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

[marcotheminer]

Sure, I have a few reasons coming to mind now (copied the text from a previous reply to you):

- Convenience/ease of use: no need to fund the card manually and in advance; simply just fund your wallet with BTC or LTC.
- No hidden fees (Bit-X state their fees quite clearly), this is the case too with e-coin except for the exchange rate.
- No preloading required. When using e-coin or advcash, you must preload the cards with fiat (USD, EUR or GBP) in advance by selling your bitcoins and funding the card. Users can and often will lose out from volatility that is very clear with Bitcoin. Of course, they can benefit by selling them at a perceived peak (but they can too with Bit-X).
- Fees aren't that different (I've had the same or lower) and the product difference is noticeable.

- Funds are still available for trading or withdrawing at anytime! Since the card is linked to your site account, you can use funds located there for trading, mining or exchanging purposes and still have them available through the card at anytime.

We must agree to disagree here . It's all up to the user at the end of the day and different people will prefer different products with their own advantages and/or disadvantages.

[RustyNomad]

I have to agree with the above. The biggest advantage of Xapo and Bit-X is the fact that the cards are linked directly to your wallet so no need to cash your bitcoin in order to load fiat onto the card.

I've mentioned it several times on the forum already but seems most do not understand this advantage. With other cards you need to sell your bitcoins for fiat, transfer the fiat to your bank account and then fund the card. Or send your bitcoins to a card operator who then does the same in order to get fiat onto your card. This can sometimes be a long process and also involves costs.

With both Bit-x and Xapo you just swipe your card and everything happens in the background.

Where Bit-x has an advantage over Xapo is the fact that you can use btc and ltc. On bit-x you also have fiat accounts i.e. USD, EUR etc..and this can also be linked to the card. you thus have multiple options whereas with Xapo there is only your main wallet.

[MustMan]

The biggest advantage of Xapo and Bit-X is the fact that the cards are linked directly to your wallet so no need to cash your bitcoin in order to load fiat onto the card.

This is the most important reason why I choose Bit-x card and discard many other bitcoin debit cards I own.

[marcotheminer]

The biggest advantage of Xapo and Bit-X is the fact that the cards are linked directly to your wallet so no need to cash your bitcoin in order to load fiat onto the card.

This is the most important reason why I choose Bit-x card and discard many other bitcoin debit cards I own.

Agreed

[Cryptozero]

I would not say that conversions made at POSs is that great feature. First of all, a customer is not aware at what rate he is making a transaction, so basically he would need to go somewhere to check the current BTC rate (presumably, to Bit-X or Xapo websites). Therefore, I would not call it convenient and easy to check btc rates every time you are going to make a card transaction.
At E-Coin you need to make a conversion once, being able to choose from 3 fiat currency. It takes literally a second. Afterwards, you can pay with applicable fiat not worrying about rates, fees etc.

Bitcoin can help people to avoid paying extra fees to banks. However, with this "true-debit-card-solution" users will be always at risk of being charged due to possible unfair rate or lose money due to market fluctuations.
With Bit-X you charge customers for every transaction, even online ones, which is ridiculous.

And this is really strange that you tell everyone that your technology is built on something else rather than a prepaid one and the same applies to Xapo.
As I described above, the conversion at POS may have some advantages and disadvantages but it is pretty much the same solution anyway

[marcotheminer]

I would not say that conversions made at POSs is that great feature. First of all, a customer is not aware at what rate he is making a transaction, so basically he would need to go somewhere to check the current BTC rate (presumably, to Bit-X or Xapo websites). Therefore, I would not call it convenient and easy to check btc rates every time you are going to make a card transaction.

Mosts users (myself included) check the exchange rate regularly so they already have an idea of the rate at the time of their transaction. If a specific rate must be known, a simple widget on a user's smartphone will do the job.

At E-Coin you need to make a conversion once, being able to choose from 3 fiat currency. It takes literally a second. Afterwards, you can pay with applicable fiat not worrying about rates, fees etc.

Once, but in advance. Most crypto users prefer to deal in terms of BTC rather than fiat. This means they would prefer to hang on to their BTC for as long as possible before initiating a transaction, which you can't do with e-coin. Why use BTC at all, if you just convert all or most of it into fiat for spending over time?

Bitcoin can help people to avoid paying extra fees to banks.

True!

However, with this "true-debit-card-solution" users will be always at risk of being charged due to possible unfair rate or lose money due to market fluctuations.

You just described the issue with e-coin and other prepaid cards (that must be preloaded).

With Bit-X you charge customers for every transaction, even online ones, which is ridiculous.

Fees are straightforward: 0.01 BTC + 3% for ATM transactions | 0.002 BTC + 1% for POS transactions (which is either in-store or online).

And this is really strange that you tell everyone that your technology is built on something else rather than a prepaid one and the same applies to Xapo.

It may be the same cards but the infrastructure built behind it is very different, which enables these real-time conversions.

As I described above, the conversion at POS may have some advantages and disadvantages but it is pretty much the same solution anyway

In the end, it's up to a user to decide what they prefer and what suits them best.

For me (and many other Bitcoin enthusiasts) I want to keep my holdings in BTC/LTC for as long as possible and only spend exactly what's needed only when I swipe the card.

[Cryptozero]

I would not say that conversions made at POSs is that great feature. First of all, a customer is not aware at what rate he is making a transaction, so basically he would need to go somewhere to check the current BTC rate (presumably, to Bit-X or Xapo websites). Therefore, I would not call it convenient and easy to check btc rates every time you are going to make a card transaction.

Mosts users (myself included) check the exchange rate regularly so they already have an idea of the rate at the time of their transaction. If a specific rate must be known, a simple widget on a user's smartphone will do the job.

Do you really enjoy checking the rate when paying for the next pint at the pub?

At E-Coin you need to make a conversion once, being able to choose from 3 fiat currency. It takes literally a second. Afterwards, you can pay with applicable fiat not worrying about rates, fees etc.

Once, but in advance. Most crypto users prefer to deal in terms of BTC rather than fiat. This means they would prefer to hang on to their BTC for as long as possible before initiating a transaction, which you can't do with e-coin. Why use BTC at all, if you just convert all or most of it into fiat for spending over time?

With E-Coin you can do the same, the conversion takes seconds and you see what you get straightaway.

Bitcoin can help people to avoid paying extra fees to banks.

True!

However, with this "true-debit-card-solution" users will be always at risk of being charged due to possible unfair rate or lose money due to market fluctuations.

You just described the issue with e-coin and other prepaid cards (that must be preloaded).

With Bit-X you charge customers for every transaction, even online ones, which is ridiculous.

Strictly speaking your cards are also preloaded but with bitcoins. Moreover, you also require a deposit, which E-Coin does not.

Fees are straightforward: 0.01 BTC + 3% for ATM transactions | 0.002 BTC + 1% for POS transactions (which is either in-store or online).

It is a way higher compared to E-Coin.

And this is really strange that you tell everyone that your technology is built on something else rather than a prepaid one and the same applies to Xapo.

It may be the same cards but the infrastructure built behind it is very different, which enables these real-time conversions.

E-Coin conversions are real time as well.
The most important: what is the point in a technology that do not improve functionality and convenience and customers have to pay more?

As I described above, the conversion at POS may have some advantages and disadvantages but it is pretty much the same solution anyway

In the end, it's up to a user to decide what they prefer and what suits them best.

For me (and many other Bitcoin enthusiasts) I want to keep my holdings in BTC/LTC for as long as possible and only spend exactly what's needed only when I swipe the card.

Of course, it is. I personally together with many other Bitcoin users prefer to pay less especially if there is no clear benefit.

[marcotheminer]

Of course, it is. I personally together with many other Bitcoin users prefer to pay less especially if there is no clear benefit.

Clear benefit and paying less? You should use Bit-X!

Let's say I order a EUR card from e-coin and use it at a non-EUR ATM. I'll have these fees: 3% foreign transaction fee + $3.50 Int. ATM fee + ~4% (rounded down from ~4.3%) 'hidden' exchange fee (I used your current rate of $222.57 per bitcoin compared to preev.com's $232.7 per bitcoin). Total: 0.015 BTC + ~7% in fees. Plus the possibility that the exchange rate has gone up between when I sold my BTC to fund the card and actually used the funds.

Now a quick comparison to a foreign transaction using the Bit-X card. Fees: 3% ATM fee + 0.01 BTC. Total: 0.01 BTC + 3%.


Let's take e-coin's 'best case scenario' (using a EUR card at a EUR ATM). Fees: $2.50 ATM fee + ~4% (rounded down from ~4.3%) 'hidden' exchange fee (I used your current rate of $222.57 per bitcoin compared to preev.com's $232.7 per bitcoin). Total: 0.011 BTC + ~4%.

Comparison to a transaction using the Bit-X card in the same currency. Fees: 3% ATM fee + 0.01 BTC. Total: 0.01 BTC + 3%.

The benefit with the Bit-X card? No need to manually fund it, let alone sell your BTC in advance!

In both cases Bit-X has the lower total fee for an ATM transaction. I've not included others costs such as ordering, shipping, activation, funding (e-coin only?) and monthly fees (e-coin only).


But you're right. Many Bitcoin users prefer to pay less and have clear benefit. It's up to the individual to choose!

[lama-hunter]

wanted 

[jdebunt]

one thing all of you seem to be forgetting is that no one card has to be used to serve all purposes.

I enjoy my Bit-X card for online purchases, including Paypal and Amazon transactions. Even my Twitch subscription goes through this card, because it's always somewhat "funded".

But for RL purchases here in Europe, I stick with E-Coin. That's a personal choice I made, as Marco pointed out.

You can have the best of multiple worlds, and competition will only make all of these cards better, which will benefit us, the customers, in the long run.

[Cryptozero]

Of course, it is. I personally together with many other Bitcoin users prefer to pay less especially if there is no clear benefit.

Clear benefit and paying less? You should use Bit-X!

Let's say I order a EUR card from e-coin and use it at a non-EUR ATM. I'll have these fees: 3% foreign transaction fee + $3.50 Int. ATM fee + ~4% (rounded down from ~4.3%) 'hidden' exchange fee (I used your current rate of $222.57 per bitcoin compared to preev.com's $232.7 per bitcoin). Total: 0.015 BTC + ~7% in fees. Plus the possibility that the exchange rate has gone up between when I sold my BTC to fund the card and actually used the funds.

Now a quick comparison to a foreign transaction using the Bit-X card. Fees: 3% ATM fee + 0.01 BTC. Total: 0.01 BTC + 3%.


Let's take e-coin's 'best case scenario' (using a EUR card at a EUR ATM). Fees: $2.50 ATM fee + ~4% (rounded down from ~4.3%) 'hidden' exchange fee (I used your current rate of $222.57 per bitcoin compared to preev.com's $232.7 per bitcoin). Total: 0.011 BTC + ~4%.

Comparison to a transaction using the Bit-X card in the same currency. Fees: 3% ATM fee + 0.01 BTC. Total: 0.01 BTC + 3%.

The benefit with the Bit-X card? No need to manually fund it, let alone sell your BTC in advance!




In both cases Bit-X has the lower total fee for an ATM transaction. I've not included others costs such as ordering, shipping, activation, funding (e-coin only?) and monthly fees (e-coin only).


But you're right. Many Bitcoin users prefer to pay less and have clear benefit. It's up to the individual to choose!

Not true!

USD case
1BTC
                   BIT-X       E-Coin
      
Rate USD/BTC   228.00      222.42
             (no guarantee)   
      
ATM                    9.12             2.5 (the fixed charge per an ATM withdrawal)
   (you pay more if you withdraw more)
Receive         218.88       219.92

2 BTC      
Rate USD/BTC   456.00   444.84
         (no guarantee)   
      
ATM                 18.24              2.5
      
Receive (ATM)   437.76   442.34
3 BTC      
Rate USD/BTC   684.00   667.26
          (no guarantee)   
      
ATM                 27.36             2.5
      
Receive (ATM)   656.64   664.76

10 BTC      
Rate USD/BTC   2280.00   2224.2
             (no guarantee)   
      
ATM                    91.2          2.5
      
Receive (ATM)   2188.80   2221.7

Same with EUR/GBP etc.

E-Coin maintenance fee of $1 includes the SMS service, and E-Coin does not have any inactivity fee.
 

[lorylore]

In another thread there is mentioned that the maximum amount that can be spent in one transaction must be under 90% of balance, here is mentioned 70% which one is true?
Why not spending 100% of the balance including the fees.

[marcotheminer]

In another thread there is mentioned that the maximum amount that can be spent in one transaction must be under 90% of balance, here is mentioned 70% which one is true?
Why not spending 100% of the balance including the fees.

It's 90%, I will have the Bit-X team update the thread as soon as possible.

Here is an explanation from Bit-X:

The '90% of a user's balance' limit per transaction acts as a safeguard (for BIT-X) against unknown future exchange rates (with the high volatility Bitcoin is known to have), especially so for large transactions. ATM/POS terminals require a near-instant (tenths of a second) response, otherwise a time out will occur and the transaction will be denied. This would be the case if more than 90% of a user's balance was available for a single card transaction (at the moment of authorization we do not know the exact amount that will be needed for the conversion so this 10% gives some room for changes in the exchange rate and fees).

If you have a 10 BTC balance in your BIT-X account, all 10 BTC is available through card spending however as is clear in the card rules (https://bit-x.com/guide/bitx-cards), each transaction cannot be larger than 90% of your total balance. In transaction #1 you can use 9 BTC through the card, transaction #2: 90% of 1 BTC through the card and so on.

At all times, your entire balance is available to you for any other uses, be it for a trade or or withdrawal!

All card rules, limits and fees can be found by reading through: https://bit-x.com/guide/bitx-cards

Regards,
BIT-X.com

[BlueYozakuraBTC]

Is there a referral link to sign up a friend or family member to bit-x?

[BlueYozakuraBTC]

How do you put fiat into your bitx acct? I see an area for usd /euro but don't really understand how do you add dollars to your acct.

[marcotheminer]

Is there a referral link to sign up a friend or family member to bit-x?

There is no affiliate/referral program from Bit-X.

How do you put fiat into your bitx acct? I see an area for usd /euro but don't really understand how do you add dollars to your acct.

I'm assuming you're talking about the site in general and not the debit card. Once logged into your account click on 'deposit funds', select your currency from the drop down menu and fill in the required details. You may have to verify your documents first.

[jdebunt]

Is there a referral link to sign up a friend or family member to bit-x?

There is no affiliate/referral program from Bit-X.

Are there any plans for a referral program in the future, as far as you know, Marco?

[marcotheminer]

Is there a referral link to sign up a friend or family member to bit-x?

There is no affiliate/referral program from Bit-X.

Are there any plans for a referral program in the future, as far as you know, Marco?

As far as I know (and for the time being), no.

[RustyNomad]

Not sure whether there is any representative of Bit-X on this thread but if so.....

a) How do one obtain the increased verification [Approved by partner bank], I already have the basic verification but what needs to be done in order to get to the next step?

b) Is there a way to increase the limits beyond the 'Approved by partner bank' i.e. increase the limit amounts?

c) I see there is no currency conversion fee being mentioned. I assume that there would be a 3% fee should the POS transaction be in a currency other than that of the card, is this correct?


Edit: Added another question.

[grzem]

What exchange rate BTC/USD is taken to the card transaction in bit-x.
I was cheated many times by bit-x, is this problem solved now?