for Bitcoin savers who live on the edge of 0 fiat. Title: Re: bitinstant paycard Post by: FreeMoney on August 20, 2012, 02:48:14 AM You can keep BTC on the card, the conversion will be instant when you use it. Someone confirm this?
Title: Re: bitinstant paycard Post by: btcinstant on August 20, 2012, 03:43:16 AM Good to see some competition! ;D we've been doing this for a bit btc -> $$ mastercard the debit card angle does bring a new face to it . good luck!
edit: we'll be opening a whole new site very shortly also. Title: Re: bitinstant paycard Post by: arklan on August 20, 2012, 03:45:40 AM absolutely brilliant.
Title: Re: bitinstant paycard Post by: Yankee (BitInstant) on August 20, 2012, 03:52:46 AM Good to see some competition! ;D we've been doing this for a bit btc -> mastercard -> good luck! edit: we'll be opening a whole new site very shortly also. Pleasure, looking forward to joining the market. We're offering a product thats kinda different though, you shall see! ;) absolutely brilliant. Thank you good sir. -subscribing to this thread- Title: Re: bitinstant paycard Post by: btcinstant on August 20, 2012, 03:53:58 AM Quote Pleasure, looking forward to joining the market. We're offering a product thats kinda different though, you shall see! ;) ya corrected my post to reflect it ;) looking forward to seeing it! Title: Re: bitinstant paycard Post by: cbeast on August 20, 2012, 04:06:06 AM What would also be cool is to have a card without the address on it so nobody knows what it is when you cross borders. It would have a brain address.
Title: Re: bitinstant paycard Post by: The-Real-Link on August 20, 2012, 05:31:32 AM Very cool. If anything I'd hope this would assist in more widely used BTC. That or at least more people coming into contact with Bitcoins in any conceptual manner and learning about them.
Title: Re: bitinstant paycard Post by: RoloTonyBrownTown on August 20, 2012, 05:50:07 AM Very nice guys, looking forward to having AUD as an option ;)
Title: Re: bitinstant paycard Post by: TheButterZone on August 20, 2012, 06:22:56 AM Notice that it says the card is owned by BitInstant. AFAICT, that means when you swipe it, the merchant is debiting BitInstant's pool account(s), and BI has a $1,000 limit before it gets denied, to prevent their accounts being emptied before more can be transferred in.
Where do I sign up? And for the hell of it, can we provide our own vanity keypairs? Title: Re: bitinstant paycard Post by: mc_lovin on August 20, 2012, 06:26:21 AM Where do I sign up? And for the hell of it, can we provide our own vanity keypairs? I would LOVE a vanity keypair on my BitInstant card. Title: Re: bitinstant paycard Post by: Bitcoin Oz on August 20, 2012, 06:39:33 AM Cant wait for an AUD one to come out
Title: Re: bitinstant paycard Post by: drakahn on August 20, 2012, 06:42:36 AM Cant wait for an AUD one to come out This. Or, what would be the possibility/cost of spending USD in an AUD store?Title: Re: bitinstant paycard Post by: Bitcoin Oz on August 20, 2012, 06:47:23 AM Cant wait for an AUD one to come out This. Or, what would be the possibility/cost of spending USD in an AUD store?I think the usual rate is 3% + Title: Re: bitinstant paycard Post by: dust on August 20, 2012, 07:59:07 AM This is great for bitcoin, and I would probably get one because it is cool. That said, it is hard for a 1-2% fee to compete with the 1-4.5% I can get back from using a credit card I pay in full every month. Even some debit cards offer a 1% or so reward. Perhaps when bitcoin exchange rates stabilize it would be possible to offer a card like this with 0 fee with revenue coming from the standard merchant fees.
Title: Re: bitinstant paycard Post by: unclescrooge on August 20, 2012, 10:16:53 AM OMG this is so awesome. Tyhank you guys, thank you so much. I love you.
Title: Re: bitinstant paycard Post by: Piper67 on August 20, 2012, 11:54:06 AM Finally! This would be spectacular... where do we sign up?
Title: Re: bitinstant paycard Post by: Serenata on August 20, 2012, 12:14:20 PM Good news for Bitcoin adoption and ease of use. Lots of questions though that still need to be answered. Nevertheless I like the idea :) At some point though, when bitcoin goes mainstream, we should not be using this or any other payment method where banks are involved.
I've seen something which might not be that similar but useful as well > http://www.youtube.com/watch?feature=player_embedded&v=3UmynaPg8hw Title: Re: bitinstant paycard Post by: aghori on August 20, 2012, 01:24:58 PM Wow this is totally awesome, great work!
When can we start pre-ordering cards? ;D Also, will SEK (Swedish Kronor) be available? Title: Re: bitinstant paycard Post by: owdbetts on August 20, 2012, 05:26:38 PM I'm pretty sure the September accouncement won't be faster confirmation of transactions. Apart from the fact that I can't see how you'd do that without a hard fork, any protocol changes would have to be discussed and gain concensus - protocol changes aren't going to just come out of thin air.
Title: Re: bitinstant paycard Post by: Rassah on August 20, 2012, 07:59:17 PM I think I want some. Can I get a couple with different BTC addresses in a business name (all using same name), so I can use these for my employees and top up their cards individually?
Title: Re: bitinstant paycard Post by: RodeoX on August 20, 2012, 08:07:59 PM As evidence that bitcoin is growing, I heard about this first from a non-bitcoiner.
And I want one of those first 1000 cards. Please-please-please! Title: Re: bitinstant paycard Post by: siggy on August 20, 2012, 08:39:29 PM Where do I sign up? And for the hell of it, can we provide our own vanity keypairs? I would LOVE a vanity keypair on my BitInstant card. OK.. I was on the fence till I saw this.. Vanity Kepairs would be awsome. (not just for the awsome novelty factor) but for simple usability/tracking of family/business finances.. Being able to see at a glance where money goes out from the family wallet would be nice. compare: "1cYtvxxxxx...." to "1Wifexxxxx" .. Sigg. Title: Re: bitinstant paycard Post by: BoardGameCoin on August 20, 2012, 08:42:09 PM I think you'd need to pay them to gen a vanity keypair. Otherwise, you leave them vulnerable to a double spend.
Title: Re: bitinstant paycard Post by: nima on August 20, 2012, 08:48:57 PM Brilliant idea. Loading a debit card with BTC absolutely great. :)
I wonder which banks are involved. Banks within EU or non-EU banks? Title: Re: bitinstant paycard Post by: Gareth Nelson on August 20, 2012, 10:11:54 PM I'd want 2 or 3 when they're out and if there is anywhere to sign up for one of the first please point me to it :) https://docs.google.com/a/bitinstant.com/spreadsheet/embeddedform?formkey=dHZtVkZSVm92X0otR2gzb3UtckFVNVE6M Title: Re: bitinstant paycard Post by: enmaku on August 20, 2012, 10:14:01 PM I'd want 2 or 3 when they're out and if there is anywhere to sign up for one of the first please point me to it :) https://docs.google.com/a/bitinstant.com/spreadsheet/embeddedform?formkey=dHZtVkZSVm92X0otR2gzb3UtckFVNVE6M https://i.imgur.com/lTQ7F.png Title: Re: bitinstant paycard Post by: Yankee (BitInstant) on August 20, 2012, 10:18:26 PM I'd want 2 or 3 when they're out and if there is anywhere to sign up for one of the first please point me to it :) https://docs.google.com/a/bitinstant.com/spreadsheet/embeddedform?formkey=dHZtVkZSVm92X0otR2gzb3UtckFVNVE6M https://i.imgur.com/lTQ7F.png Corrected: https://docs.google.com/spreadsheet/embeddedform?formkey=dHZtVkZSVm92X0otR2gzb3UtckFVNVE6MQ Title: Re: bitinstant paycard Post by: enmaku on August 20, 2012, 10:22:42 PM I'd want 2 or 3 when they're out and if there is anywhere to sign up for one of the first please point me to it :) https://docs.google.com/a/bitinstant.com/spreadsheet/embeddedform?formkey=dHZtVkZSVm92X0otR2gzb3UtckFVNVE6M https://i.imgur.com/lTQ7F.png Corrected: https://docs.google.com/spreadsheet/embeddedform?formkey=dHZtVkZSVm92X0otR2gzb3UtckFVNVE6MQ And signed up! So awesome you guys. Title: Re: bitinstant paycard Post by: Rassah on August 20, 2012, 11:29:16 PM Any word on whether I'll be able to register two or three cards under my LLC name? (I can provide my real name and all AML requirements for myself)
(signed up anyway) Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Ivica on August 20, 2012, 11:34:30 PM Updated first post and topic name.
Title: Re: bitinstant paycard [now you can early sign up for one] Post by: dopamine on August 20, 2012, 11:34:34 PM So how would you fund the debit card/credit card? and if you live in Canada can you still get one :)
Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Gareth Nelson on August 20, 2012, 11:45:19 PM So how would you fund the debit card/credit card? and if you live in Canada can you still get one :) The cards will have a bitcoin address and QR code on the front, you can send BTC to the card using that. Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Mushroomized on August 21, 2012, 02:53:21 AM Signed up, this is cool ;)
Title: Re: bitinstant paycard [now you can early sign up for one] Post by: bigasic on August 21, 2012, 04:03:57 AM Im sure that the first 1k will be reserved within a week..Or sooner...
Title: Re: bitinstant paycard [now you can early sign up for one] Post by: hannesnaude on August 21, 2012, 06:36:54 AM Took me a while to realise how cool this actually is. Not just for the additional convenience it provides to those allready using bitcoin, while the rest of the world is still stuck in the dark ages, but also for the vast number of new users that will come to hear of bitcoin for the first time because of this.
The card looks sufficiently unlike a run-of-the-mill mastercard, that you are likely to get a question about it if you are paying for lunch with it (especially if you first load it from your phone). If other bitcoiners are anything like me, that is all the excuse they need to ramble on about bitcoins and how awesome they are until the listener's ears are bleeding ;). Not only that, but someone learning about bitcoins in this context (i.e. seeing someone pay for something in the real world using bitcoins) will be much less likely to form a snap decision that they are "play money" or ultimately worthless. This bias towards the physical is what makes Cascascius coins so popular and such a powerful marketing tool for bitcoin itself. But the card is even better, because merchants everywhere accept it. A significant fraction of those introduced to biitcoin in this way will be the merchants themselves and any merchant who digs a little deeper will soon realise that he could have save a bundle on card charges if he simply accepted the bitcoins directly. So, once everyone has the cards, no-one will ever need to use them again. ;D Go Charlie! Title: Re: bitinstant paycard [now you can early sign up for one] Post by: opticbit on August 21, 2012, 06:41:09 AM Sign me up for the first 1000 freebie.
I'll use it every where I go, unless I can talk them into a direct bitcoin payment. Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Jouke on August 21, 2012, 09:02:43 AM Will I be able to buy the paycard itself with bitcoins?
Title: Re: bitinstant paycard [now you can early sign up for one] Post by: cbeast on August 21, 2012, 01:02:17 PM So, once everyone has the cards, no-one will ever need to use them again. ;D Maybe some bankers can actually read the writing on the wall and will not go extinct.Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Piper67 on August 21, 2012, 01:04:32 PM So, once everyone has the cards, no-one will ever need to use them again. ;D Maybe some bankers can actually read the writing on the wall and will not go extinct.Only a matter of time until a bank, likely a Swiss one, allows you to have an account in BTC ;D Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Bitcoin Oz on August 21, 2012, 01:08:18 PM Im scared if I leave this in the house the wife will spend my coins :D
Title: Re: bitinstant paycard [now you can early sign up for one] Post by: aghori on August 21, 2012, 03:31:47 PM Pre-ordered!
Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Rassah on August 21, 2012, 05:25:32 PM Kinda sucks that the wait is still up to ten minutes. Otherwise I would use this card while empty, on purpose, then say excuse me and load it up from my phone's Bitcoin waller right in front of them. Seeing charging a card up so quickly from a phone, directly to the card (scanning the QR code on it) will be a sufficiently unusual thing for them to start asking questions about. Maybe I'll just do that at 2pm after the lunch rush is over and they are empty.
Title: Re: bitinstant paycard Post by: stevegee58 on August 21, 2012, 05:29:13 PM I'm guessing a SSN/Tax ID is going to be required for AML/PATRIOT ACT bullshit. Absolutely. The gubment isn't gonna let anyone do electronic transactions in USD without the mark on their forehead. Title: Re: bitinstant paycard Post by: RodeoX on August 21, 2012, 05:39:43 PM I'm guessing a SSN/Tax ID is going to be required for AML/PATRIOT ACT bullshit. Absolutely. The gubment isn't gonna let anyone do electronic transactions in USD without the mark on their forehead. Title: Re: bitinstant paycard [now you can early sign up for one] Post by: John (John K.) on August 21, 2012, 06:19:36 PM Signed myself up too. ;)
Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Technomage on August 21, 2012, 06:28:04 PM This card is MEGA awesomeness. It's the ticket to mainstream Bitcoin use. Once this card becomes common among Bitcoin users (and it will), merchants will look at accepting Bitcoin directly with much more interest. Money talks and it will be cheaper for everyone to accept Bitcoin directly.
I just hope that this is true. That they can do it with the fees they propose. If they can, this is the biggest thing since Silk Road. Title: Re: bitinstant paycard [now you can early sign up for one] Post by: jbreher on August 21, 2012, 07:05:44 PM This has vast potential for raising awareness amongst the masses.
http://www.cascadeclimbers.com/plab/data/500/Raccoon_Really_Really_Want.jpg Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Jan on August 21, 2012, 07:09:36 PM Signed myself up too. ;) +1Title: Re: bitinstant paycard [now you can early sign up for one] Post by: cbeast on August 21, 2012, 07:27:47 PM This card is MEGA awesomeness. It's the ticket to mainstream Bitcoin use. Once this card becomes common among Bitcoin users (and it will), merchants will look at accepting Bitcoin directly with much more interest. Money talks and it will be cheaper for everyone to accept Bitcoin directly. Every new thing helps, but this won't lead to high adoption except to teach them about the advantage of a highly liquid, deflationary, and fungible international currency. This will be the must have item for jetsetters. Oh, and I still would like an unbranded brainwallet version.Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Elwar on August 21, 2012, 08:28:34 PM I am salivating right now. This goes beyond just helping to get bitcoins out there. It is a very useful card as well.
The way I see it is this. Right now I have a weekly budget. I have my direct deposit go into one account, then it moves a week's worth of spending money to another checking account. My wife and I use the spending card for our day to day spending while the main account is used for bills. Now, with this, I set up a Dwolla instant transfer every day I get paid. It goes to MtGox and gets converted to BTC. I then set up a weekly transfer to my BitInstant card for my weekly spending budget. One question I have is...can I use this card to pay for bills online? Many of my bills accept a debit card for automatic payments. If I could get all of my bills paid with this I could have all of my money converted to Bitcoins through my direct deposit of my paycheck. The only reason to have a bank account would be to send my direct deposit from work to Dwolla. Title: Re: bitinstant paycard [now you can early sign up for one] Post by: BoardGameCoin on August 21, 2012, 09:21:49 PM can I use this card to pay for bills online? Many of my bills accept a debit card for automatic payments. +1 on this question Yankee? Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Yankee (BitInstant) on August 21, 2012, 09:30:03 PM can I use this card to pay for bills online? Many of my bills accept a debit card for automatic payments. +1 on this question Yankee? Of course, not even a doubt. Anything your Visa/MS card can do, this can do. Its a regular debit card. Can do PIN and Signature transactions. Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Timbo925 on August 21, 2012, 09:32:51 PM Watching this way because the watch thing doesn't seem to work.
Also put my name on the list for one of these :D -Timbo925 Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Stephen Gornick on August 22, 2012, 01:13:40 AM Anything your Visa/MS card can do, this can do. Its a regular debit card. Can do PIN and Signature transactions. Will I be able to do a direct deposit of USDs to the card? (Update: If not, since BitInstant already takes Dwolla I could use that to buy bitcoins and load them instead.) I gotta think, who needs a bank account after this? Store your wealth in bitcoins, spend in dollars using this card until bitcoins can be used for making payment at the point of sale. and until bitcoins are accepted by more of ecommerce merchants. While prepaid debit cards loaded with bitcoins has been something we've been able to do for a while, this is the least expensive method (1.5% of funds loaded) versus the others. And at the same time it is a very convenient method. The Bitcoin ecosystem is making progress at disintermediating banks. This will benefit today's "unbanked" and it will be an enabler for those who are voluntarily considering going without a bank account. This reminds me of Peter Schiff (Euro Pacific International Bank)'s gold-denominated Mastercard debit card. It works the same way, you can convert some of your gold holdings into USDs or EURs and minutes later user those funds for spending with a swipe of the card. - http://www.youtube.com/watch?v=VDi7FLcH7iY#t=330s The difference though is that Schiff couldn't offer that to U.S. customers as the account is held offshore. With BitInstant's paycard, that's not where I'm storing my bitcoins except what I have there for spending that I plan to make. If I have an unexpected need for spending, I can load the BTC account for the card with more bitcoins at no charge and in minutes. Bitcoin is becoming a better offshore bank than anything offered anywhere else. Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Yankee (BitInstant) on August 22, 2012, 01:31:36 AM Bitcoin is becoming a better offshore bank than anything offered anywhere else. The offshore bank in your pocket! Seriously though, your points are what the ultimate goal of Bitcoin for people to realize its awesome utility as a payment infrastructure. This author (http://www.therefinedgeek.com.au/index.php/2012/08/22/bitinstant-bitcoin-market-corrections-and-cryptocurrencys-future/) says it the best: Quote The underlying cause to much of the volatility that the BitCoin market experiences is the relatively small amount of value that it captures. Whilst as a whole the BitCoin market is valued at some $97 million (total number of BitCoins in existence multiplied by current price) the total transaction volume on any given day usually only averages $80,000. That’s incredibly open to manipulation and showcases just how crazy those peak trading days, the ones where the value changing hands is on the order of 3 times the average, really are. Now I don’t pretend to have a solution to this but a new startup called BitInstant might have the right idea when it comes to injecting more value into the market and hence (hopefully) reducing its volatility. -Charlie Title: Re: bitinstant paycard [now you can early sign up for one] Post by: sunnankar on August 22, 2012, 03:09:37 AM I gotta think, who needs a bank account after this? Store your wealth in bitcoins, spend in dollars using this card until bitcoins can be used for making payment at the point of sale. and until bitcoins are accepted by more of ecommerce merchants. ... The Bitcoin ecosystem is making progress at disintermediating banks. This will benefit today's "unbanked" and it will be an enabler for those who are voluntarily considering going without a bank account. ... The difference though is that Schiff couldn't offer that to U.S. customers as the account is held offshore. I have always thought of Bitcoin as the ultimate offshore bank account because it is decentralized and therefore does not have to care about any legislation, regulation, etc. because it does not exist as an entity. There are no FACTA requirements for US customers. This has tremendous implications for the tax and estate planning and asset protection industries; particularly for high net worth individuals (https://bitcointalk.org/index.php?topic=93839.0). But the real killer for the banking system from this disinter-meditation will be the lack of capital. Deposits are like oxygen for banks. As people start moving their capital into bitcoins this will be like pinching the carotid artery; 3 seconds and the banks will pass out. Particularly given the fractional reserve nature mismatch between long assets which are marked-to-myth and demand deposit liabilities. Every $100m of Bitcoin market cap easily equates into around at least $1-3B of loans. Talk about the potential for a massive bank run! So you couple the wealth generation effects from having a more efficient payment transfer system with the wealth transfer effects from increasing demand for a sterile asset while decreasing demand for its competitors and boom! This is going to be huge. Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Dusty on August 22, 2012, 08:35:24 AM Am I wrong or this card is nothing new since OKPay has it since a bit of time?
http://uptiki.altervista.org/_altervista_ht/y84fmszxwphibhwbuzm9_thumb.jpg With okpay you can found your card via bitcoins and a whole lot of other means (https://www.okpay.com/en/services/fees-e-currency.html). Bitpay seems to have a much less fee though, but apart from that, what other differences? Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Timbo925 on August 22, 2012, 08:56:58 AM Am I wrong or this card is nothing new since OKPay has it since a bit of time? http://uptiki.altervista.org/_altervista_ht/y84fmszxwphibhwbuzm9_thumb.jpg With okpay you can found your card via bitcoins and a whole lot of other means (https://www.okpay.com/en/services/fees-e-currency.html). Bitpay seems to have a much less fee though, but apart from that, what other differences? The QR code on the front is an nice extra. Also an 'small' merchant can just order one of these cards and use the QR code so he can accept bitcoin as a payment. Funds transfer straight to USD so it is a very cheap point-of-sails system. This can help non-bitcoiners to get familiar to the system. (Also has a very small fee for the owner) I also see great value in the fact that I now can show friends that I can spend my bitcoin easily. I show them my android wallet, transfer some coins to the card and pay for drinks. Helps promote bitcoin more. Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Dusty on August 22, 2012, 09:57:18 AM Quote I also see great value in the fact that I now can show friends that I can spend my bitcoin easily. I show them my android wallet, transfer some coins to the card and pay for drinks. Helps promote bitcoin more. You can already do this with the okpay card (already available and deployed since a while).Quote Also an 'small' merchant can just order one of these cards and use the QR code so he can accept bitcoin as a payment. Funds transfer straight to USD so it is a very cheap point-of-sails system I don't understand that: how would this "little merchant" be notified in real time of the funding? He should wait for a notification from bitpay etc, while if the merchant would use one of the multiple android applications he would have the (0-times) confirmation in real time. He could then convert them to $ only when/if needed, being it a small merchant by hypothesis.But apart from that, I didn't know that conversion from btc to usd was done on the time of transfer (at what stage? Waiting for how many confirmations?), I would have preferred it would be done only during the effective payment. In this way I can put for example 100 btc on the card and convert them only when purchasing, i.e., potentially during a span of days/weeks/months. Also, apart from the 0.99% fee, what quotation is used to do the conversion? 24h average of mtgox? Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Timbo925 on August 22, 2012, 10:13:08 AM Quote But apart from that, I didn't know that conversion from btc to usd was done on the time of transfer (at what stage? Waiting for how many confirmations?), I would have preferred it would be done only during the effective payment. reqIn this way I can put for example 100 btc on the card and convert them only when purchasing, i.e., potentially during a span of days/weeks/months. If I read the OP correctly you will have the option to keep all funds in BTC and transfer to USD/EUR when you buy. Or transfer directly to USD/EUR when you deposit BTC to the card. Quote You can already do this with the okpay card (already available and deployed since a while). True but isn't the fee mutch higher? Personaly I feel like bitinstant has an better brandvalue as okpay so that may help. The fact that everyone seems to be exited about this, does point to a better succes comapred to the okpay card. -Timbo925 Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Dusty on August 22, 2012, 10:19:03 AM Quote The fact that everyone seems to be exited about this, does point to a better succes comapred to the okpay card. Actually I don't think that everybody is so excited because of the low fees but because everyone (me included) thought that using btc to fund a debit card was a new thing, while instead it was not.I suppose that's why all sort of news are popping out speaking of this not yet available card while another card doing more or less the same thing is instead available since a while. And maybe this happens because while bitpay is a great member of the bitcoin community, okpay is not. So, okpay, I hope you'll learn the lesson ;) Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Elwar on August 22, 2012, 10:55:11 AM On second thought, I am not sure this is all that great for paying bills. I forgot to take into account exchange fees. Adding just 1% to the monthly bills is no problem considering the value of Bitcoin will likely go up more than 12% per year. But adding a few more percent just to convert $ to BTC then back to $ would likely not be worth it.
Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Timbo925 on August 22, 2012, 11:16:18 AM On second thought, I am not sure this is all that great for paying bills. I forgot to take into account exchange fees. Adding just 1% to the monthly bills is no problem considering the value of Bitcoin will likely go up more than 12% per year. But adding a few more percent just to convert $ to BTC then back to $ would likely not be worth it. This indeed doesn't sound normal. It more a 'device' for spending your earned bitcoins easily. It will open more people to accepting bitcoins as a way to pay. Because they now, if they have a card like this, it will be easy to spend them (don't need to go to an exchange yourselve). For me it means I can do my design work, get paid in bitcoins and use it the same day to have lunch. I do wonder if this will get more $ out of bitcoin and drive prices down. This will make spending easy but I don't see money flowing into the bitcoin economy with these kind of cards. -Timbo925 Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Matthew N. Wright on August 22, 2012, 11:16:37 AM http://money.cnn.com/2012/08/22/technology/startups/bitcoin-debit-card/index.html
Not bad Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Technomage on August 22, 2012, 11:38:34 AM Now iiiit's big time!
Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Timbo925 on August 22, 2012, 01:44:53 PM Quote MasterCard Denies Plans For BitCoin Credit Card http://www.techweekeurope.co.uk/news/no-bitcoin-credit-card-planned-90058 Is it possible to do this kind of deal just with the bank and not include a card provider?? Title: Re: bitinstant paycard Post by: Technomage on August 22, 2012, 01:47:57 PM Just wait until BitInstant comments on this. It's not very surprising to me, BitInstant is likely working only with the bank that works with Mastercard, not with Mastercard directly. Also they didn't say they have anything against this, simply that they don't know anything about it.
Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Rassah on August 22, 2012, 01:50:15 PM Actually I don't think that everybody is so excited because of the low fees but because everyone (me included) thought that using btc to fund a debit card was a new thing, while instead it was not. I don't know enough about OKPay. Can you load your OKPay balance simply by sending coins to your address (whether it's on the card of you have it printed somewhere), or do you have to load by going to their website and doing the deposit/transfer there? I was under the impression that the new thing with BitInstant cards is that you can load them by just sending BTC to the address on the card. Title: Re: bitinstant paycard [now you can early sign up for one] Post by: ShireSilver on August 22, 2012, 03:10:38 PM Quote MasterCard Denies Plans For BitCoin Credit Card http://www.techweekeurope.co.uk/news/no-bitcoin-credit-card-planned-90058 Is it possible to do this kind of deal just with the bank and not include a card provider?? Yes, that's exactly what's happening (from what I understand). BitInstant doesn't need to deal directly with MasterCard. Title: Re: bitinstant paycard [now you can early sign up for one] Post by: Dusty on August 22, 2012, 03:57:36 PM Actually I don't think that everybody is so excited because of the low fees but because everyone (me included) thought that using btc to fund a debit card was a new thing, while instead it was not. I don't know enough about OKPay. Can you load your OKPay balance simply by sending coins to your address (whether it's on the card of you have it printed somewhere), or do you have to load by going to their website and doing the deposit/transfer there? I was under the impression that the new thing with BitInstant cards is that you can load them by just sending BTC to the address on the card.So, apart from fees (not that these are uninportant, of course) and a nice qr code on the card, I don't see any innovation in bitpay card. At least, unless the bitcoins sent to your addresses are converted just in time during a payment instead of the moment of the trasfer. The former option would be a great bonus, but I've not yet read any confirmation for it being the case. Title: Re: bitinstant paycard Post by: Yankee (BitInstant) on August 22, 2012, 04:08:51 PM Official Response:
http://blog.bitinstant.com/blog/2012/8/22/public-statement-regarding-the-bitinstant-paycard.html Title: Re: bitinstant paycard Post by: Dusty on August 22, 2012, 04:13:14 PM Quote The former option would be a great bonus, but I've not yet read any confirmation for it being the case. Official Response: http://blog.bitinstant.com/blog/2012/8/22/public-statement-regarding-the-bitinstant-paycard.html Quote All balances for the purposes of the card are held and collateralized in USD (or the cardholder’s native currency). BitInstant instantly funds the cards in USD, after receiving the user’s Bitcoins. Too bad :( Title: Re: bitinstant paycard Post by: Yankee (BitInstant) on August 22, 2012, 04:16:25 PM Quote The former option would be a great bonus, but I've not yet read any confirmation for it being the case. Official Response: http://blog.bitinstant.com/blog/2012/8/22/public-statement-regarding-the-bitinstant-paycard.html Quote All balances for the purposes of the card are held and collateralized in USD (or the cardholder’s native currency). BitInstant instantly funds the cards in USD, after receiving the user’s Bitcoins. Too bad :( 'for the purposes of the card' is written for that reason. It's not what you think. Title: Re: bitinstant paycard Post by: Dusty on August 22, 2012, 04:29:21 PM 'for the purposes of the card' is written for that reason. It's not what you think. Can you elaborate, please?Thanks! :) Title: Re: bitinstant paycard Post by: Yankee (BitInstant) on August 22, 2012, 04:31:26 PM 'for the purposes of the card' is written for that reason. It's not what you think. Can you elaborate, please?Thanks! :) Not right now, too much press heat. However I will say that we are working on kick ass software and currency risk to do very cool things on this card. Title: Re: bitinstant paycard Post by: genuise on August 22, 2012, 04:34:04 PM what personal information will you need to issue a card for a person?
photo of id? any AML requirement? what exactly to expect? sorry if it is answered somewhere else... Title: Re: bitinstant paycard Post by: barbarousrelic on August 22, 2012, 04:36:45 PM I predict that the release of this card will cause a short-term drop in the price of Bitcoin, as it now becomes far easier to convert Bitcoin to cash.
But because that addresses one reservation people have about getting into Bitcoin, this will lead to long-term price appreciation. Will BitInstant issue 1099 tax forms for people who cash out Bitcoins with this card? Title: Re: bitinstant paycard Post by: BoardGameCoin on August 22, 2012, 04:41:47 PM interesting. the tax situation is complicated, because you need to know your cost basis in order to know what is capital gains income... and bitinstant wouldn't have that information. I'd imagine we'll be doing our taxes ourselves.
Title: Re: bitinstant paycard Post by: RodeoX on August 22, 2012, 04:57:24 PM interesting. the tax situation is complicated, because you need to know your cost basis in order to know what is capital gains income... and bitinstant wouldn't have that information. I'd imagine we'll be doing our taxes ourselves. That's a good point. If I fund an Gox account via bitinstant that alone is not taxable. If I then buy coins and they appreciate I would owe capitol gains on the rise in value. But how would bitinstant know what I paid or even if I executed a buy?Title: Re: bitinstant paycard Post by: Rassah on August 22, 2012, 05:27:00 PM I predict that the release of this card will cause a short-term drop in the price of Bitcoin, as it now becomes far easier to convert Bitcoin to cash. If the claim that the cards will be funded with BTC and HOLD BTC right until the sale transaction takes place, I believe the opposite will happen, and more fiat will be converted to BTC and then sit there. interesting. the tax situation is complicated, because you need to know your cost basis in order to know what is capital gains income... and bitinstant wouldn't have that information. I'd imagine we'll be doing our taxes ourselves. That's a good point. If I fund an Gox account via bitinstant that alone is not taxable. If I then buy coins and they appreciate I would owe capitol gains on the rise in value. But how would bitinstant know what I paid or even if I executed a buy?I hope (expect?) that this service will provide monthly credit statements like all other credit cards do, with the only difference being an extra column that shows how much your USD/EUR/GBP purchase cost you in Bitcoin. I also suspect this would be online only, since print&mail is expensive, but maybe BitInstant can add mailed paper statements as an extra source of revenue? That should be enough for tax purposes. Title: Re: bitinstant paycard Post by: Rassah on August 22, 2012, 05:29:21 PM interesting. the tax situation is complicated, because you need to know your cost basis in order to know what is capital gains income... and bitinstant wouldn't have that information. I'd imagine we'll be doing our taxes ourselves. That's a good point. If I fund an Gox account via bitinstant that alone is not taxable. If I then buy coins and they appreciate I would owe capitol gains on the rise in value. But how would bitinstant know what I paid or even if I executed a buy?Would you owe capital gains on it as if it were an investment/commodity/collector's item, or would you owe capital gains only on the portion exchanged back into USD/EUR as if it were a foreign currency? Title: Re: bitinstant paycard Post by: BoardGameCoin on August 22, 2012, 05:31:34 PM I don't have a deep enough understanding of tax law to answer this, but I think my plan was to only calculate based on the amount converted back into USD.
Title: Re: bitinstant paycard Post by: Rassah on August 22, 2012, 05:38:18 PM I don't have a deep enough understanding of tax law to answer this, but I think my plan was to only calculate based on the amount converted back into USD. My plan as well, and that's how businesses typically do it. I don't know if this was settled w/ Bitcoin yet, but that's likely in another topic/thread. Title: Re: bitinstant paycard Post by: RodeoX on August 22, 2012, 06:07:00 PM interesting. the tax situation is complicated, because you need to know your cost basis in order to know what is capital gains income... and bitinstant wouldn't have that information. I'd imagine we'll be doing our taxes ourselves. That's a good point. If I fund an Gox account via bitinstant that alone is not taxable. If I then buy coins and they appreciate I would owe capitol gains on the rise in value. But how would bitinstant know what I paid or even if I executed a buy?Would you owe capital gains on it as if it were an investment/commodity/collector's item, or would you owe capital gains only on the portion exchanged back into USD/EUR as if it were a foreign currency? Title: Re: bitinstant paycard Post by: barbarousrelic on August 22, 2012, 07:04:44 PM interesting. the tax situation is complicated, because you need to know your cost basis in order to know what is capital gains income... and bitinstant wouldn't have that information. I'd imagine we'll be doing our taxes ourselves. That's a good point. If I fund an Gox account via bitinstant that alone is not taxable. If I then buy coins and they appreciate I would owe capitol gains on the rise in value. But how would bitinstant know what I paid or even if I executed a buy?Would you owe capital gains on it as if it were an investment/commodity/collector's item, or would you owe capital gains only on the portion exchanged back into USD/EUR as if it were a foreign currency? Title: Re: bitinstant paycard Post by: sunnankar on August 23, 2012, 01:26:33 AM Quote Would you owe capital gains on it as if it were an investment/commodity/collector's item, or would you owe capital gains only on the portion exchanged back into USD/EUR as if it were a foreign currency? I'm pretty sure it would be classified under a collectible and not a foreign currency, as no recognized foreign government uses it as legal tender.There are actually a several reasonable approaches to undertake under US tax law. If you really want to dig into the legal and tax landscape for Bitcoin then there is the 31 page guide A Lawyer's Take On Bitcoin and Taxes (https://www.coindl.com/page/item/104) with 108 footnotes to statutes, regulations, cases, etc. Title: Re: bitinstant paycard Post by: Stephen Gornick on August 23, 2012, 07:52:54 AM Related thread:
Bitcoin -> MasterCard (or any credit card)... who cares? - http://bitcointalk.org/index.php?topic=102613.0 Unfortunately some are confusing this as being a "credit card" and not a "debit card" Title: Re: bitinstant paycard Post by: Giulio Prisco on August 23, 2012, 10:25:54 AM This is really great news, especially if (as I understand from Reddit and the posts in this thread), the card will be available internationally. Looks like the best way to spend BTC in the meatspace "real world" and a huge boost for the BTC economy if it takes off.
I must say that I find difficult to suspend disbelief. I think the paperwork behind a BTC debit card is huge, especially if it is backed by major banks and credit cards. A debit card is good enough (asking for a credit card would be a little too much, wouldn't it). What I want is a quick way to pay for a beer in BTC. Once we have that, BTC will grow exponentially. Is Bitinstant here? Title: Re: bitinstant paycard Post by: Rassah on August 23, 2012, 06:46:15 PM A debit card is good enough (asking for a credit card would be a little too much, wouldn't it). What I want is a quick way to pay for a beer in BTC. Once we have that, BTC will grow exponentially. Just take out one of those 5% a week BTC loans they're offering in the lending forum, give them your Bitinstant card address as your payout address, and make sure to pay your interest every week ;D Actually, wait, holy crap! With your address being public and fundable by anyone, because Bitcoin, that means completely independent people can be set up as the "credit" portion of your otherwise debit card :o It's like lending club for credit cards, without all the heavy regulation and licensing requirements (it's still not available in my state) Title: Re: bitinstant paycard Post by: SkRRJyTC on August 24, 2012, 12:51:40 PM A debit card is good enough (asking for a credit card would be a little too much, wouldn't it). What I want is a quick way to pay for a beer in BTC. Once we have that, BTC will grow exponentially. Actually, wait, holy crap! With your address being public and fundable by anyone, because Bitcoin, that means completely independent people can be set up as the "credit" portion of your otherwise debit card :o It's like lending club for credit cards, without all the heavy regulation and licensing requirements (it's still not available in my state)Be your own bank! 8) Title: Re: bitinstant paycard Post by: RodeoX on August 24, 2012, 06:07:00 PM A debit card is good enough (asking for a credit card would be a little too much, wouldn't it). What I want is a quick way to pay for a beer in BTC. Once we have that, BTC will grow exponentially. Just take out one of those 5% a week BTC loans they're offering in the lending forum, give them your Bitinstant card address as your payout address, and make sure to pay your interest every week ;D Actually, wait, holy crap! With your address being public and fundable by anyone, because Bitcoin, that means completely independent people can be set up as the "credit" portion of your otherwise debit card :o It's like lending club for credit cards, without all the heavy regulation and licensing requirements (it's still not available in my state) Title: Re: bitinstant paycard Post by: Stephen Gornick on October 03, 2012, 10:52:04 PM Title: Re: bitinstant paycard Post by: cbeast on October 04, 2012, 01:48:35 AM Beer and Bitcoin. Is this a picture of Heaven?
Title: Re: bitinstant paycard Post by: DutchBrat on October 04, 2012, 12:53:51 PM I want one !!!
Title: Re: bitinstant paycard Post by: minimalB on October 04, 2012, 02:45:26 PM This is ridiculous! I want one too!
Title: Re: bitinstant paycard Post by: bitarrow on October 05, 2012, 01:49:58 PM thats not even real. looks like someone printed it out on paper lmao
Title: Re: bitinstant paycard Post by: Yankee (BitInstant) on October 05, 2012, 05:03:45 PM thats not even real. looks like someone printed it out on paper lmao PVC actually. Title: Re: bitinstant paycard Post by: Yankee (BitInstant) on October 06, 2012, 04:10:03 AM thats not even real. looks like someone printed it out on paper lmao PVC actually. Would I have a sample made if it wasn't ? ;) Title: Re: bitinstant paycard Post by: Elwar on October 17, 2012, 03:38:26 PM Quote <bitinstant> We are at the last steps, so maybe 6-8 weeks That was 8 weeks ago... ;) Title: Re: bitinstant paycard Post by: fbastage on October 17, 2012, 03:51:41 PM thats not even real. looks like someone printed it out on paper lmao What gave it away? The fact that his name is "Cardholder Name"? Title: Re: bitinstant paycard Post by: Yankee (BitInstant) on October 17, 2012, 03:56:06 PM Quote <bitinstant> We are at the last steps, so maybe 6-8 weeks That was 8 weeks ago... ;) Hence the reason I said "maybe 6-8 weeks" ;) Title: Re: bitinstant paycard Post by: ercolinux on October 19, 2012, 09:49:33 AM So any news on how many weeks still to wait before release?
Title: Re: bitinstant paycard Post by: SkRRJyTC on October 19, 2012, 12:09:13 PM So any news on how many weeks still to wait before release? Maybe 6-8 weeks. Title: Re: bitinstant paycard Post by: Mushroomized on October 19, 2012, 01:27:40 PM This might be a dumb question, but are you going to set up a way to use this for /bitcoin/ transactions too? Maybe some POS software that will allow you to pick "bitcoins" or an RFID tag?
Title: Re: bitinstant paycard Post by: SkRRJyTC on October 19, 2012, 02:22:25 PM This might be a dumb question, but are you going to set up a way to use this for /bitcoin/ transactions too? Maybe some POS software that will allow you to pick "bitcoins" or an RFID tag? Maybe. Title: Re: bitinstant paycard Post by: Mushroomized on October 19, 2012, 04:15:21 PM This might be a dumb question, but are you going to set up a way to use this for /bitcoin/ transactions too? Maybe some POS software that will allow you to pick "bitcoins" or an RFID tag? Maybe. Think about it, you own a coffee shop, some hipsters come in everyday to write their screenplay on their macbooks and pay in bitcoins using this card. Eventually you might ask, whats bitinstant? Then the next thing you know you can accept bitcoin in your shop using the bitinstant card without converting it to USD Title: Re: bitinstant paycard Post by: TheButterZone on October 19, 2012, 07:42:00 PM So any news on how many weeks still to wait before release? Maybe 6-8 weeks. Sure it's not "two weeks"? http://en.wikipedia.org/wiki/The_Money_Pit Title: Re: bitinstant paycard Post by: Gyrsur on October 27, 2012, 05:16:50 PM bad communication!
Title: Re: bitinstant paycard Post by: Mushroomized on October 28, 2012, 02:31:44 AM I hope yankee responds to my pm about bitcoin-bitcoin transactions ;_;
Title: Re: bitinstant paycard Post by: Yankee (BitInstant) on October 28, 2012, 03:44:18 AM bad communication! What bad communication? I hope yankee responds to my pm about bitcoin-bitcoin transactions ;_; Sure, I don't see a PM yet, but will be online for the next few hours. Title: Re: bitinstant paycard Post by: Gyrsur on October 28, 2012, 12:38:53 PM this bad communication: are you able to give a launching timeline for this new debit card? Title: Re: bitinstant paycard Post by: Yankee (BitInstant) on October 28, 2012, 03:55:40 PM this bad communication: are you able to give a launching timeline for this new debit card? No, we said "possibly 6-8 weeks" originally. There are many factors that are in play that delay things. Considering this is the first ever card of its kind, it's not as easy as pushing a button. We never gave an official timeline (my comments on IRC were not official nor definite) and we cannot. Title: Re: bitinstant paycard Post by: Mushroomized on October 28, 2012, 04:35:43 PM bad communication! What bad communication? I hope yankee responds to my pm about bitcoin-bitcoin transactions ;_; Sure, I don't see a PM yet, but will be online for the next few hours. Title: Re: bitinstant paycard Post by: Yankee (BitInstant) on October 28, 2012, 04:40:19 PM bad communication! What bad communication? I hope yankee responds to my pm about bitcoin-bitcoin transactions ;_; Sure, I don't see a PM yet, but will be online for the next few hours. Hmm, thats a good idea. I doubt MS or Visa would allow us to alter their cards, but maybe an RFID sticker? Throw me any suggestions! Title: Re: bitinstant paycard Post by: thebaron on October 28, 2012, 04:51:25 PM Never put yourself in a position to be dependent on an announced product being released on time.
Title: Re: bitinstant paycard Post by: Mushroomized on October 28, 2012, 04:53:25 PM bad communication! What bad communication? I hope yankee responds to my pm about bitcoin-bitcoin transactions ;_; Sure, I don't see a PM yet, but will be online for the next few hours. Hmm, thats a good idea. I doubt MS or Visa would allow us to alter their cards, but maybe an RFID sticker? Throw me any suggestions! Title: Re: bitinstant paycard Post by: camem on October 30, 2012, 09:12:17 PM bad communication! What bad communication? I hope yankee responds to my pm about bitcoin-bitcoin transactions ;_; Sure, I don't see a PM yet, but will be online for the next few hours. Hmm, thats a good idea. I doubt MS or Visa would allow us to alter their cards, but maybe an RFID sticker? Throw me any suggestions! um... have you tried asking your card provider about their contactless product line ? I'll bet a bitcoin they've got one, that'll do your nfc stuff for you. sticker wouldn't be any good unless you connected it up to the chip but that would be *much* harder than just getting their contactless enabled chip (which will also be PCI compliant, at least until you install a bitcoin app on it) Title: Re: bitinstant paycard Post by: alexanderanon on November 03, 2012, 11:19:17 AM If this turns out to be vaporware, then color me disappoint. I'll probably head over to the speculation board and post a bunch of bear threads with excessive amounts of caps lock.
Title: Re: bitinstant paycard Post by: Yankee (BitInstant) on November 03, 2012, 05:07:49 PM If this turns out to be vaporware, then color me disappoint. I'll probably head over to the speculation board and post a bunch of bear threads with excessive amounts of caps lock. lol it's not vaporware, but after me leaking and starting this whole fiasco, Mastercard, my banks, and lawyers begged me to not say a word about this until launch. For once, I will listen ;D Stay tuned... Title: Re: bitinstant paycard Post by: MoonShadow on November 03, 2012, 05:14:14 PM If this turns out to be vaporware, then color me disappoint. I'll probably head over to the speculation board and post a bunch of bear threads with excessive amounts of caps lock. lol it's not vaporware, but after me leaking and starting this whole fiasco, Mastercard, my banks, and lawyers begged me to not say a word about this until launch. For once, I will listen ;D Stay tuned... I've been tuned in for some time, as I intend to have one of the first 100 in the world. Roughly eight weeks ago the timeline for release was late October, so can you at least let us know if things are on track, or are there more delays? Title: Re: bitinstant paycard Post by: Mushroomized on November 03, 2012, 05:17:36 PM litecoin too pls
Title: Re: bitinstant paycard Post by: Gyrsur on November 03, 2012, 05:23:31 PM Title: Re: bitinstant paycard Post by: Yankee (BitInstant) on November 04, 2012, 12:58:23 AM If this turns out to be vaporware, then color me disappoint. I'll probably head over to the speculation board and post a bunch of bear threads with excessive amounts of caps lock. lol it's not vaporware, but after me leaking and starting this whole fiasco, Mastercard, my banks, and lawyers begged me to not say a word about this until launch. For once, I will listen ;D Stay tuned... I've been tuned in for some time, as I intend to have one of the first 100 in the world. Roughly eight weeks ago the timeline for release was late October, so can you at least let us know if things are on track, or are there more delays? Things are still nicely on track. I never intended to give a timeline when I did, and even when I leaked it I said "possibly 6-8 weeks" which turned into '6-8 weeks' by word of mouth. Anyone involved in a debit card program knows its impossible to give a timeline. The good news is that we are still on track and making nice progress. Title: Re: bitinstant paycard Post by: Ente on November 04, 2012, 07:50:07 AM After "THE September announcement" and "Bitinstant paycard" everyone should be a bit more cautionous with self-imposed deadlines.. ;-)
Yes, we are one impatient mob here! Me too, can't wait to hold it in my hands! Ente Title: Re: bitinstant paycard Post by: D.H. on November 04, 2012, 08:18:25 AM After "THE September announcement" and "Bitinstant paycard" everyone should be a bit more cautionous with self-imposed deadlines.. ;-) For the record, Bitcoin Foundation was announced in September, just as promised. Title: Re: bitinstant paycard Post by: Ente on November 04, 2012, 01:55:54 PM After "THE September announcement" and "Bitinstant paycard" everyone should be a bit more cautionous with self-imposed deadlines.. ;-) For the record, Bitcoin Foundation was announced in September, just as promised. Actually yes, you are absolutely right! Gavin didn't expect and wish for so much attention and expectations before the announcement, though.. The "deadline" given here was meant differently than it is now made of, I feel.. Ente Title: Re: bitinstant paycard Post by: alexanderanon on November 17, 2012, 08:31:47 PM biweekly bump. updates?
Title: Re: bitinstant paycard Post by: Yankee (BitInstant) on November 17, 2012, 10:31:12 PM biweekly bump. updates? Plenty. However, not gonna post an update on the forums. Please wait for our releases. Last time I leaked info, I got us in trouble Title: Re: bitinstant paycard Post by: Rassah on November 17, 2012, 10:41:55 PM So... can we quote you with:
"Any progress on this?" Plenty. ?? Title: Re: bitinstant paycard Post by: Yankee (BitInstant) on November 17, 2012, 11:05:19 PM So... can we quote you with: "Any progress on this?" Plenty. ?? Sure, feel free lol. You think we're sitting around twiddling out thumbs? Erik posted an update somewhere on these forums recently, https://bitcointalk.org/index.php?topic=122558.msg1319126#msg1319126 -Charlie Title: Re: bitinstant paycard Post by: Gyrsur on December 16, 2012, 08:19:51 PM is the card dead now? the registration link is gone away on your website.
EDIT: ohh sorry it is only outsourced. below on the website is the link. good for you we don't need to pay in advance. Title: Re: bitinstant paycard Post by: minimalB on December 17, 2012, 04:58:26 PM Updated info would be nice...
Title: Re: bitinstant paycard Post by: Rassah on December 17, 2012, 07:41:53 PM At least wait until CES.
EDIT: Crap! Wrong card! I'm waiting for the Bitcoincard, which is supposed to have some news at CES. This is a different card I'm also waiting on. Sorry I confused the two. Title: Re: bitinstant paycard Post by: cbeast on December 18, 2012, 04:30:50 AM At least wait until CES. Christmas sucks compared to what CES will have for us this year.Title: Re: bitinstant paycard Post by: MPOE-PR on December 18, 2012, 02:44:03 PM Actually yes, you are absolutely right! Gavin didn't expect and wish for so much attention and expectations before the announcement, though.. The "deadline" given here was meant differently than it is now made of, I feel.. Ente I guess the original point stands, just slightly from a different angle: everybody thought it was going to be something actually important, then Gavin came up with an announcement nobody actually cares about. People did feel let down but nobody really wanted to be the one breaking this news to him/them. So...careful with hype, it builds easy and blows up in your face even easier. This is thE IMTERMET! Title: Re: bitinstant paycard Post by: Yankee (BitInstant) on December 18, 2012, 03:32:07 PM Actually yes, you are absolutely right! Gavin didn't expect and wish for so much attention and expectations before the announcement, though.. The "deadline" given here was meant differently than it is now made of, I feel.. Ente I guess the original point stands, just slightly from a different angle: everybody thought it was going to be something actually important, then Gavin came up with an announcement nobody actually cares about. People did feel let down but nobody really wanted to be the one breaking this news to him/them. So...careful with hype, it builds easy and blows up in your face even easier. This is thE IMTERMET! The difference here is that no one knew what Gavins announcement was....you all know what this is. In retrospect, me leaking this in a 3am IRC chat should not have caused this big of a hype. This project could take 4 weeks, or 4 months and there are alot of factors that go into this. Most of you don't know what goes into creating and issuing your own card, its not easy for any company. Now imagine being in an industry where we have to convince everyone who needs to be involved that we are not the enemy, we are not money launderers or terrorists and we are responsible enough to take on this project. You need permission from banks, card issuers, card makers, program managers, regulatory bodies, ect. We are working thru it all, and most of the work is done as Erik has said. Posting in this thread and coming up with opinions and ideas are stupid and just distract us from the real work we need to do. We have posted many updates, always been transparent, never scammed anyone, and always have done what we say we will do. Since this original announcement our team has doubled, budget doubled, operations grew, new relationships made and projects launched. This is not the only one. Everyone on the preorder signup list will continue to get updates, this forum won't be the first spot when updates are posted. -Charlie Title: Re: bitinstant paycard Post by: MoonShadow on December 18, 2012, 06:28:05 PM Wait, there is a pre-order signup? Where is this?
Title: Re: bitinstant paycard Post by: minimalB on December 18, 2012, 07:20:33 PM https://docs.google.com/spreadsheet/embeddedform?formkey=dHZtVkZSVm92X0otR2gzb3UtckFVNVE6MQ
@Charlie Are you saying you already sent some info out? I've never got any info to my "pre-order signup" email. Title: Re: bitinstant paycard Post by: cbeast on December 18, 2012, 07:31:50 PM Yeah, me neither. It will be worth the wait.
Title: Re: bitinstant paycard Post by: MoonShadow on December 18, 2012, 08:33:08 PM https://docs.google.com/spreadsheet/embeddedform?formkey=dHZtVkZSVm92X0otR2gzb3UtckFVNVE6MQ @Charlie Are you saying you already sent some info out? I've never got any info to my "pre-order signup" email. Thanks Title: Re: bitinstant paycard Post by: smoothie on January 20, 2013, 11:06:14 AM Actually yes, you are absolutely right! Gavin didn't expect and wish for so much attention and expectations before the announcement, though.. The "deadline" given here was meant differently than it is now made of, I feel.. Ente I guess the original point stands, just slightly from a different angle: everybody thought it was going to be something actually important, then Gavin came up with an announcement nobody actually cares about. People did feel let down but nobody really wanted to be the one breaking this news to him/them. So...careful with hype, it builds easy and blows up in your face even easier. This is thE IMTERMET! The difference here is that no one knew what Gavins announcement was....you all know what this is. In retrospect, me leaking this in a 3am IRC chat should not have caused this big of a hype. This project could take 4 weeks, or 4 months and there are alot of factors that go into this. Most of you don't know what goes into creating and issuing your own card, its not easy for any company. Now imagine being in an industry where we have to convince everyone who needs to be involved that we are not the enemy, we are not money launderers or terrorists and we are responsible enough to take on this project. You need permission from banks, card issuers, card makers, program managers, regulatory bodies, ect. We are working thru it all, and most of the work is done as Erik has said. Posting in this thread and coming up with opinions and ideas are stupid and just distract us from the real work we need to do. We have posted many updates, always been transparent, never scammed anyone, and always have done what we say we will do. Since this original announcement our team has doubled, budget doubled, operations grew, new relationships made and projects launched. This is not the only one. Everyone on the preorder signup list will continue to get updates, this forum won't be the first spot when updates are posted. -Charlie So months later after the announcement...still no bitinstant paycard? Sounds like BFL...only difference is you didn't take preorders. Just hype and more bullshit. Title: Re: bitinstant paycard Post by: Gyrsur on January 20, 2013, 11:18:53 AM Actually yes, you are absolutely right! Gavin didn't expect and wish for so much attention and expectations before the announcement, though.. The "deadline" given here was meant differently than it is now made of, I feel.. Ente I guess the original point stands, just slightly from a different angle: everybody thought it was going to be something actually important, then Gavin came up with an announcement nobody actually cares about. People did feel let down but nobody really wanted to be the one breaking this news to him/them. So...careful with hype, it builds easy and blows up in your face even easier. This is thE IMTERMET! The difference here is that no one knew what Gavins announcement was....you all know what this is. In retrospect, me leaking this in a 3am IRC chat should not have caused this big of a hype. This project could take 4 weeks, or 4 months and there are alot of factors that go into this. Most of you don't know what goes into creating and issuing your own card, its not easy for any company. Now imagine being in an industry where we have to convince everyone who needs to be involved that we are not the enemy, we are not money launderers or terrorists and we are responsible enough to take on this project. You need permission from banks, card issuers, card makers, program managers, regulatory bodies, ect. We are working thru it all, and most of the work is done as Erik has said. Posting in this thread and coming up with opinions and ideas are stupid and just distract us from the real work we need to do. We have posted many updates, always been transparent, never scammed anyone, and always have done what we say we will do. Since this original announcement our team has doubled, budget doubled, operations grew, new relationships made and projects launched. This is not the only one. Everyone on the preorder signup list will continue to get updates, this forum won't be the first spot when updates are posted. -Charlie So months later after the announcement...still no bitinstant paycard? Sounds like BFL...only difference is you didn't take preorders. Just hype and more bullshit. second rule for Bitcoin: don't be quick with announcement! ;D Title: Re: bitinstant paycard Post by: Jan on January 20, 2013, 01:46:11 PM Actually yes, you are absolutely right! Gavin didn't expect and wish for so much attention and expectations before the announcement, though.. The "deadline" given here was meant differently than it is now made of, I feel.. Ente I guess the original point stands, just slightly from a different angle: everybody thought it was going to be something actually important, then Gavin came up with an announcement nobody actually cares about. People did feel let down but nobody really wanted to be the one breaking this news to him/them. So...careful with hype, it builds easy and blows up in your face even easier. This is thE IMTERMET! The difference here is that no one knew what Gavins announcement was....you all know what this is. In retrospect, me leaking this in a 3am IRC chat should not have caused this big of a hype. This project could take 4 weeks, or 4 months and there are alot of factors that go into this. Most of you don't know what goes into creating and issuing your own card, its not easy for any company. Now imagine being in an industry where we have to convince everyone who needs to be involved that we are not the enemy, we are not money launderers or terrorists and we are responsible enough to take on this project. You need permission from banks, card issuers, card makers, program managers, regulatory bodies, ect. We are working thru it all, and most of the work is done as Erik has said. Posting in this thread and coming up with opinions and ideas are stupid and just distract us from the real work we need to do. We have posted many updates, always been transparent, never scammed anyone, and always have done what we say we will do. Since this original announcement our team has doubled, budget doubled, operations grew, new relationships made and projects launched. This is not the only one. Everyone on the preorder signup list will continue to get updates, this forum won't be the first spot when updates are posted. -Charlie So months later after the announcement...still no bitinstant paycard? Sounds like BFL...only difference is you didn't take preorders. Just hype and more bullshit. If you really believe that it is a good/needed business maybe you should develop it yourself. Title: Re: bitinstant paycard Post by: MPOE-PR on January 20, 2013, 10:54:20 PM Title: Re: bitinstant paycard Post by: smoothie on January 27, 2013, 05:53:39 PM ... Edit: due to popular demand let me sum what I've seen on irc. Code: <bitinstant> We're launching our debit card in a few weeks ... A few weeks? Still waiting 5 months later. :D Title: Re: bitinstant paycard Post by: smoothie on January 27, 2013, 05:55:56 PM Actually yes, you are absolutely right! Gavin didn't expect and wish for so much attention and expectations before the announcement, though.. The "deadline" given here was meant differently than it is now made of, I feel.. Ente I guess the original point stands, just slightly from a different angle: everybody thought it was going to be something actually important, then Gavin came up with an announcement nobody actually cares about. People did feel let down but nobody really wanted to be the one breaking this news to him/them. So...careful with hype, it builds easy and blows up in your face even easier. This is thE IMTERMET! The difference here is that no one knew what Gavins announcement was....you all know what this is. In retrospect, me leaking this in a 3am IRC chat should not have caused this big of a hype. This project could take 4 weeks, or 4 months and there are alot of factors that go into this. Most of you don't know what goes into creating and issuing your own card, its not easy for any company. Now imagine being in an industry where we have to convince everyone who needs to be involved that we are not the enemy, we are not money launderers or terrorists and we are responsible enough to take on this project. You need permission from banks, card issuers, card makers, program managers, regulatory bodies, ect. We are working thru it all, and most of the work is done as Erik has said. Posting in this thread and coming up with opinions and ideas are stupid and just distract us from the real work we need to do. We have posted many updates, always been transparent, never scammed anyone, and always have done what we say we will do. Since this original announcement our team has doubled, budget doubled, operations grew, new relationships made and projects launched. This is not the only one. Everyone on the preorder signup list will continue to get updates, this forum won't be the first spot when updates are posted. -Charlie So months later after the announcement...still no bitinstant paycard? Sounds like BFL...only difference is you didn't take preorders. Just hype and more bullshit. If you really believe that it is a good/needed business maybe you should develop it yourself. Please explain to me how the announcement/advertisements (even in bitcoin magazine) are not hype? The OP shows they said "a few weeks" until they released it and now it is 5 months later. So no I don't need to develop it myself. I'm just pointing out the flawed model of hyping something then failing to deliver. Same as BFL. Title: Re: bitinstant paycard Post by: Yankee (BitInstant) on January 27, 2013, 06:21:22 PM The OP shows they said "a few weeks" until they released it and now it is 5 months later. So no I don't need to develop it myself. I'm just pointing out the flawed model of hyping something then failing to deliver. Same as BFL. We never gave a timeframe, all my quotes were saying hopefully in a few weeks, not guaranteed. This announcement was never supposed to be released, the leak was my fault as I got excited. My excitement pushed this project back many months because Mastercard and our bank did not realize how huge and disruptive this project had become. Now, there is alot more to do. The worst part is, I had to agree to Mastercard and others to stop talking about it until launch. So even talking here can jeopardize the project once more. Charlie Title: Re: bitinstant paycard Post by: smoothie on January 27, 2013, 06:38:52 PM The OP shows they said "a few weeks" until they released it and now it is 5 months later. So no I don't need to develop it myself. I'm just pointing out the flawed model of hyping something then failing to deliver. Same as BFL. We never gave a timeframe, all my quotes were saying hopefully in a few weeks, not guaranteed. This announcement was never supposed to be released, the leak was my fault as I got excited. My excitement pushed this project back many months because Mastercard and our bank did not realize how huge and disruptive this project had become. Now, there is alot more to do. The worst part is, I had to agree to Mastercard and others to stop talking about it until launch. So even talking here can jeopardize the project once more. Charlie You mean like this one below? ... Edit: due to popular demand let me sum what I've seen on irc. Code: <bitinstant> We're launching our debit card in a few weeks ... I don't see you saying "hopefully". You said "we're"...or "we are". Title: Re: bitinstant paycard Post by: Yankee (BitInstant) on January 27, 2013, 08:00:08 PM Go to blog.bitinstant.com
There are already 3 blog posts on this subject. If you want to stay updated, sign up for the preorder and info will be sent when available. Oh and unlike BFL...we never took any money from anyone and we don't plan to until its launched. Thanks. Charlie Title: Re: bitinstant paycard Post by: smoothie on January 27, 2013, 08:15:59 PM Go to blog.bitinstant.com There are already 3 blog posts on this subject. If you want to stay updated, sign up for the preorder and info will be sent when available. Oh and unlike BFL...we never took any money from anyone and we don't plan to until its launched. Thanks. Charlie Signed up in September. Already said that you folks didnt take money. My point was about the unnecessary hype. Title: Re: bitinstant paycard Post by: Rassah on January 27, 2013, 08:53:58 PM <sarcasm>
Smoothie, you are so awesome for pointing all these things out! None of the rest of us have the intellectual capacity to notice any of these delays ourselves. Thanks for pointing out every one of them, for every delayed product, all over the forums, multiple times, instead of just letting us monitor the threads for any actual news! You being right on the Internets about obviously-delayed products being delayed makes you more awesome than anyone else on these forums! ;D </sarcasm> Title: Re: bitinstant paycard Post by: smoothie on January 27, 2013, 09:43:31 PM <sarcasm> Smoothie, you are so awesome for pointing all these things out! None of the rest of us have the intellectual capacity to notice any of these delays ourselves. Thanks for pointing out every one of them, for every delayed product, all over the forums, multiple times, instead of just letting us monitor the threads for any actual news! You being right on the Internets about obviously-delayed products being delayed makes you more awesome than anyone else on these forums! ;D </sarcasm> :-* You're welcome. It's so funny how people don't like to have things pointed out on this forum. Almost as if the truth hurts doesn't it? The truth you pointed out about me posting really doesn't hurt at all though, that's the ironic thing. Title: Re: bitinstant paycard Post by: Yankee (BitInstant) on January 27, 2013, 10:29:40 PM <sarcasm> Smoothie, you are so awesome for pointing all these things out! None of the rest of us have the intellectual capacity to notice any of these delays ourselves. Thanks for pointing out every one of them, for every delayed product, all over the forums, multiple times, instead of just letting us monitor the threads for any actual news! You being right on the Internets about obviously-delayed products being delayed makes you more awesome than anyone else on these forums! ;D </sarcasm> :-* You're welcome. It's so funny how people don't like to have things pointed out on this forum. Almost as if the truth hurts doesn't it? The truth you pointed out about me posting really doesn't hurt at all though, that's the ironic thing. It's cool that you point out things, we have our fair share of scams. The problem with doing it over a forum is that text can be ready many different ways, and your writings can be seen as malicious even though you are doing it for the better of the community and Bitcoin as a whole. Title: Re: bitinstant paycard Post by: smoothie on January 28, 2013, 12:09:00 AM <sarcasm> Smoothie, you are so awesome for pointing all these things out! None of the rest of us have the intellectual capacity to notice any of these delays ourselves. Thanks for pointing out every one of them, for every delayed product, all over the forums, multiple times, instead of just letting us monitor the threads for any actual news! You being right on the Internets about obviously-delayed products being delayed makes you more awesome than anyone else on these forums! ;D </sarcasm> :-* You're welcome. It's so funny how people don't like to have things pointed out on this forum. Almost as if the truth hurts doesn't it? The truth you pointed out about me posting really doesn't hurt at all though, that's the ironic thing. It's cool that you point out things, we have our fair share of scams. The problem with doing it over a forum is that text can be ready many different ways, and your writings can be seen as malicious even though you are doing it for the better of the community and Bitcoin as a whole. Which is why i don't worry about how people take what I say. I have no control over it even if I did worry. So why worry. I just post. people can take it how they want, their free choice. Title: Re: bitinstant paycard Post by: Gyrsur on March 08, 2013, 12:45:18 PM is the card dead now? the registration link is gone away on your website. EDIT: ohh sorry it is only outsourced. below on the website is the link. good for you we don't need to pay in advance. link is deleted now. does it mean project is dead?? Title: Re: bitinstant paycard Post by: Domrada on March 08, 2013, 05:14:25 PM I don't think the project is dead. From what Charlie has said, they will pursue the idea until they can make it work. However, at this rate, it is likely someone like kimdotcom will beat them to market.
Title: Re: bitinstant paycard Post by: cbeast on March 08, 2013, 05:31:11 PM I have a feeling that 2014 will be the year for Bitcoin. There are a lot of projects in the works, but it takes years to get them released when you have to bootstrap them on shoestring budgets.
Title: Re: bitinstant paycard Post by: URSAY on April 22, 2013, 03:18:52 PM I'm guilty of pointing out flaws in Bitcoin related businesses in the past. I believe most of us want Bitcoin to be successful. Considering this I would rather try to help in any way I can with Bitcoin related projects rather then constantly pointing out flaws without any interest in being part of a solution.
I remember when this project was first discussed and yes it was sometime ago. But rather then point fingers at the project or people for not yet being completed, I'd rather try to help see it to completion... ...FOR THE POWER OF THE BITCOIN and OUR ECONOMY! :) Just my 2 cents. Title: Re: bitinstant paycard Post by: Matthew N. Wright on April 22, 2013, 03:22:09 PM Is this ever happening? The whole community was excited about it despite the fact that 2 other companies already provided the exact same thing long before this was prematurely announced. I for one am extremely bummed. I was going to use my BitInstant card all over the world. I guess it went the way of the Bitcoincard.
Title: Re: bitinstant paycard Post by: Gyrsur on April 22, 2013, 03:58:56 PM I guess it will never going to happen ever BUT what I can imagine a Ripple debit card will coming this year eventually. :-)
Title: Re: bitinstant paycard Post by: Rassah on April 22, 2013, 05:05:43 PM I guess it will never going to happen ever BUT what I can imagine a Ripple debit card will coming this year eventually. :-) I'm having trouble imagining Ripple being released and being adopted by a large enough network to be useful this year, let along having a debit card. Title: Re: bitinstant paycard Post by: Gyrsur on April 22, 2013, 05:33:30 PM I guess it will never going to happen ever BUT what I can imagine a Ripple debit card will coming this year eventually. :-) I'm having trouble imagining Ripple being released and being adopted by a large enough network to be useful this year, let along having a debit card. future is unpredictable... ;D Title: Re: bitinstant paycard Post by: RodeoX on April 22, 2013, 05:39:02 PM Could we get a response about the status of this project? Is it dead, stalled, or in process?
Title: Re: bitinstant paycard Post by: URSAY on April 22, 2013, 06:54:47 PM Could we get a response about the status of this project? Is it dead, stalled, or in process? This project is currently being worked on. :) Title: Re: bitinstant paycard Post by: RodeoX on April 22, 2013, 07:18:15 PM Could we get a response about the status of this project? Is it dead, stalled, or in process? This project is currently being worked on. :) Title: Re: bitinstant paycard Post by: Dusty on April 22, 2013, 07:22:38 PM This project is currently being worked on. :) I've just one Bitcoin Magazine, #5, where you made the whole last page with the bitinstant paycard and written "they're coming", with the url: http://bitinstant.com/Paycard and it does not work... Not a good start :) A whole page with just an image and a link, and you don't even check if it works? Title: Re: bitinstant paycard Post by: URSAY on April 22, 2013, 07:40:19 PM This project is currently being worked on. :) I've just one Bitcoin Magazine, #5, where you made the whole last page with the bitinstant paycard and written "they're coming", with the url: http://bitinstant.com/Paycard and it does not work... Not a good start :) A whole page with just an image and a link, and you don't even check if it works? Hmmmm. I'm not sure how this fell thru the cracks but I agree, there should be SOMETHING at the URL. Thanks for pointing this out. I've let one of our web developers know about the situation. :) Title: Re: bitinstant paycard Post by: jago25_98 on April 22, 2013, 09:25:47 PM Couldn't a creditUnion (or anyone) achieve this by issuing cards, supplying a QRcode sticker and then automating the exchange to refill it?
In fact, perhaps I could emulate it myself with one of the polishcards... but how can I set up an automated exchange that automatically converts BTC to fiat and sends it via SEPA? Title: Re: bitinstant paycard Post by: smoothie on April 23, 2013, 11:04:01 AM This project is currently being worked on. :) I've just one Bitcoin Magazine, #5, where you made the whole last page with the bitinstant paycard and written "they're coming", with the url: http://bitinstant.com/Paycard and it does not work... Not a good start :) A whole page with just an image and a link, and you don't even check if it works? says "not found" wow very professional lol Title: Re: bitinstant paycard Post by: SkRRJyTC on May 30, 2013, 01:34:24 PM Coming soon TM
Title: Re: bitinstant paycard Post by: Rassah on May 30, 2013, 04:09:05 PM There was a card being shown at the conference from some other company. $25 to open, $3 to deposit using BTC, and all deposited money gets converted to USD or EUR right away, but no other fees besides those two.
Title: Re: bitinstant paycard Post by: jbreher on June 06, 2013, 11:09:24 PM There was a card being shown at the conference from some other company. $25 to open, $3 to deposit using BTC, and all deposited money gets converted to USD or EUR right away, but no other fees besides those two. eCardOne. Their website just got seized by DHS - presumably because they also dealt with Liberty Rserve. The're setting up a new site at Dagensia.eu. I signed up at the conference. Just received my card yesterday. Just activated today. Have not yet used it. Yes, it _does_ have a MasterCard logo. "This card is issued by Prepaid Financial Services Limited pursuant to license by MaterCard International Incorporated..." Title: Re: bitinstant paycard Post by: minimalB on June 08, 2013, 09:15:50 AM Who is behind this eCardOne? I guess it's not bitinstant.
Title: Re: bitinstant paycard Post by: jbreher on June 11, 2013, 02:18:06 AM Who is behind this eCardOne? I guess it's not bitinstant. Dagensia. Alas, it was not to be. I just logged into my account to load my newly authorized Bitcoin MasterCard with a bitcoin payment for the first time, where I was met with: Quote Dear client, We apologize but due to regulation requiring all foreign entities to register with the US Fincen and IRS authorities, and the administrative high costs involved, we have to terminate services to all our US clients. Please withdraw any remaining balance in your account to Bitcoin, and your account will be closed by August 1st. We apologize for any inconvenience this may cause. Please contact our support if you have any questions. Such wasted promise.... Title: Re: bitinstant paycard Post by: minimalB on June 13, 2013, 10:55:27 AM Thanks for the info. I contacted them and they indeed told me that there is a problem with US accounts.
However, they are still operating normally in EU zone. Might try them out! Title: Re: bitinstant paycard Post by: Gyrsur on August 26, 2013, 11:27:53 AM pump ;D
Title: Re: bitinstant paycard Post by: SkRRJyTC on September 12, 2013, 02:49:19 PM So any news on how many weeks still to wait before release? Maybe 6-8 weeks. Vapor Title: Re: bitinstant paycard Post by: Dusty on September 13, 2013, 01:06:44 PM I remember to have read somewhere (maybe bitcoinmagazine?) that this project is dead due to regulatory issues.
Anyone can confirm/deny this? Title: Re: bitinstant paycard Post by: thebaron on September 14, 2013, 01:26:42 AM I think Bitinstant is dead.
Title: Re: bitinstant paycard Post by: minimalB on September 17, 2013, 09:05:40 AM I guess other true solutions will pop out soon, i bet BTC companies from Germany, Finland, Belgium, etc are the ones to count on in near future.
Title: Re: bitinstant paycard Post by: Piper67 on September 17, 2013, 12:42:36 PM I guess other true solutions will pop out soon, i bet BTC companies from Germany, Finland, Belgium, etc are the ones to count on in near future. and Iceland... and maybe even Canada Title: Re: bitinstant paycard Post by: scintill on October 28, 2013, 09:01:56 PM I remember to have read somewhere (maybe bitcoinmagazine?) that this project is dead due to regulatory issues. Anyone can confirm/deny this? There's this: The new boss in charge of giving out a MasterCard licenses [Stephen Ruch] has no intention of allowing the brand or any bank that does private label cards to use Bitcoins. In fact, he nearly bragged to me about killing the BitInstant deal with a U.S. bank for the first planned $BTC card this year. Could be regulatory issues involved too. Title: Re: bitinstant paycard Post by: Gyrsur on October 28, 2013, 11:51:03 PM I remember to have read somewhere (maybe bitcoinmagazine?) that this project is dead due to regulatory issues. Anyone can confirm/deny this? There's this: The new boss in charge of giving out a MasterCard licenses [Stephen Ruch] has no intention of allowing the brand or any bank that does private label cards to use Bitcoins. In fact, he nearly bragged to me about killing the BitInstant deal with a U.S. bank for the first planned $BTC card this year. Could be regulatory issues involved too. |
