2012-08-20 Engadget.com BitInstant founder says BitCoin debit card to launch

[Yankee (BitInstant)]

http://www.engadget.com/2012/08/20/bitinstant-founder-says-bitcoin-debit-card-to-launch-within-next/

A BitCoin debit card could be in your very near future thanks to the efforts of trader-backed BitInstant. That fund transfer outfit, dedicated solely to the digital currency, has partnered with an undisclosed international bank to launch a branded debit card within six to eight weeks. News of the development first surfaced yesterday during an online chat with company co-founder, Charlie Shrem, in which he confirmed the cards would cost users $10 apiece to purchase and carry a 1% bitcoin transfer fee, as well as $1.50 ATM withdrawal fee. To further streamline the exchange process, users will be able to make quick transfers under $1000 by scanning a QR code overlay on front or by accessing the personal BitCoin address listed on back -- all possible with a single confirmation. Initially, the cards will be denominated solely for USD, GBP and EUR, but more foreign currencies could soon be added in the lead up to its official debut. For now, those are the only bits Shrem was willing to share, as further details on this plastic alternative will be forthcoming prior to official launch. Until then, there's always AMEX.

[nimda]

In other words, BUY BUY BUY!

Really looking forward to it. I wonder if it will ship before the Ellet/Bitcoincard/etc?

[Timbo925]

Also tipped of the verge yesterday. They picked it up today 

http://www.theverge.com/2012/8/21/3257144/bitinstant-bitcoin-debit-credit-card-rumor

[marcus_of_augustus]

Yankee: couple of questions regarding Bitinstant's card

i) who holds (owns, possesses, stores, has access to etc?) the centralised database that links the cardholder's identities with the UNIQUE bitcoin address-card number pairs?

ii) how many copies of the bitcoin private keys associated with the UNIQUE bitcoin public address on the card exist and where will they reside?

Thanks.

[Timbo925]

Yankee: couple of questions regarding Bitinstant's card

i) who holds (owns, possesses, stores, has access to etc?) the centralised database that links the cardholder's identities with the UNIQUE bitcoin address-card number pairs?

ii) how many copies of the bitcoin private keys associated with the UNIQUE bitcoin public address on the card exist and where will they reside?

Thanks.

Good questions.
Just wanted to point out a secure way to use it. You can use a other service like blockchain.org to store your own safe wallet (using 2-fact auth + second password for sending) If you want to buy something with the card just scan the code with your cellphone and deposit some funds.
This way even if your Bitcoin Debit Card is stolen (or hacked) funds stolen will be limited.
They could support 1 confirmation for the deposits because you need to identify for getting a card. 

[Shadow383]

I'm totally having one of these when they're out  using mining revenue to pay for my spending directly? Yes please 

[gimme_bottles]

also in the german SPIEGEL-online:

http://www.spiegel.de/netzwelt/web/kommt-die-prepaid-karte-fuer-bitcoins-a-851158.html

[Spekulatius]

also in the german SPIEGEL-online:

http://www.spiegel.de/netzwelt/web/kommt-die-prepaid-karte-fuer-bitcoins-a-851158.html

I cross posted that for you;)

https://bitcointalk.org/index.php?topic=102302.0

[Technomage]

I believe this is the biggest Bitcoin news since Silk Road. So much discussion about this everywhere.

[marcus_of_augustus]

Yankee (BitInstant) : ?

Yankee: couple of questions regarding Bitinstant's card

i) who holds (owns, possesses, stores, has access to etc?) the centralised database that links the cardholder's identities with the UNIQUE bitcoin address-card number pairs?

ii) how many copies of the bitcoin private keys associated with the UNIQUE bitcoin public address on the card exist and where will they reside?

Thanks.

[Yankee (BitInstant)]

Yankee (BitInstant) : ?

Yankee: couple of questions regarding Bitinstant's card

i) who holds (owns, possesses, stores, has access to etc?) the centralised database that links the cardholder's identities with the UNIQUE bitcoin address-card number pairs?

ii) how many copies of the bitcoin private keys associated with the UNIQUE bitcoin public address on the card exist and where will they reside?

Thanks.

1- The only people who have access to it is BitInstant. The bank, mastercard, card issuer does not have access to or need any of this info. Your privacy is safe.

2- So, there is 1 address printed on the card, but we can easily pin more addresses to it.

[marcus_of_augustus]

1- The only people who have access to it is BitInstant. The bank, mastercard, card issuer does not have access to or need any of this info. Your privacy is safe.

Thanks. I assume that the usual caveats of such ID data being subject to request by relevant governing authorities, etc, etc .... also does BitInstant have any plans to datamine this database for its own commercial purposes, e.g. promotions, targeted marketing, etc?

2- So, there is 1 address printed on the card, but we can easily pin more addresses to it.

Umm, interesting that you can "pin" other addresses to the card, but what I was actually asking about was the number of copies, and whereabouts, of the private key associated with the card's public address.

[Gareth Nelson]

1- The only people who have access to it is BitInstant. The bank, mastercard, card issuer does not have access to or need any of this info. Your privacy is safe.

Thanks. I assume that the usual caveats of such ID data being subject to request by relevant governing authorities, etc, etc .... also does BitInstant have any plans to datamine this database for its own commercial purposes, e.g. promotions, targeted marketing, etc?

2- So, there is 1 address printed on the card, but we can easily pin more addresses to it.

Umm, interesting that you can "pin" other addresses to the card, but what I was actually asking about was the number of copies, and whereabouts, of the private key associated with the card's public address.

To answer your first question - we might datamine to get general data on usage in terms of average transaction volume etc but we won't be spamming people.

As for where the private keys will be held - we'll be holding them internally on one of our servers devoted entirely to this one task, the only access will be via SSH from a small whitelist of IP addresses and we'll take all the usual security precautions including external penetration testing etc.

[Yankee (BitInstant)]

1- The only people who have access to it is BitInstant. The bank, mastercard, card issuer does not have access to or need any of this info. Your privacy is safe.

Thanks. I assume that the usual caveats of such ID data being subject to request by relevant governing authorities, etc, etc .... also does BitInstant have any plans to datamine this database for its own commercial purposes, e.g. promotions, targeted marketing, etc?

2- So, there is 1 address printed on the card, but we can easily pin more addresses to it.

Umm, interesting that you can "pin" other addresses to the card, but what I was actually asking about was the number of copies, and whereabouts, of the private key associated with the card's public address.

1- No, never. The only time the information would be shared is if we sell the company, but we'd give some time to opt out, or a change in our current TOS.

2- Ah sorry, I didnt read the question fully. We have our www.bitinstant.com/security page which will be updated with information regarding this.

[knight22]

I hope this will be available for CAD very quickly!!

[ArticMine]

I hope this will be available for CAD very quickly!!

+1