marcotheminer
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May 29, 2015, 11:11:33 AM |
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Cash withdrawal at ATM 0.01 BTC +3% fee - seriously? I bet you also have your own exchange rate ([color=]read another hidden fees[/color])
There are more hidden things at Bit-X than you can imagine... 1. The people behind Bit-X is hidden. ]2. The company behind Bit-X (xBit.co or something) used to hotlink an image from an Indian website a few days ago. Then that website got hidden and Bit-X appeared as the parent company !!! 3.. Their mining address is hidden. BitFury said (maybe because of bribe) that Bit-X has bought 1 Phs. Now, no one knows how much Bit-X is selling. Bit-X likes all things hidden (like AM hash did) and some people are supporting them just to keep their signature payment coming. Till now the company has delivered whatever it has promised and I don't think they have disappointed a single customer. I just feel you are butthurt cuz they seem to be doing good and fair business. You cannot call it a scam just because you have been scammed earlier. fair point, but what about fees - is it something you personally might be willing to pay? I just give you an example of other hidden fees if you pay in you local currency there will be extra curency conversion fee of about 3% + they have their own btc/fiat rate which is not best on the marker - read more hidden fees so in total we have ATM withdrawal fees = 0.01BTC + 3% (nanocard fee) + % foreign ccy conversion fee + 3% (bit-x conversion rate, it's not any near to let'say BitPay's BBB or BitStamp rate), so about 9% in total for ATM withdrawal As per https://bit-x.com/guide/bitx-cards: Cash withdrawal at ATM: 0.01 BTC and 3%. Not sure where you got 2 '3%' fees. The Bit-X exchange rate is extremely similar to BitStamp or BitPay's rate and may even occasionally be higher. I understand why you're posting against this service; you are after all operating a similar service: https://bitcointalk.org/index.php?topic=917350 (not really a competitor since you offer prepaid cards). Nonetheless, from my perspective, it doesn't put you in a nice light. |
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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marcotheminer
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May 29, 2015, 11:12:40 AM |
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What about the people who don't have to pay the conversion fee? For them it will be like 6%. And for me 6% atm withdrawal fee is completely legit because I've many times sold my bitcoins for cash to local buyers and they pay approx. 10% less to the current market rate. And ATM is giving you cash whenever you like wherever you want, so 6%-9% of fee for ATM withdrawals is good enough. The only thing that pains me is the inactivity fee, its like its my card now, and after activating it why am I being pushed to use it 5 times a week??
It's 5 times a month.  |
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Muhammed Zakir
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May 29, 2015, 11:15:29 AM |
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What about the people who don't have to pay the conversion fee? For them it will be like 6%. And for me 6% atm withdrawal fee is completely legit because I've many times sold my bitcoins for cash to local buyers and they pay approx. 10% less to the current market rate. And ATM is giving you cash whenever you like wherever you want, so 6%-9% of fee for ATM withdrawals is good enough. The only thing that pains me is the inactivity fee, its like its my card now, and after activating it why am I being pushed to use it 5 times a week??
It's 5 times a month. Can you decrease it to 2 or 3 times a month or decrease inactivity fee from 0.05 BTC to 0.02 BTC or so? |
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thebitcoinquiz.com
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May 29, 2015, 11:19:26 AM |
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What about the people who don't have to pay the conversion fee? For them it will be like 6%. And for me 6% atm withdrawal fee is completely legit because I've many times sold my bitcoins for cash to local buyers and they pay approx. 10% less to the current market rate. And ATM is giving you cash whenever you like wherever you want, so 6%-9% of fee for ATM withdrawals is good enough. The only thing that pains me is the inactivity fee, its like its my card now, and after activating it why am I being pushed to use it 5 times a week??
It's 5 times a month. Oh yes, sorry, its 5 times a month but still its a lot.
Can you decrease it to 2 or 3 times a month or decrease inactivity fee from 0.05BTC to 0.02BTC or so?
I support MZ, reducing it to twice or thrice a month would be a nice idea and will make the card "usable". Cash withdrawal at ATM 0.01 BTC +3% fee - seriously? I bet you also have your own exchange rate ([color=]read another hidden fees[/color])
There are more hidden things at Bit-X than you can imagine... 1. The people behind Bit-X is hidden. ]2. The company behind Bit-X (xBit.co or something) used to hotlink an image from an Indian website a few days ago. Then that website got hidden and Bit-X appeared as the parent company !!! 3.. Their mining address is hidden. BitFury said (maybe because of bribe) that Bit-X has bought 1 Phs. Now, no one knows how much Bit-X is selling. Bit-X likes all things hidden (like AM hash did) and some people are supporting them just to keep their signature payment coming. Till now the company has delivered whatever it has promised and I don't think they have disappointed a single customer. I just feel you are butthurt cuz they seem to be doing good and fair business. You cannot call it a scam just because you have been scammed earlier. fair point, but what about fees - is it something you personally might be willing to pay? I just give you an example of other hidden fees if you pay in you local currency there will be extra curency conversion fee of about 3% + they have their own btc/fiat rate which is not best on the marker - read more hidden fees so in total we have ATM withdrawal fees = 0.01BTC + 3% (nanocard fee) + % foreign ccy conversion fee + 3% (bit-x conversion rate, it's not any near to let'say BitPay's BBB or BitStamp rate), so about 9% in total for ATM withdrawal As per https://bit-x.com/guide/bitx-cards: Cash withdrawal at ATM: 0.01 BTC and 3%. Not sure where you got 2 '3%' fees. The Bit-X exchange rate is extremely similar to BitStamp or BitPay's rate and may even occasionally be higher. I understand why you're posting against this service; you are after all operating a similar service: https://bitcointalk.org/index.php?topic=917350 (not really a competitor since you offer prepaid cards). Nonetheless, from my perspective, it doesn't put you in a nice light. He got 2 "3%" by adding one more 3% as a currency conversion fee. Is there something like that too? |
Stay hungry. Stay foolish.
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warningsigns
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May 30, 2015, 02:24:47 AM
Last edit: May 30, 2015, 03:21:50 AM by warningsigns |
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I signed up for this card and got "Basic" verification. A cash withdrawal limit of 1000 Euros per year is too low. How can I get the bank-approved verification level?
Another question-- I have the ANX debit card and I am not happy with the delay in loading the card. I first have to trade bitcoins and then request the card to be loaded which takes 2 to 3 days. Do I have to do the same thing with this card? Or can I use this card without waiting a few days for funds to be loaded into the card? Are the withdrawn or spent funds linked in real-time to my bitcoin balance?
If I can get the bank-approved verification level, I will go ahead and order the card (and fund my BIT-X account with a few coins). I don't like a card where I have to wait a few days for funds to be loaded. If I can spend bitcoins in real-time with this card, I don't care about the fees and will go ahead and place the order.
If I cannot get the bank-approved verification, can I order two cards with two separate and independent limits? (which basically means I get to withdraw 1000 Euros annually on each card)
If (1) I can't get bank-approved verification and can't get a second card AND (2) the cards have a delayed loading process, then I'm outta here. Not getting the card in this case.
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marcotheminer
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May 30, 2015, 11:14:06 AM |
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I'll quote your questions and reply to each as soon as I'm back on a PC. I think you'll be pleased with the answers . |
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syuhide
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May 30, 2015, 11:33:01 AM |
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POS (Point of Sale) Transactions - In-shop or online payments. Account closure may come with a fee. No activity: less that 5 card operations per month. Fees are subject to change. If they do, all users will be notified appropriately and well in advance. EUR and USD denominated cards are available and fully functional. Cards can be sent to all countries.
Cards will work in all countries.Residents of the following countries can order a card but may not raise limits above the "without any verification" limits due to Financial Action Task Force (FATF) and Central Bank restrictions. Afghanistan, Albania, Algeria, Angola, Cambodia, Democratic Peoples's Republic of Korea (DPRK), Ecuador, Guyana, Indonesia, Iran, Iraq, Kuwait, Lao PDR, Myanmar, Namibia, Nicaragua, Pakistan, Panama, Papua New Guinea, Sudan, Syria, Uganda, USA, Yemen, Zimbabwe. Registered office: Portland House, Bressenden Place, London, SW1E 5RS, United Kingdom. © 2014 bit-x bit-x.com is a trademark of XBIT Ltd., a licensed Forex participant i want to have this card.. let me know in how much time you can deliver this to me..?? |
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niktitan132
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May 30, 2015, 11:58:02 AM |
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POS (Point of Sale) Transactions - In-shop or online payments. Account closure may come with a fee. No activity: less that 5 card operations per month. Fees are subject to change. If they do, all users will be notified appropriately and well in advance. EUR and USD denominated cards are available and fully functional. Cards can be sent to all countries.
Cards will work in all countries.Residents of the following countries can order a card but may not raise limits above the "without any verification" limits due to Financial Action Task Force (FATF) and Central Bank restrictions. Afghanistan, Albania, Algeria, Angola, Cambodia, Democratic Peoples's Republic of Korea (DPRK), Ecuador, Guyana, Indonesia, Iran, Iraq, Kuwait, Lao PDR, Myanmar, Namibia, Nicaragua, Pakistan, Panama, Papua New Guinea, Sudan, Syria, Uganda, USA, Yemen, Zimbabwe. Registered office: Portland House, Bressenden Place, London, SW1E 5RS, United Kingdom. © 2014 bit-x bit-x.com is a trademark of XBIT Ltd., a licensed Forex participant i want to have this card.. let me know in how much time you can deliver this to me..?? Everything writes down in the link, how to order your bit-x card. https://card.bit-x.com/ I think the cards are send from UK.I didn't get my yet, so I do not know how long it needs to get delivered. |
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thebitcoinquiz.com
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May 30, 2015, 02:52:47 PM |
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POS (Point of Sale) Transactions - In-shop or online payments. Account closure may come with a fee. No activity: less that 5 card operations per month. Fees are subject to change. If they do, all users will be notified appropriately and well in advance. EUR and USD denominated cards are available and fully functional. Cards can be sent to all countries.
Cards will work in all countries.Residents of the following countries can order a card but may not raise limits above the "without any verification" limits due to Financial Action Task Force (FATF) and Central Bank restrictions. Afghanistan, Albania, Algeria, Angola, Cambodia, Democratic Peoples's Republic of Korea (DPRK), Ecuador, Guyana, Indonesia, Iran, Iraq, Kuwait, Lao PDR, Myanmar, Namibia, Nicaragua, Pakistan, Panama, Papua New Guinea, Sudan, Syria, Uganda, USA, Yemen, Zimbabwe. Registered office: Portland House, Bressenden Place, London, SW1E 5RS, United Kingdom. © 2014 bit-x bit-x.com is a trademark of XBIT Ltd., a licensed Forex participant i want to have this card.. let me know in how much time you can deliver this to me..?? Guessing by your general stats, you seem to be located in India. I received these cards in India within 11 days after they were sent out by Bit-x guys. So approximately it will take 10-15 days to receive these cards by standard shipping. |
Stay hungry. Stay foolish.
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marcotheminer
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May 30, 2015, 05:32:54 PM |
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He got 2 "3%" by adding one more 3% as a currency conversion fee. Is there something like that too?
He added a nonexistent fee. Bit-X does not charge a currency conversion fee. MasterCard uses their currency exchange rates as found here: https://www.mastercard.com/global/currencyconversion. |
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marcotheminer
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May 30, 2015, 05:33:44 PM |
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i want to have this card..
let me know in how much time you can deliver this to me..??
Cards are sent via airmail. Depending on where you live, I imagine the card would arrive in a week or so (maybe less). |
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marcotheminer
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May 30, 2015, 05:48:29 PM |
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I signed up for this card and got "Basic" verification. A cash withdrawal limit of 1000 Euros per year is too low. How can I get the bank-approved verification level?
Another question-- I have the ANX debit card and I am not happy with the delay in loading the card. I first have to trade bitcoins and then request the card to be loaded which takes 2 to 3 days. Do I have to do the same thing with this card? Or can I use this card without waiting a few days for funds to be loaded into the card? Are the withdrawn or spent funds linked in real-time to my bitcoin balance?
If I can get the bank-approved verification level, I will go ahead and order the card (and fund my BIT-X account with a few coins). I don't like a card where I have to wait a few days for funds to be loaded. If I can spend bitcoins in real-time with this card, I don't care about the fees and will go ahead and place the order.
If I cannot get the bank-approved verification, can I order two cards with two separate and independent limits? (which basically means I get to withdraw 1000 Euros annually on each card)
If (1) I can't get bank-approved verification and can't get a second card AND (2) the cards have a delayed loading process, then I'm outta here. Not getting the card in this case.
For bank verification just fill in the form that comes up when you click on "Raise Limits" (after you've completed basic verification). Unlike prepaid cards like the kind you're complaining about, the Bit-X Debit Card is, as the name suggests, a debit card! This means that funds are converted the moment you use your card. All you need to do is have a balance in any of your Bit-X wallets (BTC, LTC, USD, EUR or GBP). If you choose to deposit BTC, which is the most likely option I'm assuming, once the deposit is confirmed the amount can be spent through the card! Nothing else to do, just swipe that card and pay whenever you'd like. Note that "the maximum amount that can be spent in one transaction must be under 70% of a user's available balance when converted to the card's currency". If you'd like, you can order 2 separate cards, one in each currency (USD and EUR). To recap: No delayed loading process. Once your BTC deposit clears (a couple confirmations), your BTC is spendable through your card! Bank verification shouldn't be an issue as long as you fill in the form (it might take a few days to a few weeks at most). Hope all that helped! |
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warningsigns
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May 31, 2015, 12:14:29 AM |
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Yes, this helped a lot. Thanks.
I will complete the form and if it is approved, I will order the EUR and USD versions of the card.
So if 70% is spendable, what happens to the remaining 30% of my btc? Is this 30% non-spendable and will I need to deposit more coins to use the card again? Sorry for the many questions.. I just want to be sure and avoid some bad surprises out there, like swiping the card and ... declined. Happened once and I felt like the whole restaurant was looking at me.
And one last question. Is the BITX app on the iOS store owned by this company? When I downloaded it and tried to log in with my email, it prompted me to sign up (which I already did on the web or I wouldn't have basic verification). Would be nice to have this app on my phone so I can quickly check my BTC balance before paying with the card.
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thebitcoinquiz.com
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May 31, 2015, 03:42:26 AM |
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Yes, this helped a lot. Thanks.
I will complete the form and if it is approved, I will order the EUR and USD versions of the card.
So if 70% is spendable, what happens to the remaining 30% of my btc? Is this 30% non-spendable and will I need to deposit more coins to use the card again? Its just that you can use maximum of 70% of you total available balance on bit-x account. Like you have 1BTC in toh account, then you can use maximum of 0.7BTC at a time, if you use it you'll be left with 0.3BTC, now you can either withdraw that 0.3BTC or you can maximum use 70% of that 0.3BTC again at most at a time. |
Stay hungry. Stay foolish.
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marcotheminer
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May 31, 2015, 07:46:27 AM |
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Yes, this helped a lot. Thanks.
I will complete the form and if it is approved, I will order the EUR and USD versions of the card.
So if 70% is spendable, what happens to the remaining 30% of my btc? Is this 30% non-spendable and will I need to deposit more coins to use the card again? Sorry for the many questions.. I just want to be sure and avoid some bad surprises out there, like swiping the card and ... declined. Happened once and I felt like the whole restaurant was looking at me.
And one last question. Is the BITX app on the iOS store owned by this company? When I downloaded it and tried to log in with my email, it prompted me to sign up (which I already did on the web or I wouldn't have basic verification). Would be nice to have this app on my phone so I can quickly check my BTC balance before paying with the card.
You can then proceed to spend 70% of the remaining 30%. As long as you successfully link your card and have enough BTC to cover a purchase then your card won't be declined! BIT-X ≠ BITX. Bit-X has a mobile app in the works for user debit cards. Until then, the mobile interface should work fine to check your balance. |
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nandaltc
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May 31, 2015, 05:25:42 PM |
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Hi marco have few question
How many days It will take to for shipping the card?
Secondly can you please lower the Inactive card fees?
Thanks
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thebitcoinquiz.com
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May 31, 2015, 05:48:59 PM |
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Hi marco have few question
How many days It will take to for shipping the card?
Secondly can you please lower the Inactive card fees?
Thanks
The card will usually take approx 10-20days(more than that in very rare cases) to ship to Indonesia. Also, I do t think that they have any plans to lower down the inactivity fee. |
Stay hungry. Stay foolish.
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marcotheminer
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May 31, 2015, 07:30:10 PM |
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Hi marco have few question
How many days It will take to for shipping the card?
Secondly can you please lower the Inactive card fees?
Thanks
The card will arrive in around a week or two (it may take less or a bit more time depending on where you have the card shipped to). In the near future, the inactive card fee may drop. If you make 5 transactions a month or have an on-site balance of over 5 BTC or the equivalent in any of the other supported currencies, then no inactive fee will be charged. |
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niktitan132
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June 01, 2015, 02:42:54 PM |
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My card arrived today.The design of the card is very good and the material of the card,too. I will test it out next month or so.Thanks! |
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marcotheminer
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June 04, 2015, 07:55:05 PM |
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My card arrived today.The design of the card is very good and the material of the card,too. I will test it out next month or so.Thanks! Let us know your experience! Make sure you've linked your card and have sufficient balance(s) to cover your transactions. |
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