Bitcoin Forum

https://i.imgur.com/6Tn3ubR.jpg?1 (http://cointelegraph.com/news/114576/buyanycoin-a-prepaid-crypto-card-at-your-local-store?utm_source=google&utm_medium=cpc&utm_campaign=bitcointalk&utm_term=evg)

Startup BuyAnyCoin (BAC) plans to sell prepaid crypto cards next to prepaid
phone and debit cards in convenience stores. They're currently hoping
to raise US$10,000 for merchant outreach and continued backend development.

Would you buy such a card? (http://cointelegraph.com/news/114576/buyanycoin-a-prepaid-crypto-card-at-your-local-store?utm_source=google&utm_medium=cpc&utm_campaign=bitcointalk&utm_term=evg)

no the whole point of bitcoin(at least for me, i don't see it as an alternative, i want it to replace the fiat scam one day), is to remove the need of the instrument of its competitor, live visa and mastercard

i want to get rid of my credit card completely, one day and recieve everything in my bitcoin wallet, from which i can spend without worry about security code, pin, my name and other garbage like that

It looks like a voucher not an actual bank card, which is an entirely good thing!

I think it would depend on the price... If i can buy cheaper BTC elsewhere, i will not buy a prepaid card, if this is the cheapest option for me, i would buy it...

For me it depends on whether the fees are less than a Bitcoin ATM charges. If the fees are more I would rather get cash from a Bitcoin ATM and spend that instead. It all depends who offers the cheapest service. It would be ideal if most shops accepted Bitcoin, but cards like that are a temporary compromise.

My biggest concern would be the private key.. How can the consumer be sure that you don't have a copy of the private key?

I guess as a customer you are not sure. You need to trust them, that they are indeed selling prepaid bitcoin cards with private key.
I think if company goes as far as creating network of distribution, signing contracts with a resellers and so on, they won't try to scam potential customers that way.
It will be the end of them and their business if  they would do something like that, nobody will risk company just to scam some btc.

Yes. I would. If it made sense to use one. Maybe if I was not wanting to not have to carry my phone and I wanted to exchange 100$ in btc. I could just buy the card and then use it as the form of payment for that transaction.

What do I need some plastic card for when I have a smartphone? This is 2015, not 1995.

Well I could tell you how our systems work. We generate several random hashes, including your password. These are all used to encrypt all your private data. i.e. We don't store your password or use hot wallets, because it would ultimately lead to a data breach. But at the end it all depends on your trust with your card provider (because they will always require your keys to unlock the content) which all goes against everything Bitcoin stands for.

How about KYC/AML compliance? They are quite hard to comply with. And also, the problem with this is that many merchants won't accept a less known  merchant service to use it in their store. You would probably be bombard with complains that the cards were stolen etc etc.

I guess they just want to tap into the altcoin market since to see if they could make it last, maybe they see great potential into having new users buy the card direct to buy altcoins then the bitcoin experience.

No, I wouldn't buy a prepaid crypto card right now.
In my country, we don't have many places where we could use such card, we just recently got first bitcoin ATM, very few companies accept bitcoin etc.
Maybe later, in the future, when bitcoin becomes widely accepted here.

If I understand correctly. This card is a way to turn fiat into BTC without the trouble of going to your Bitcoin ATM. In some places, Bitcoin ATM is very uncommon. If this becomes successful, people can try out BTC without going far distances for a few dollars. This can improve the acceptance of BTC if stores starts to accept these cards. But they should also allow users to withdraw into BTC.

Oh, it's like Bitcoinbon.
Sure, it is a nice idea and it works quite well in Austria. There are no KYC/AML-requirements since the amount of money used is too small(if somebody would buy cards with a value of thousands of euros, the vendor would have to check his ID).
I don't use it, since the fees that are invovled are pretty high(I think something between 6-10%), but it is a nice entrypoint into the cryptoworld.

I would if the fees are low. I really like bit-x's one as you can spend the money directly from the coins you have on the exchnage but the fees are just too much for me and with a minimum of 5 transactions a month to keep it active or you have to pay to reactivate it is harsh.

You should know this fact! We play games, Facebook, Twitter on our phone, which will run out battery soon! Do you face such kind of embarrassment you need to make an emergent call but there is no battery at all! The same scenario can apply here! We keep plastic card in our wallet in case such situation happens!

I definitely don't see myself buying such a card right now. Maybe two years ago, when I started learning about Bitcoin... but definitely not now :) I'm very used to the usual way I buy and sell Bitcoins.

That is why I keep an extra battery charger like this (http://www.amazon.com/ExpertPower%C2%AE-Portable-Charger-Smartphones-Compatible/dp/B00N4E84T8/ref=pd_sim_107_1?ie=UTF8&refRID=0428181X16BB4JM56ZPV) with me if I am going to be away from the home for too long.  It is actually really handy, especially if I need to wait somewhere like at the doctors office.

I don't think I would have any use for such a prepaid card, but who knows, someone might find it useful.

dx.com sells them for about $5 (at least, they used to, that's where i bought mine a year ago)

So the main point of these cards is easier access to Bitcoin? If so, that's a good thing.

But if the idea is so it's used like a ATM/debit card then there are already Bitcoin debit cards out there.

If they can undercut the fees for Bitcoin entrance, then they could be onto something. I'd buy them if they saved me 3 to 4% +, rather than having to pay 8%+ with overpriced BTC and exchange charges, and so on.

So I'm guessing these work in a similar way to how iTunes cards work then? Except that instead of redeeming the card for songs, you redeem it for cryptocurrencies on a centralized exchange?

As for whether or not I'd buy one of these cards, well that would depend on the fees/markup. Right now I mostly use LocalBitcoins for buying BTC and the markup is around 3-5% above the price on other exchanges. If these guys can make it lower than that then I'd definitely be interested. However, I consider myself to be pretty tech savvy and I know how to set up my own wallets and buy/sell coins so the convenience factor would probably have little impact for someone like me.

it's great that people have something to choose from, but at the end it will be a personal preference. i personally don't need something like that as the need for it in the netherlands is very low.

Yes, I guess I could buy one of those, though I wouldn't pay much for it but I like the idea of a card,, because it would free me from having to open my laptop and write a password (I don't want to have a smartphone, they're tools for surveillance).

I would if it was reloadable. Sometimes, I do some consulting work for bitcoin, and I want easy and quick access to funds for spending at outlets where bitcoin isn't accepted.

And you can even buy it in gearbest or fasttech because they accept bitcoin  :D


I wouldn't buy a card, but it would be cool if make people be able to buy it easily

What if you're out of range, or have no signal or your battery dies.

Looks like there is some confusion here about what BuyAnyCoin does. Just want to drop by and say a few things for the company.

BAC (BuyAnyCoin) is not going after people already using BTC and other alternative currencies, we know you are already using them, you know how to get them and are comfortable navigate technical waters. There is a major problem right now and it will remain a problem until something happens to make crypto-adoption so simple the "average" person can pick it up at a grocery store.

We get it, tons of spendable preloaded cards, put money on them spend them on Visa networks etc. but that's not what we are doing. We are undercutting ATM fees, exchange complications and shady back alley deals.

Walk into a grocery store, grab a soda and a BAC Card (just like an iTunes card) pay the store and then redeem it for a nice selection of popular coins. The tech can be complicated at times but adoption doesn't have to be.

Lets work together and the entire industry can benefit from this simple solution.

Feel free to tweet or email me, I'm not always on BTCTalk

@thorthur22 or email: thor@buyanycoin.com

Hey, I kind of like this.... I just figured... How the hell will you get past all the AML/KYC regulations?

I will definately use prepaid crypto cards, because it's a huge hassle to buy some of these coins and I can use this as a entry point for new adopters to get into the scene.

The main concern would be the private key... Could you explain the tech behind that?

what should i have prepaid crypto card? i dont understand what is the point of bitcoin ( there is no intervention from third side right? and that mean we're gonna give them fee again wth ? ) bitcoin is easy so please dont make it complicted and off course i dont want to give them some fees for that card.

We dont get past the AML/KYC, we comply.

Yep, so simply put we are providing direct access to cryptocurrencies in stores and directly into the coin you want not having to use BTC as a gateway.

No magic, no complicated functions here. Its a industry standard gift card and you redeem it online. We do have off blockchain wallets and your key is encrypted and salted, linked to your web login.

We have alot to add and develope, 2FA will be there soon, everyone loves their security!