[ANN] Bitcoin Debit Card | BIT-X.com | Anonymous or Named | Low Fees!

[Muhammed Zakir]

Hey marco, who to contact if i am interested on the debit card? and is it available worldwide or just in some few countries?

You can contact Marco to get the card. It is available worldwide but in some countries basic restrictions won't be lifted even after verifying. See OP for details.

Quoting a relevant discussion. Please reconsider fees and/or number of times we need to use per month to avoid inactive fee. Thank you!

Im really happy to see that Official launch of Master Card. And also they Now ship that card to Pakistan, I surely go for it. I think your Fees at ATM withdrawal is some what lit but higher, .02 BTC. Can you please mind to lower that fees?

Hmm... the fee for ATM withdrawal is a bit on the higher side. BTC0.02 is equivalent to $5. If I am withdrawing $200 through the ATM, then I'll be paying 5.5% as the fees ($5 plus 3% Mastercard commission). But it is still better than using the Localbitcoins to convert BTC to fiat, as the vendors there normally charge as much as 10% for the currency exchange.

This advantage is destroyed by inactive monthly fee of 0.05BTC. You need to us a minimum of 5 times a month or a have a balance of 5BTC(IIRC) in BIT-X.

I believe that the limit of five times a month is too high. It should be lowered to once a month, or once every two months. Else the inactive fee would cost us BTC0.60 every year, which is equivalent to $144. For me this is a very big amount and it lowers the attraction of using the debit card. I have received my debit card by the way... have to activate it now.

[thebitcoinquiz.com]

Regular shipping is free, card issuance costs 0.05BTC (this 0.05BTC is waived if you complete basic verification by April 1 or are part of the signature campaign).

I was a part of the campaign when I filled up for this card, and so hoe do I activate my card for free(without paying the 0.05BTC)?

[marcotheminer]

Hey marco, who to contact if i am interested on the debit card? and is it available worldwide or just in some few countries?

Please visit https://card.bit-x.com if you'd like to order a card (instructions on how to do so can be found on that page).

Cards can be used worldwide, wherever MasterCard is accepted. Please read the first post on page 1 for more information.

If you've got any more questions I'd more more than happy to help!

[marcotheminer]

I got my Bit-x master card today.
i was earlier in the part of the signature campaign and as per the rules of the campaign i got the cars.
and i dont know why, but i got two such cards, i should have received just one, but got two envelopes with two different cards  .

This was most likely due to you being verified and a part of the campaign (verified users were sent a free card too!).

You will need to pay the activation fee of 0.05 BTC to get the card working.

[thebitcoinquiz.com]

I got my Bit-x master card today.
i was earlier in the part of the signature campaign and as per the rules of the campaign i got the cars.
and i dont know why, but i got two such cards, i should have received just one, but got two envelopes with two different cards   .

This was most likely due to you being verified and a part of the campaign (verified users were sent a free card too!).

You will need to pay the activation fee of 0.05 BTC to get the card working.

Verified where? On bit-x? No. I wasn't verified on bit-x(I still am not), but still got two cards(just for being in the campaign). Well, thanks for that.

Also, I am not going to use the card cause the fee is too high. Bit-x wants us to pay at least 0.025btc/month(when you use the card for purchases you get charged 0.005BTC/transaction, making it at least 0.005*5=0.025btc) and if we are inactive then we'll be charged 0.05BTC. Too too high.
Bit-x is reputed and I think the should stop acting like a small ponzi scheme that is in search for quick and easy money. I believe bit-x should charge the fee percentage wise and the inactivity fee should only be applied when you don't use the card even once in a month(not when you are using it thrice a month and still paying the fee cause you gotta use it 5 times to be counted as active). No offence but its like thuging out money from people as they in any case need to pay "at least" 0.3BTC/year (will generally be more) to Bit-x if you want to use the card.

[alani123]

Is there a fee for unlinking the card from the account or deactivating the card entirely? I'm not thinking of doing this yet, just wondering.

[marcotheminer]

Is there a fee for unlinking the card from the account or deactivating the card entirely? I'm not thinking of doing this yet, just wondering.

I'll get back to you on that.

[miffman]

Verified where? On bit-x? No. I wasn't verified on bit-x(I still am not), but still got two cards(just for being in the campaign). Well, thanks for that.

Also, I am not going to use the card cause the fee is too high. Bit-x wants us to pay at least 0.025btc/month(when you use the card for purchases you get charged 0.005BTC/transaction, making it at least 0.005*5=0.025btc) and if we are inactive then we'll be charged 0.05BTC. Too too high.
Bit-x is reputed and I think the should stop acting like a small ponzi scheme that is in search for quick and easy money. I believe bit-x should charge the fee percentage wise and the inactivity fee should only be applied when you don't use the card even once in a month(not when you are using it thrice a month and still paying the fee cause you gotta use it 5 times to be counted as active). No offence but its like thuging out money from people as they in any case need to pay "at least" 0.3BTC/year (will generally be more) to Bit-x if you want to use the card.

Just my 2 bits. The fees are so high simply because it's bitcoin and still has to go through an exchange where there are trading fees and withdrawl fees, and then there's bit-x who need to profit after producing these cards. Yeah it's high and I won't use it for my daily purchases, but it is interesting to experience your bitcoin be converted to cash.

[thebitcoinquiz.com]

Verified where? On bit-x? No. I wasn't verified on bit-x(I still am not), but still got two cards(just for being in the campaign). Well, thanks for that.

Also, I am not going to use the card cause the fee is too high. Bit-x wants us to pay at least 0.025btc/month(when you use the card for purchases you get charged 0.005BTC/transaction, making it at least 0.005*5=0.025btc) and if we are inactive then we'll be charged 0.05BTC. Too too high.
Bit-x is reputed and I think the should stop acting like a small ponzi scheme that is in search for quick and easy money. I believe bit-x should charge the fee percentage wise and the inactivity fee should only be applied when you don't use the card even once in a month(not when you are using it thrice a month and still paying the fee cause you gotta use it 5 times to be counted as active). No offence but its like thuging out money from people as they in any case need to pay "at least" 0.3BTC/year (will generally be more) to Bit-x if you want to use the card.

Just my 2 bits. The fees are so high simply because it's bitcoin and still has to go through an exchange where there are trading fees and withdrawl fees, and then there's bit-x who need to profit after producing these cards. Yeah it's high and I won't use it for my daily purchases, but it is interesting to experience your bitcoin be converted to cash.

Converted into cash? And you are happy to pay at least 0.3BTC/year to just convert it into cash?
For a normal user who wants to use it for daily purpose the card is not at all useful.
Earlier I thought that it would be starting something new and would be revolutionary, but now I realize that its just a way of thuging out money(no offence).

Also what if I activate the card and don't add up any money to it. How will bit-c charge me inactivity fee then?

[Muhammed Zakir]

Converted into cash? And you are happy to pay at least 0.3BTC/year to just convert it into cash?
For a normal user who wants to use it for daily purpose the card is not at all useful.
Earlier I thought that it would be starting something new and would be revolutionary, but now I realize that its just a way of thuging out money(no offence).

Also what if I activate the card and don't add up any money to it. How will bit-c charge me inactivity fee then?

I agree with you. They should decrease both inactive fee and transaction fee or at least inactive fee. A minimum of 5 uses for waiving inactive fee is bad IMHO.

They will deduct when you fund your account, i.e. when you get signature payout.

[marcotheminer]

Verified where? On bit-x? No. I wasn't verified on bit-x(I still am not), but still got two cards(just for being in the campaign). Well, thanks for that.

Also, I am not going to use the card cause the fee is too high. Bit-x wants us to pay at least 0.025btc/month(when you use the card for purchases you get charged 0.005BTC/transaction, making it at least 0.005*5=0.025btc) and if we are inactive then we'll be charged 0.05BTC. Too too high.
Bit-x is reputed and I think the should stop acting like a small ponzi scheme that is in search for quick and easy money. I believe bit-x should charge the fee percentage wise and the inactivity fee should only be applied when you don't use the card even once in a month(not when you are using it thrice a month and still paying the fee cause you gotta use it 5 times to be counted as active). No offence but its like thuging out money from people as they in any case need to pay "at least" 0.3BTC/year (will generally be more) to Bit-x if you want to use the card.

Just my 2 bits. The fees are so high simply because it's bitcoin and still has to go through an exchange where there are trading fees and withdrawl fees, and then there's bit-x who need to profit after producing these cards. Yeah it's high and I won't use it for my daily purchases, but it is interesting to experience your bitcoin be converted to cash.

Converted into cash? And you are happy to pay at least 0.3BTC/year to just convert it into cash?
For a normal user who wants to use it for daily purpose the card is not at all useful.
Earlier I thought that it would be starting something new and would be revolutionary, but now I realize that its just a way of thuging out money(no offence).

Also what if I activate the card and don't add up any money to it. How will bit-c charge me inactivity fee then?

No one is 'thugging' you out of any money. If you don't want to use the service, you don't have to.

Personally, ~5% to get instant cash (even less for goods) from your BTC holdings wherever and whenever you'd like is extremely fair. I've had over 10% from localbitcoins and it took me half a day to get the cash, which I will need to repeat next time I'd like cash.

[thebitcoinquiz.com]

Verified where? On bit-x? No. I wasn't verified on bit-x(I still am not), but still got two cards(just for being in the campaign). Well, thanks for that.

Also, I am not going to use the card cause the fee is too high. Bit-x wants us to pay at least 0.025btc/month(when you use the card for purchases you get charged 0.005BTC/transaction, making it at least 0.005*5=0.025btc) and if we are inactive then we'll be charged 0.05BTC. Too too high.
Bit-x is reputed and I think the should stop acting like a small ponzi scheme that is in search for quick and easy money. I believe bit-x should charge the fee percentage wise and the inactivity fee should only be applied when you don't use the card even once in a month(not when you are using it thrice a month and still paying the fee cause you gotta use it 5 times to be counted as active). No offence but its like thuging out money from people as they in any case need to pay "at least" 0.3BTC/year (will generally be more) to Bit-x if you want to use the card.

Just my 2 bits. The fees are so high simply because it's bitcoin and still has to go through an exchange where there are trading fees and withdrawl fees, and then there's bit-x who need to profit after producing these cards. Yeah it's high and I won't use it for my daily purchases, but it is interesting to experience your bitcoin be converted to cash.

Converted into cash? And you are happy to pay at least 0.3BTC/year to just convert it into cash?
For a normal user who wants to use it for daily purpose the card is not at all useful.
Earlier I thought that it would be starting something new and would be revolutionary, but now I realize that its just a way of thuging out money(no offence).

Also what if I activate the card and don't add up any money to it. How will bit-c charge me inactivity fee then?

No one is 'thugging' you out of any money. If you don't want to use the service, you don't have to.

Personally, ~5% to get instant cash (even less for goods) from your BTC holdings wherever and whenever you'd like is extremely fair. I've had over 10% from localbitcoins and it took me half a day to get the cash, which I will need to repeat next time I'd like cash.

5% for instant cash is fine. But what about the 0.005BTC fee for every POS? Wouldn't it be better if you start charging it in percent? Its like if I want to buy a book online (which costs me $2), ill have to pay 0.005 BTC(1$) as a fee to Bit-x, do you even know that its like 50% ? Your strategies are a clear reflection that bit-x is not targeting normal users as a customer for its MasterCard.
And I don't like your definition of "inactive", 5 times a month???!!! Do you want my grocery store to start accepting master card? Or do you want me to use my master card for buying a chewing gum or a bottle of Pepsi? That will never be possible. A normal user will each month have to pay 0.05BTC/month for being inactive and even if he wants to be active according to your definition, he'll have to use the card 5 times, making him to spend at least 0.025BTC(incase of POS and higher if he wants cash out the money). Bit-x should be more concerned about reaching to a normal bitcoin user base and not using their card as a means of creating a get-rich-quick scheme for themselves(you wont succeed). The fee needs a lot lot of alteration. You cannot expect people to just hand over bit-x their money just in the form of fee.

[marcotheminer]

5% for instant cash is fine. But what about the 0.005BTC fee for every POS? Wouldn't it be better if you start charging it in percent? Its like if I want to buy a book online (which costs me $2), ill have to pay 0.005 BTC(1$) as a fee to Bit-x, do you even know that its like 50% ? Your strategies are a clear reflection that bit-x is not targeting normal users as a customer for its MasterCard.
And I don't like your definition of "inactive", 5 times a month???!!! Do you want my grocery store to start accepting master card? Or do you want me to use my master card for buying a chewing gum or a bottle of Pepsi? That will never be possible. A normal user will each month have to pay 0.05BTC/month for being inactive and even if he wants to be active according to your definition, he'll have to use the card 5 times, making him to spend at least 0.025BTC(incase of POS and higher if he wants cash out the money). Bit-x should be more concerned about reaching to a normal bitcoin user base and not using their card as a means of creating a get-rich-quick scheme for themselves(you wont succeed). The fee needs a lot lot of alteration. You cannot expect people to just hand over bit-x their money just in the form of fee.

Most shops already do accept MasterCard™ as a payment method. Most people already know that credit/debit cards aren't meant for small purchases due to their fees not making small purchases worthwhile (they can still be used for this purpose nonetheless). 5 transactions a month is easily attainable (the odd ATM withdrawal and POS transactions in store). 0.025BTC for those 5 transactions is currently $6, not a huge amount to the average Bitcoin user and this value can be less than 1% of your total if you transact over $600 which is, again, not a huge amount.

Fees are costs to a business (bank fees, MasterCard™ fees, actual Bit-X running cost fees), they aren't part of a 'get-rich-quick' scheme for any business. A service costs money to run and users must be prepared to pay those fees to use the service they're interested in.

[Muhammed Zakir]

Most shops already do accept MasterCard™ as a payment method. Most people already know that credit/debit cards aren't meant for small purchases due to their fees not making small purchases worthwhile (they can still be used for this purpose nonetheless). 5 transactions a month is easily attainable (the odd ATM withdrawal and POS transactions in store). 0.025BTC for those 5 transactions is currently $6, not a huge amount to the average Bitcoin user and this value can be less than 1% of your total if you transact over $600 which is, again, not a huge amount.

Fees are costs to a business (bank fees, MasterCard™ fees, actual Bit-X running cost fees), they aren't part of a 'get-rich-quick' scheme for any business. A service costs money to run and users must be prepared to pay those fees to use the service they're interested in.

5 ATM withdrawals: (0.02BTC x 5) + (3% x 5) = 0.1BTC + 15%.

Care to reconsider?

[marcotheminer]

Most shops already do accept MasterCard™ as a payment method. Most people already know that credit/debit cards aren't meant for small purchases due to their fees not making small purchases worthwhile (they can still be used for this purpose nonetheless). 5 transactions a month is easily attainable (the odd ATM withdrawal and POS transactions in store). 0.025BTC for those 5 transactions is currently $6, not a huge amount to the average Bitcoin user and this value can be less than 1% of your total if you transact over $600 which is, again, not a huge amount.

Fees are costs to a business (bank fees, MasterCard™ fees, actual Bit-X running cost fees), they aren't part of a 'get-rich-quick' scheme for any business. A service costs money to run and users must be prepared to pay those fees to use the service they're interested in.

5 ATM withdrawals: (0.02BTC x 5) + (3% x 5) = 0.1BTC + 15%.

Care to reconsider?

3 transactions at 3% each equals a total of 3% for all transactions, not 15%.

5 ATM withdrawals: (0.02BTC x 5) + (3% x 5) = 0.1BTC + 3%. For 5 ATM withdrawals.

$1,000 withdrawn in cash monthly means you pay just over 5%. Remember that you can spend directly for goods and this cost will be even lower.

[Muhammed Zakir]

Most shops already do accept MasterCard™ as a payment method. Most people already know that credit/debit cards aren't meant for small purchases due to their fees not making small purchases worthwhile (they can still be used for this purpose nonetheless). 5 transactions a month is easily attainable (the odd ATM withdrawal and POS transactions in store). 0.025BTC for those 5 transactions is currently $6, not a huge amount to the average Bitcoin user and this value can be less than 1% of your total if you transact over $600 which is, again, not a huge amount.

Fees are costs to a business (bank fees, MasterCard™ fees, actual Bit-X running cost fees), they aren't part of a 'get-rich-quick' scheme for any business. A service costs money to run and users must be prepared to pay those fees to use the service they're interested in.

5 ATM withdrawals: (0.02BTC x 5) + (3% x 5) = 0.1BTC + 15%.

Care to reconsider?

3 transactions at 3% each equals a total of 3% for all transactions, not 15%.

Assume I am withdrawing same amount 5 times from ATM. Then total fees will be 0.1BTC + 15% of total withdrawn.

[marcotheminer]

Most shops already do accept MasterCard™ as a payment method. Most people already know that credit/debit cards aren't meant for small purchases due to their fees not making small purchases worthwhile (they can still be used for this purpose nonetheless). 5 transactions a month is easily attainable (the odd ATM withdrawal and POS transactions in store). 0.025BTC for those 5 transactions is currently $6, not a huge amount to the average Bitcoin user and this value can be less than 1% of your total if you transact over $600 which is, again, not a huge amount.

Fees are costs to a business (bank fees, MasterCard™ fees, actual Bit-X running cost fees), they aren't part of a 'get-rich-quick' scheme for any business. A service costs money to run and users must be prepared to pay those fees to use the service they're interested in.

5 ATM withdrawals: (0.02BTC x 5) + (3% x 5) = 0.1BTC + 15%.

Care to reconsider?

3 transactions at 3% each equals a total of 3% for all transactions, not 15%.

Assume I am withdrawing same amount 5 times from ATM. Then total fees will be 0.1BTC + 15% of total withdrawn.

That's not how it adds up. Assume you withdraw $100 5 times.

ATM withdrawal 1: 3% ($3)
ATM withdrawal 2: 3% ($3)
ATM withdrawal 3: 3% ($3)
ATM withdrawal 4: 3% ($3)
ATM withdrawal 5: 3% ($3)

Total withdrawn: $500
$ fee: $15 $75 (not the 15% you thought it was)
$15/$500: 3%

Hope that clears that up.

[Muhammed Zakir]

Most shops already do accept MasterCard™ as a payment method. Most people already know that credit/debit cards aren't meant for small purchases due to their fees not making small purchases worthwhile (they can still be used for this purpose nonetheless). 5 transactions a month is easily attainable (the odd ATM withdrawal and POS transactions in store). 0.025BTC for those 5 transactions is currently $6, not a huge amount to the average Bitcoin user and this value can be less than 1% of your total if you transact over $600 which is, again, not a huge amount.

Fees are costs to a business (bank fees, MasterCard™ fees, actual Bit-X running cost fees), they aren't part of a 'get-rich-quick' scheme for any business. A service costs money to run and users must be prepared to pay those fees to use the service they're interested in.

5 ATM withdrawals: (0.02BTC x 5) + (3% x 5) = 0.1BTC + 15%.

Care to reconsider?

3 transactions at 3% each equals a total of 3% for all transactions, not 15%.

Assume I am withdrawing same amount 5 times from ATM. Then total fees will be 0.1BTC + 15% of total withdrawn.

That's not how it adds up. Assume you withdraw $100 5 times.

ATM withdrawal 1: 3% ($3)
ATM withdrawal 2: 3% ($3)
ATM withdrawal 3: 3% ($3)
ATM withdrawal 4: 3% ($3)
ATM withdrawal 5: 3% ($3)

Total withdrawn: $500
$ fee: $15 $75 (not the 15% you thought it was)
$15/$500: 3%

Hope that clears that up.

Sorry! Slight miscalculation. Thank you!

I forgot about USD to other currency conversion fee. Can you tell me what's the fee? Current fee in percentage for USD ATM withdrawal isn't bad. If USD to INR conversion fee isn't high, then it will be good.

[marcotheminer]

Sorry! Slight miscalculation. Thank you!

I forgot about USD to other currency conversion fee. Can you tell me what's the fee? Current fee in percentage for USD ATM withdrawal isn't bad. If USD to INR conversion fee isn't high, then it will be good.

There is no exchange fee, Bit-X uses internal exchange rates I believe now (all fees can be found here: https://bit-x.com/guide/bitx-cards).

[Muhammed Zakir]

Sorry! Slight miscalculation. Thank you!

I forgot about USD to other currency conversion fee. Can you tell me what's the fee? Current fee in percentage for USD ATM withdrawal isn't bad. If USD to INR conversion fee isn't high, then it will be good.

There is no exchange fee, Bit-X uses internal exchange rates I believe now (all fees can be found here: https://bit-x.com/guide/bitx-cards).

BIT-X will be USD/EUR/GBP denominated card and I will be withdrawing INR. Are you telling me there is no currency conversion fee? I checked the page but there is no mention about currency conversion fee.