GetSpendl.com

[OmegaStarScream]

I was browsing through LightningNetworkStores until I came across Spendl. The service is supposed to allow you to spend BTC (using LN) on any website.

If you visit the website, you'll see that you can only request early access and that the product is not live yet but after googling, I found that the extension is already released in Chrome store.

I installed the extension, made an account but I haven't made any orders (Amazon) yet as I wasn't sure whether the app is usable/stable yet or not. I would like to get some reviews from people who used this app before.

[stomachgrowls]

Havent heard this extension before and i did some search but only found one link that do mention out this thing https://www.reddit.com/r/Bitcoin/comments/bgb8z8/moon_enables_lightning_network_payments_on_amazon/

[malevolent]

It looks like it does the same thing as paywithmoon.com. IIRC, one of its co-founders had a dispute with his business partner how customer data should be treated, so maybe this is him restarting the business. I haven't used either site yet, if someone did, I'd like to hear if it worked fine.

[LeGaulois]

It looks like it does the same thing as paywithmoon.com. IIRC, one of its co-founders had a dispute with his business partner how customer data should be treated, so maybe this is him restarting the business. I haven't used either sites yet, if someone did, I'd like to hear if it worked fine.

Correct https://coinrivet.com/exclusive-war-of-words-erupts-following-the-departure-of-moon-co-founder-and-cto/
But no, it isn't the same guy. The person who left Paywithmoon on Reddit is u/angzhanyu Here is a discussion from him when he decided to leave
https://www.reddit.com/r/litecoin/comments/aur1o9/psa_on_moon_browser_extension/

And the person behind GetSpendl is u/NeverFiat
https://www.reddit.com/user/NeverFiat/comments/

I can't find anymore the link I found this afternoon but he was looking for beta-testers with LN a month ago. In fact, when I searched about this service I figured it exists for several months but still unknown. The website is just 1 page there is nothing explained. 3-4 comments on the Chrome store, 3-4 persons on Twitter mentioning it, few things on Reddit and that's all.

Even without LN I have no idea why isn't it better know.

[malevolent]

Even without LN I have no idea why isn't it better know.

I don't see him having started a thread on bitcointalk, so whoever learns of this service will google it first, with few positive and legit reviews, few people will be enticed to try it out, with all the scams out there it's not a surprise.

[Spendl]

Hi guys,
thanks for your interest in this project!

The reason we're not heavily advertising the product is due to our ongoing work for it to work as a gateway between LN and Virtual Visa cards (not easy).
Currently we are operating on a beta/MVP dropship basis (we order your products to you) and we would love to get some more beta users to try it out!
https://chrome.google.com/webstore/detail/spendl-shop-with-lightnin/llcndhdbiiocjfhggkagdbinbpoebbmh

Looking forward to getting some feedback..
Cheers!

[BigBoy89]

The idea is cool and will allow us to buy even groceries with LN.


But I have my concerns about how you are funding those orders?
Don't get me wrong, I'm not accusing you of cheating, but I'm always suspicions when somebody is offering Crypto to no-Crypto/Fiat services.

Are you funding it with your own exchanged to fiat money or you are using external contractors?

[josephdd1]

The idea is cool and will allow us to buy even groceries with LN.


But I have my concerns about how you are funding those orders?
Don't get me wrong, I'm not accusing you of cheating, but I'm always suspicions when somebody is offering Crypto to no-Crypto/Fiat services.

Are you funding it with your own exchanged to fiat money or you are using external contractors?

I see a lot of 'yous' in your comment. Who are you referring to? Mr Omega star scream is not the owner of spendl, he is just looking for advice and reviews from people that have been using this extension.
@Mr Omega star scream, have you had the chance to verify if the source code of the extension is safe to install?  If you confirm then I will install as well.

[Spendl]

@BigBoy89
We are funding the tx using our own fiat money, while instantly selling the BTC amount on the exchange to lock the rate and replenish the fiat buffer.

[o_e_l_e_o]

-snip-

He's obviously talking to the user Spendl who is running this project. Please try reading the thread before spamming your signature.


I sincerely hope your project is successful, and I would love to make use of something like this, but I also have a few questions.

We are funding the tx using our own fiat money, while instantly selling the BTC amount on the exchange to lock the rate and replenish the fiat buffer.

Where is your profit coming from? Your website says commission free, but if that's the case, then you are now paying transaction fees (your wallet to exchange), exchange trading fees, and exchange withdrawal fees from your own pocket. You must be taking a cut somewhere otherwise you will be operating at a loss and therefore unsustainable.

I also remember reading about your marketplace around a year ago on reddit: https://neverfiat.com. That is now a dead link. What happened?

Also, I hate Chrome. Everyone involved in crypto should hate Chrome since it is literal spyware. Any plans for Firefox implementation?

[Spendl]

@o_e_l_e_o

So about commission free, I agree and sincerely apologise, commission free isn't good wording at all and quite misleading, we tend to change the website content all the time to see what works best and commission free was suppose to mean that will not charge any fee apart from the OTC rate. it's been removed. 

Our current mark-up is 1% on the BTC rate, but once virtual cards are live we will have to shift it slightly higher.
We obviously want to make money but we also wish to make something of value that users would be happy to use, with a good chance to gain organic traction.
The #1 goal is creating an offering that's appealing for people looking to cash out into products/services/flights/hotels, without holding their coins and charging high fees.
If this turns out as something people really want/need, then we have lots of viable strategies and ideas how to make the business sustainable without sacrificing users privacy i.e. interchange fees on cards, wallet SDKs etc.

In regards to Neverfiat, we stopped operating it, I guess the crypto economy supply and demand isn't big enough for a real commodity e-market,
but there's definitely a need for a non-custodial LN-bitcoin --> VCC payment gateway. 

About Chrome, chromium is the most widely used browser out there, so we have to start somewhere.

thanks for your interest!!   

[o_e_l_e_o]

Thanks for your response.

Our current mark-up is 1% on the BTC rate, but once virtual cards are live we will have to shift it slightly higher.

Coinbase's card currently charges 2.49%, and Cryptopay is 1.99%. 1% is not unreasonable by any means, and neither would shifting it "slightly higher". Nobody is expecting a service like this to be free, and I for one much prefer when companies are just up front and honest about their fees rather than try to bury them away somewhere in the depths of their site.

If this turns out as something people really want/need, then we have lots of viable strategies and ideas how to make the business sustainable without sacrificing users privacy i.e. interchange fees on cards, wallet SDKs etc.

I would definitely use something like this to bypass having to either cash out to fiat or buy giftcards when looking to spend bitcoin at places which don't accept it yet, but you have touched on my next question - privacy. How much data do you need to collect from users? Are you actually placing the order on my behalf, and therefore would need my name, email, phone number, address, and so forth?

About Chrome, chromium is the most widely used browser out there, so we have to start somewhere.

You are correct, much to my disgust, and Chrome has around 70% market share. Since Brave started asking for KYC, there unfortunately isn't a good privacy focused Chromium based browser.

[BigBoy89]

Thank you for asking my previous question about your funding sources. I always have my concerns on crypto-fiat transactions, because services like GetSpendl.com are the easiest way to clear funds from carding, stolen gift cards, etc.

...
Our current mark-up is 1% on the BTC rate, but once virtual cards are live we will have to shift it slightly higher.
We obviously want to make money but we also wish to make something of value that users would be happy to use, with a good chance to gain organic traction.
...

1% is only for USD transactions or for all currencies? Or for all popular currencies?
For example, Wirex have Debit Visa in GBP, Euro and USD. But if you make a USD transaction with GBP card, 3.49% are instantly gone as an FX fee.

[OmegaStarScream]

For those who are interested...

Spendl's virtual visa card is out (reloadable using BTC/LN). Sadly though, KYC is mandatory and the card is only available for EU and U.K citizens.

The loading fee was €1 + 5% when I first checked the site a few hours ago, and now, it's showing 2.9% + €0,90. I couldn't find any mention of the card limits.

[Spendl]

Hi guys,

Spendl is live and ready to roll!
Send me a private message for early access link.

Indeed KYC is mandatory at the moment although we are working on non KYC card w/ limits up to 150 EUR per card.

Current limits are 2500 EUR daily and 5000 Monthly per CARD.

This is the pricing page: https://getspendl.com/pricing/

We'd be happy to answer any questions, concerns and to respond to any feedback.

Neevai

[OmegaStarScream]

...although we are working on non KYC card w/ limits up to 150 EUR per card.

Current limits are 2500 EUR daily and 5000 Monthly per CARD.

This is the pricing page: https://getspendl.com/pricing/

We'd be happy to answer any questions, concerns and to respond to any feedback.

Neevai

Is there any ETA for releasing the new cards? and do you have any plans to support other countries (APAC and MENA) for the KYC cards?

[Spendl]

ETA for new cards: don't wan't to jinx it but within a couple of month.

Regarding KYC cards - we support most of APAC and MENA right now, give it a try, only US persons and sanctioned/high risk countries are declined by the bank.
To be fully transparent the only setback with that is your base currency being denominated in EUR and not your local currency, so local currency transactions would result in a forex exchange fee collected by the bank. With that said it would still 100% work anywhere Visa is accepted, including APAC / MENA.

Hope that answers your questions and keep'em coming

Cheers!

[fredi987]

Who has an old http://getspendl.com account.
Write me in telegram @cherchyl91.
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