Bitcoin Forum

I believe this company has got it right when it comes to a Bitcoin to debit card business:
http://www.coindesk.com/xapo-launches-bitcoin-debit-card-accepted-at-all-mastercard-locations/

This is the Bitcoin MasterCard we were all drooling over a few years ago but never came to be.

You store your bitcoins in the Xapo wallet either in cold storage or a hot wallet. You swipe your card at any place that takes MasterCard just as you would do with any other card and they check to see if you have enough bitcoins in your hot wallet to cover the price. If you do, the coins are automatically exchanged for the cost of your purchase.

I think that right now the biggest question is the cost. If it is just their 1.2% yearly fee of holding your bitcoins in their vault, then this is a huge step forward. Especially if they can get your bitcoins to you in whatever currency of the country you are in. As someone who has traveled to several countries, the costs of converting to local currency suck big time. If people are able to use this card and travel the world, they would be ahead of all other credit card companies.

This could cause a huge swell in adoption.

Its not 1.2% per year.

It's .12% per year for cold storage vault.

The wallet is free.

Even better.

Chinese can use this card to spend their BTC.  No need for a Chinese bank.

Cool this would a great adapter allowing the masses to get into bitcoin....
If Western Union or another company starts doing worldwide fiat to bitcoin orders and visa versa then we're practically ready for the masses.

Only one downside.... Xapo has your bitcoins do you trust them?  :-\

Nowadays trust seems to be an issue  ;)

They are backed by millions in VC money. They are here to stay.

I would trust them with enough BTC for a week or so of spending money.

I likey what I'm reading.  It it helps the Chinese spend their coins then it helps me smile.  Will be looking into this more for sure thanks for the link!

Ho hum.

You're acting as if BTC debit cards were new.

There have been multiple BTC debit cards for months.

Virtex has had theirs since last autumn.

http://blog.cavirtex.com/debit-cards-arrived-new-withdrawal-option

I'm not sure when Bitplastic started.

https://bitplastic.com/bitcoin-debit-card

Bitplastic has a 0.2 BTC (around $100 a this time) charge for the card. Worse part is that you have to preload it with BTC if you want funds to be available. Xapo will have a $15 charge for the physical card and FREE for a virtual card. Your BTC will only be used at the moment you spend them.

The Virtex card (https://www.cavirtex.com/faq#wbenefit) will only be issued to Canadian citizens. Reviews of bitplastic.com on reddit (https://www.reddit.com/r/Bitcoin/comments/1v9pzr/bitplastic_scam/) have been poor, may be a scam, may not, for sure their customer service is lacking.

Xapo (https://xapo.com/in/campaign/debit/) and Cryptex (https://www.cryptexcard.com/) are the companies to watch.

Its pretty good addition to Bitcoin's ecosystem, but I don't see a huge swell in adoption just because of the debit card. People don't go "omg there is a debit card for bitcoin now, I'm going to buy buy buy"

The main issue right now is complete loss of confidence of the general public and fiat to btc conversion is still too expensive, full of hassles and exteemly risky as your coins can devalue in just an hour.

I have preordered a debit card. Does anyone know how long they are taking to deliver?

Did you pre-order or enter your e-mail to be informed when the pre-orders begin?

sounds great. i want to have one.

xapo wants their customers to register (there is no way around it, i guess) but will the local massage parlor merchant also get my name/adress etc, ?? 

Latest update says MasterCard denies any relationship with xapo.

These Bitcoin Debit cards are an interesting phenomenon. There have been tons of news on Cryptex, Xapo and others recently.
Fundamentaly bitcoin debit cards represent just another offramp. They are interesting to those who really want to use bitcoin.
Why should you want to use bitcoin?

1) because it is cheaper
2) because you need bitcoin to buy what you want
3) because you are an early adopter sitting on a lot of BTC

Argument 1) is a bit dubious from the customer side, especially if a lot of intermediaries want to make a cut as well
Argument 2) refers to dogecointipping and silkroad
Argument 3) is a valid one

To me better off-ramps are especially interesting for early adopters. Unless you can really get some monetary advantage of using BTC over cash.
Same goes for Bitcoin gift cards and similar stuff
Your opinions?

Xapo asks for personal information/documents. You already have alternatives with the cheap polish cards.

Historically Bitcoin has been a better store of value than government currency. Over time that means that immediately converting your paycheck to bitcoins and spending as you currently do will make you better off in the long run. Until Bitcoin is accepted everywhere, this means that you still have to keep government money in the bank to buy things.

Keeping your money in the bank sucks, they literally own your money once you make a deposit. It is just as safe as putting your bitcoins on a third party server. You wouldn't do it with your bitcoins so why do it with your government money.

As things get worse, the first two points become much more apparent. Hyperinflation and things like Cyprus have no affect on the bitcoin user (other than less buying power per paycheck).

Cryptexcard also asks for personal documents. For them, it seems that people that likes privacy are "bad guys".

What has a bitcoin debit card to do with the way you store your fiat money? If you are concerned about the security of banks and you do not want to change to btc or you need some fiat for purchases you can take the cash and put it in a vault at your place.

Holding government currency ensures that you lose purchasing power over the long run.

Converting immediately to bitcoins is best, and holding your money in bitcoin as long as possible is even better.

The fact that this Mastercard converts to government currency only at the point of sale means that you can hold your money in bitcoins for the longest possible time, just as long as making a purchase using bitcoins.

@Elwar: Ok, I can see your point. If you are very bullish on btc you will want to minimize the fiat money holding

I asked Coinbase about a card and they said, "Sooner rather than later."  I think I trust Coinbase a lot more than Xapo, so I may wait if it's not too long.

I agree, if Coinbase comes out with one I would go with it.

They are the only online wallet I have bitcoins on (only because I have not gotten around to transferring them to cold storage). I feel fairly secure with them there.

these cards will not last.
they allow people to completely bypass the fraudulent banking system by converting your paycheck immediately to bitcoin and paying anywhere using the card.
the banksters can not allow this to happen as their power depends on their ability to control the issuance of money.