Bitcoin Forum

This morning I read this article https://markettimes.co.uk/cryptocurrencies/visa-launches-an-exclusive-no-limit-bitcoin-card/ (https://markettimes.co.uk/cryptocurrencies/visa-launches-an-exclusive-no-limit-bitcoin-card/) what are your opinions about it?

Useless.

You can always sell a portion of your BTC to buy whatever in fiat.

And also the fact that this is just an invitation only thing makes the whole thing a bit suspicious. I mean how are they going to know who to invite in the first place?

Seems like some country wants their taxes paid.

Any move that pays the alert is good, it will facilitate the way for people who have a lot of bitcoin to spend it easily although I think that these rich people will prefer paying with cash instead of selling bitcoin, which may increase in value in the future.


Dirty money used first then investment money.

Has anyone heard of this token before?

Nice move, this way now Visa will also have to handle a lot of Cryptocurrencies and hedge itself against the risk of it's movement, the more companies begin to create hedges in this market the less volatile this market would eventually get. On the consumer front as well, if i am getting instant conversion of my bitcoin at a market price while doing real time transaction it's obviously a win win situation. So it's really a good move by VISA.

I'm not sure what to think of this. First, I don't like anything that's branded as VIP, elite etc. It's just this exclusivist posh attitude that's not for me. Then there's bitcoinblack they keep mentioning, and I'm unfamiliar with it. When I googled it, I found some sort of Bitcoin Black crypto and people on quora saying it's a scam. Also, from other news on the matter I see it's about a card for UAE. And there's another thing that bothers me: I see no major outlets writing about it, which to me is an indicator the news might be untrue or misleading.

sounds less like a decision of "Visa" by the Visa CEO..  and more of an advert of a company in the UAE that like many other services / companies, just uses visa as part of their service.

anyone can set up a group of visa debit cards under a brand and through a webportal can deposit and withdrawal funds to and from its members cards. without seeking a contract with the CEO of Visa(usually groups start in batches of 10k (no coincidence)). there are many examples of these portals/gateways
take just the many examples you can find on google

anyone looking to create their own debit card knowing that they will have ~10k members can apply and make their own brand and card and do it without ever contacting Visa directly

take the UK, the 'post office' offers a 'post office' card that allows for features and services that for instance a bank 'barclays' does not

the barclays or post office card are not accounts with and conducted under permission of the CEO of Visa. but instead under instruction by post office/barclays.

..
in short the title should read
"company 'bitcoin black' launces a visacard service to convert your bitcoin to fiat"

That's a good concept. If someone is holding a good amount of wealth in cryptocurrency and looking forward for ways to spend it like traditional currency, this kind of cards will come pretty handy. But it's unfortunate that Visa is making is super exclusive by just making 10,000 pieces of it. Which should have really been an instrument for the commoners. Such exclusive products don't make much sense because these are usually outside the reach of the commoners. Visa is probably trying to create some user case before launching a similar global initiative linked to cryptocurrency. Many countries do not have such facilities available where they can spend their cryptos just like traditional payment method.

Dude, you just posted nearly this same thing already...

https://bitcointalk.org/index.php?topic=5405523.msg60528728#msg60528728

The forum police will be knocking on your door soon if you don't do something about it.  :)

Answering your question though...  No.  Nobody has heard of that shitcoin and it's a pretty desperate play for Visa to be shilling shitcoins to get people to send them their crypto.  Seems unnecessary, dangerous, and overall bad for users and Bitcoin.  What else do you expect from Visa though? 

Actually, I have been trying to get a card to spend my crypto. But due to country restrictions failed to find something like this which will help me to spend my crypto. So I can't take advantage of that 'No limit'. The expanding network is more important than extending the limit which would be a revolutionary decision. I am not saying the current decision isn't helpful. But I just express my opinion. Visa doesn't have any country restrictions. So issuing a card shouldn't be restricted as well. Either they would use a third party, or they could manage themselves to reload the card with cryptocurrency. That would help expand the network.

i dont think its actually an act done by "visa"
instead its a UAE company that set up a group service offering out 10k cards.
something many people can do without needing to be a visa partner or visa themselves

EG Tesco supermarket offers a visa card that allows people to spend/accumulate their clubcard(loyalty)points along with fiat..
this is not a thing "visa" offers directly or a thing "visa" had to partner up with.
its a separate business layer of a company offering a branded visa card where the business controls and monitors and manges the in-out of payments and services

It will be the updated information for the crypto currency.No limit is the huge amount for the dollars.When this words come to bitcoin,it will be the best option.We can withdraw few bitcoin at cheap,when the market Upto the high value.So it’s easy to earn huge profit from this method of bitcoin earning.When the visa concentration on the few shit coin ,it value may reach the moon.

If you read your article carefully, you should understand that this is a luxury product for rich people to show off, so it has zero impact on adoption. A more mass-oriented product would be more interesting, but something tells me it will always be cheaper to sell Bitcoin, withdraw fiat to your bank and use your regular payment card. Not to mention that using centralized proxies defeats the whole purpose of Bitcoin.

That seems more like a scam. IT looks like to have some token/shitcoin behind it. I wouldn't believe that. Very suspicious as the company seems to be Canadian, if I'm not mistaken, Gotta watch out peeps!

Visa always become the pro to cryptocurrency but after i see the article and watch your guys opinion, this bit suspicious and after all the fiture only available in united arab emirates "the world’s largest payment network, which shipped a restrictive VIP cryptocurrency charge card called ‘bitcoinblack’ in the United Arab Emirates, according to a public statement on July 3."

I mean its always simply WD to your bank and boom its done, you can be member priority in your local bank

Great, so now it seems they want to launder again:  fiat->crypto-->fiat or fiat-->crypto and relieve folks of their crypto in the process.  Sounds like a backend crypto play to me. 

Yup, the purpose still remains unsolved here! Moreover, there is no point VISA getting involved into something like bitcoin as long as they are not going with the data integrity principles of the blockchain. VISA already has its huge set up across the world followed by MasterCard. Its become so easy these days, any small finance company can launch the visa cards and process the money. However, spending bitcoin just like fiat on open channel is invitation to the intruder, crumbled policies of anonymous nature and what not. Im also not much triggered with the news. Better off they should launch their own tokenomics and challenge the existing projects.

Hm just read the actual main press release and you see this is a misreported news. This is NOT Visa launching.

This is a shitcoin launching.

As pointed out it's quite easy to be just one of those shitcoin crypto debit cards like Monaco oops, like Crypto.com. As far as I know only Coinbase has a real direct Visa partnership with them. Everyone else is using through a third party.

Bitcoin credit cards just don't work, if you want a real one, only Coinbase has it. And if you are not American or UK person like me, you can't have it.

I believe the same. I think this card is a way of joining the trend, but I doubt very much that it will be widely used. I don't think the rich will carry the card with what is basically an investment to spend. The rich tend to have good sources of cash-flow, and that's what they spend.

Loading the card with bitcoin would be like selling a valuable painting to spend or a house.

What I usually do is:
Add bitcoins in my wallet and encash that amount in the local currency, the wallet does not charge a lot and at the same time I have choice to choose which currency I do wanna withdraw ofcourse you do need KYC and everything for that but at the end of the day is it not all worth it ?
At the end of the day I do believe that, The bitcoin card would have a lot of fee, it would also be weird converting every second considering how volatility would have an adverse effect on the money that you thought you had in Bitcoins. It is not a good idea to use the card for every small transaction.

Well, how things have changed in only a few years....  :

A while back.... Banks blocked people's credit cards, when they linked any transactions to "Bitcoin"..... now they give "No Limit" credit cards to encourage "Super Rich" people to covert their Bitcoin to Fiat.  ::)

Still a sleazy Bank trick to get super rich people not to hold Bitcoin..... by making the "instant Fiat" conversion possible on a credit card.  ::) ::) ::)

Yeah, scam sensor is going though the roof with this one

So, it's not VISA who is doing this, it's a company :
https://www.prnewswire.com/news-releases/the-worlds-most-exclusive-no-limit-global-crypto-visa-black-card-bitcoinblack-officially-launches-in-uae-301580074.html

This is how their website looked before:
https://web.archive.org/web/20220407062046/https://www.bitcoinblackcreditcard.com/


Back in 2021 there were claiming only 1000 cards and:

No number, no company info, no address, no info on who is behind them , no nothing

Oh, and of course, there is a token sale..
https://www.spendtoken.com/

“Individuals must basically stack their crypto through the soon-coming bitcoinblack secure wallet app or web app, and are instantly committed to spending their crypto with the best conversion rates and high breakpoints.”

Even if a card is emitted in partnership with VISA, that is no reason to automatically define it as legit and safe. Also it remains to be seen what "best conversion rates" actually mean. Visa is not that good when it comes exchange rates. For example even at fx rates you need to pay something like 3.5%.

This is really sceptical for me. I don’t think this is real. Better to stay away from such scams.

Tokens are useless garbage as we all know, why should VISA give themselves an unnecessary legal headache in implementing them with SEC compliance, when they could've just used the tried-and-tested points system instead?

Making an exclusive card to be available to only 10,000 persons worldwide, i think it's not fair at all, because looking at the crypto community worldwide, there are more 1million crypto enthusiast who will also love to have this No limit card access to Bitcoin, because as the day goes by so is the community increasing in numbers. so for me, i see this as a medium VISA is trying to expand the coast of its business to crypto wealthy men and women who wishes to easily purchase items with bitcoin through the use of its no limit exclusive card called ''Bitcoinblack''... because here is a statement by it's CEO below

   

If you bothered to read the article you would notice that his "no limit" card will be available only to those super rich people and not to average Joe. After all, for an average user standard crypto debit cards are more than enough, or you think that there are millions of crypto users that can afford spending tends of thousands of dollars worth of crypto on the daily basis so they need this special card?

As for limiting to only 10k users, its nothing but a marketing technique in order to attract people.

Digital currencies are now spreading all over the world. Developed countries are finding ways to incorporate them into their national economical system. This news is also a part of this revolution.

Yeah, absolutely right.

But I'm not sure how they will manage to know who to contact.

I mean, they say ten thousand people, but how they even know who is the owner of Bitcoin? Isn't it supposed to be a private matter?

And if this is invitation only, how can they know? I can understand if it's an application started from the person itself, but invitation? How can they know?

From what I can see on their website (https://www.bitcoinblackcreditcard.com/) people can request the access to bitcoinblack card so its not like they will randomly send invites around. The big difference compared to some other cards like Binance Visa is that not everyone will get accepted, meaning you will have to prove that you are wealthy enough + some other factors (they didn't disclose that).

Of course this card provides no technical benefits to other Visa-based cards, but to me that's never been the benefit of having these cards. In many European countries BTC purchases via these cards leads to 0% tax (as it's for a purchase), as opposed to simply selling to fiat and buying what you want. So clearly there is an enormous tax-based benefit in being able to purchase something with 0% tax as opposed to up to 40%. If you are based in the US, then probably these cards are indeed useless, but to others it could save a tonne of money if used wisely, even if the benefit for Bitcoin is effectively 0.


This is quite common to be honest, it's similar to Coinbase and others. In order to avoid being inundated with potential customers. Not that suspicious in reality.


Just sounds like Visa wanted a % of the profits from Visa-based cards, because they have been missing out until now.

The main benefit is that you can spend your crypto in an easy way. Another big advantage is that majority of them have cashback program so if you use your card regularly, it adds up.

That is maybe for now, but all this will eventually change (my guess is very soon, within year or two) and Binance will start sending reports to tax offices across Europe countries and then we will have to pay the taxes. Theoretically, we should already report all our crypto debit card spending, but I don't know anyone that is doing that.

So the press release has been deleted from PRNewswire
https://www.prnewswire.com/news-releases/the-worlds-most-exclusive-no-limit-global-crypto-visa-black-card-bitcoinblack-officially-launches-in-uae-301580074.html

The previous webpage has been modified and only left the request invitation now:
https://web.archive.org/web/20220407062046/https://www.bitcoinblackcreditcard.com/

After posting twice or thrice a day, the Fb and other pages are dead silent:
https://www.facebook.com/btcblackcard
https://twitter.com/btc_blackcard

The token page is dead:
https://www.spendtoken.com/
https://talkimg.com/images/2023/05/20/blob03c7288262f80148.png

It looked like a scam, it sounded like a scam, guess what it turned out to be?