Bitcoin Forum

Xapo just announced its Bitcoin debit card, but it will never work.  They received $20million+ from venture capitalists, so they have to show something for their efforts.

Here are the problems with XAPO:

First, Mastercard can (and will) pull the plug at any moment.

Second, the bank can (and will) pull the plug at any moment.

Third, the card will work (if it EVER works) in only a few countries.

Fourth, you will have to submit your ID and personal information, exposing yourself to identity theft from hackers who penetrate their server (which happens in the Bitcoin world all the time)

Fifth, Xapo will report all your finances to the IRS and FinCEN.

Sixth, most likely they will never actually get their card off the ground, like CaVirtex failed to do.

If you want a REAL Bitcoin debit card that ACTUALLY WORKS RIGHT NOW, then the ONLY solution available is https://BitPlastic.com

Well, I dunno about Bitplastic but as far as the rest goes, you are spot on!

My $.02.

;)

I'm sure they are all sitting in their offices now going.. FUCK!

I can't believe we didn't think of all this before we decided to announce our product

Thankfully Sherlock's nemesis of the Bitcoin world is here to save the day!

Let me ask you a question... Are you a Stakeholder in any respect for BitPlastic?

Well, PAYPAL has proved, that they do not technically need the credit card issuers (middlemen)
and can work directly with the banks,
or as in Europe, register themselves AS A BANK.

The biggest mafia-style business in my book is visa/mastercard.
They literally do NOTHING but licensing a service with the layer for "yes/no" operations,
because banks are so stupid, that they couldnt figure out their own platform and API to do it and give the plastic companies the finger.

It is the proof that a bunch of idiots in suits,
can create a trillion dollar business that sells AIR to the general public.
The epitome of snake oil on steroids.

There are too many serious problems. they just have not to solve them!

Anyone used https://bitplastic.com/ before ?

What stop https://bitplastic.com/ to steal your coins ? Or give you less money than a regular exchange ?

I really do not understand the purpose of such cards if this is the tech age and people do everything to move from excessive number of cards stuck in the wallet.
I thought that paying with Bitcoins could free us from cards, but here I see the opposite.

So, giving +100 to the arguments in the top post.

BitPlastic costs 5% to convert your bitcoins to cash to put on the card and it's not instantaneous meaning you have to pre-load it.

With Xapo it converts right when you make a purchase so you can keep your money in bitcoin right up until you make a purchase and not have to worry about loading it with cash.

The key will be how much, if anything, they charge to use the card.

Welcome to the forums.

The point is to move your money to bitcoins instead of holding inflating government fiat.

Until bitcoins are accepted everywhere you either have to cash out bitcoins to government fiat then transfer it to something to spend the money or keep some government fiat or whichever.

With Xapo you will be able to convert every paycheck immediately to bitcoins. Then just use your one card to pay for things that you cannot pay with bitcoins.

+1

I even gave them a small show of faith & opened an account at Xapo and sent 0.04 BTC to it.

Ok, thanks for explanation. Find it reasonable now, but am expecting a very long transformation period...

Wouldn't this make every transaction traceable? Their project is a mistake. This way Bitcoin users would lose their anonymity.

Broad acceptance of Bitcoin will do the same thing but so many wanted to bring Bitcoin to the people...

My $.02.

;)

Oh, they will!  Because Bitcoin is a huge threat to the credit card companies. If Bitcoin gains wide acceptance even just online (nevermind offline), then credit card companies are losing a huge amount of business and market share.  Just like Paypal, they will NEVER allow bitcoin to flourish.

Yeah, there is no anonymity with XAPO.  They require ID and verification documents and they report every penny you run through the card to the government (IRS, FinCEN, etc)

I understand some people don't like the 'high fees' of BitPlastic (which are not really all that high), but you get what you pay for. We don't report ANYTHING to the government and we don't even request your real name.  You're going to lose a lot more money paying taxes on your XAPO finances than you are paying .25btc for a debit card through BitPlastic.

Not as much as Xapo but still. Bitcoin is/will be anonymous if you use it correctly. Xapo will have to report to the government.

Guys, this is NOT as good as all most businesses in the world accenting Bitcoin directly, nobody claims that. But if it works it's second best and very useful for people having a large part of their income in Bitcoin OR prefers to have a large part of their savings in Bitcoin.

Regarding credit card-processors/banks pulling the plug, you would have to assume they've taken that in consideration. It's not like they just forgot that little detail, maybe they have a way of bypassing that through a middleman or something. Who knows if they succeed, but I really hope so and have signed up.

so I wonder, how is XAPO doing?

Anyone actually using them?

Or is this more HYPE and bullshit and not the real McCoy?

Oh, really?

And just WHO around here has been writing that for some time?

Think people will catch on?

Has anyone used these Xapo cards yet?

This doesn't really make sense seeing as both Visa and Mastercard were created by banks (Bank of America and Wells Fargo and a bunch of others)....It's not like these "plastic companies" just showed up and said "You need us" to the banks...

XAPO cards are fucking amazing! I travel everyday and it has worked for over 60+ countries with no issues

warning ,,,, bait and switch---

http://help.xapo.com/95219-What-fees-are-associated-with-the-Xapo-Debit-Card

none of these fees were advertised when we signed up for the card.

It will not work, but people will fall for it. Xapo is trying to play bank for bitcoin, the one reason botcoin was invented is to make banks obsolete. I see the benefit of the card, but the whole vault service seems weird to me and backwards compared to the philosphy behind bitcoins.

Cut the crap, you're Moriarty, you're fat & funny.

Also, as opposed to your idiotic theory, Xapo are still doing good by their customers.

it' a new project
they have a lot of problems
but should give some times for it..
i hope they will be succes in this project...

Doubt they will get many users since they report everything you do.
It kind of take the whole point of using bitcoin away

they have very agresivve add. porgram
they give %100 promotion for alot of faucet
they work hard, they will better next time..

what bank does issue the cards?

How did I know from the second I saw this topic you would be trying to plug one of your services?

now it's work normally
and i used it..
i received bitcoin, send bitcoin
i haven't  any problem..

Not yet mate..Ive heard some complaints so..not willing to try it out as of now...mayb later after some more feedbacks.! :)

Most of us dont use Xapo because of the fourth reason. Nothing new to see they are introducing Debit Card for Bitcoin. I wont use Xapo or Bitplastic. Bitplastic site look too simple and not professional at all.

I better use normal debit card than xapo debit card
Xapo trying to kill bitcoin goals

But, they trying hard now.
So, they might success in future ::)

I use Xapo, basically because I am too lazy to do myself all what's needed for free transactions.
The amounts I use Xapo with are extremely small and I have nothing to hide there.
And, the best is.. you don't actually have to use real name if you just use it for Bitcoin without card, which in my country will never work anyway.
Conclusion: Xapo has good use too for some.

Can you see the future or you work for visa, mastercard and everywhere?

Lol 1 year on...
1. Xapo going strong, running with Visa not Mastercard.
2. Bank may pull the plug just like it can with any system bitcoin isnt the only one running this risk.
3. debit card works perfectly fine in dozens of countries. Buying my groceries with BTC now!
4. Same problem in any site where you must submit identity info
5. IRS has no power in my country lol only americans have to worry about that :P
6. Xapo debit card is up and running perfectly fine :)

 :D  :P  ::) awkward....

BitPlastic....yeah Xapo mobile app is enough to make anyone drop any other options :) Their app design and website is slick, perfect for most consumers.

Xapo is shit with or without the card. Xapo forces you to identify yourself making that bitcoin wallets no longer have that kind of anonymity anymore. Bitcoin's freedom is robbed on Xapo's wallets.

I fully agree, whats the point of using Xapo in the first place when they ask your real email and identity in order to provide you a full account. And second I don't understand why people insist on using Debit cards with bitcoin, when in very few countries the most developed ones there are a few ATM-s at the moment. You are going against all the principle of bitcoin in my view, bitcoin came to get rid of expensive fees and providing at least some level of anonymity, this way if people start using Xapo and its debit card maybe they are not losing expensive fees as Xapo is good at that, but they surely are losing some degree of their anonymity if not all of it.

The is the same with any other bitcoin debit card provider... If you want to have full access to the features, obviously you have to submit your ID and stuff for KYC and AML regulations, duh. All the other bitcoin card providers are also prone to these problems, it's not just Xapo.

But you still have to verify your phone number just to send some bitcoins? That is the thing I don't get.

because the most of the BTC users are interested about real cash(fiat) and not about Bitcoin itself. they are making different businesses by using Bitcoin and they want to cash out. how can they do that without headaches? via debit cards.

let's not forget that +80% from BTC is based on the black market who doesn't care about some extra fees :) . all it matters is that the money can be cash out fast.