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Author Topic: bitinstant paycard  (Read 15315 times)
Ivica
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August 19, 2012, 09:41:06 PM
 #1

This already made news on irc and reddit. Didn't see forum topic yet.

Edit4:
Edot3:
Quote
MasterCard Denies Plans For BitCoin Credit Card
http://www.techweekeurope.co.uk/news/no-bitcoin-credit-card-planned-90058
So according to discussion here and according to irc log, we wouldn't see any official announcements just yet.

Edit2: sign up for one.
Quote from: Yankee (BitInstant)
Quote from: stan.distortion
I'd want 2 or 3 when they're out and if there is anywhere to sign up for one of the first please point me to it Smiley

https://docs.google.com/spreadsheet/embeddedform?formkey=dHZtVkZSVm92X0otR2gzb3UtckFVNVE6MQ

Edit: due to popular demand let me sum what I've seen on irc.
Code:
<bitinstant> We're launching our debit card in a few weeks
<bitinstant> Who wants to see a pic ;-)


--And that's how it began.

Code:
<Plat33> bitinstant: what brand?
<bitinstant> Worlwide card

<nrb-btc> who are you using on the backend?
<bitinstant> 2 banks, 1 for domestic, and 1 for intebratnational
<bitinstant> dissipate, we will not reverse it

<CodeLion> Nrb-btc: So you were not refering to the ability to use paypal to purchase bitcoins?
<bitinstant> Your Bitcoin Address will be embossed on the card
<bitinstant> as well as a QR code
<bitinstant> so you can send your own coins to the card
<bitinstant> or someone can pay you
<bitinstant> directly onto the card

<Plat33> bitinstant: sorry, didn't catch it what card house will you be using?
<bitinstant> Plat33, we are not releasing that information until its launched

<cbeast> Only 1% for exchanging BTC to USD on a debit card? Nice.
<bitinstant> + we are working with a bank directly

<bitinstant> SO basically, this is what we are thinking
<bitinstant> You keep your Bitcoins on your blockchain or Bitcoin Spinner apps
<dissipate> bitinstant, you found it from the database logs?
<bitinstant> and then you wanna buy something in a store
<bitinstant> right ?
<bitinstant> why would you have to send so much money and pay 6%+
<bitinstant> With our card, you scan the QR code printed on your card
<bitinstant> send 3 BTC to it, only get charged like 1%
<bitinstant> buy your lunch
<bitinstant> and have a nice day
<bitinstant> all happens instantly
<bitinstant> and this card can be used worldwide

<nrb-btc> will you guys be setting up
<nrb-btc> instant debit -> BTC as well?
<bitinstant> so goodbye to border controls
<bitinstant> nrb-btc, if you have USD on the card already, or funded your debit account, you can use it
<bitinstant> only our cards

<JimN> is the debit balance denominated in usd or btc
<JimN> if usd, then you still have a conversion loss to the local currency (?)
<bitinstant> JimN, the card is denominated in USD, EUR, GBP so far
<bitinstant> you can deide
<bitinstant> decide

<sharpfocus> bitinstant, what's the eta on this?
<bitinstant> We are at the last steps, so maybe 6-8 weeks
<puweqrhjksdfmbn> bitinstant, and where the promised picture of the card? ;)
<bitinstant> we hare printing 10k cards
<nrb-btc> bitinstant: do you have a full fee schedule? ATM withdrawals, monthlys?
<TomFyuri> maybe not enough
<bitinstant> looking for the pic
<bitinstant> Picture: https://www.dropbox.com/s/zhwf9babml82qx5/Layout_BitInstant_Card.png?m
<puweqrhjksdfmbn> thanks
<sharpfocus> that's some snazzy looking stuff
<puweqrhjksdfmbn> looking good!

<EmanuelDeOrtego> "This card is property of BitInstant LLC"
<bitinstant> EmanuelDeOrtego, yup we ghave to legally say that

<ThomasV_> bitinstant: is there a link on your site?
<bitinstant> No link yet

<dissipate> bitinstant, so it sells the BTC to cover the transaction instantly?
<puweqrhjksdfmbn> bitinstant, will you ship cards internationally?
<bitinstant> Yes, we had to get an international bank on board but unlike other companies this is NOT just USA
<bitinstant> You can be from any country
<bitinstant> nrb-btc, ATm withdrawals will be about $1.50
<bitinstant> maybe $3
<bitinstant> *$2
<bitinstant> Every country is different

<nrb-btc> what are you document requirements?
<bitinstant> there will be like 4 options of docs you can send us

<bitinstant> you guys are the first to know
<bitinstant> I probably wont mention it again until its launched
<bitinstant> one of those right place at the right time, type of things

<beezlbud> bitinstant, do you have to meet AML documentation requirements in the US?
<bitinstant> As per AML, we will require the standrad
<bitinstant> *standard
<bitinstant> scanned docs, or social
<bitinstant> if your from Europe, ect.
<bitinstant> Its whatevr they requoire
<bitinstant> I think Russia doesent even require anything lol

<cbeast> What is the exchange rate for the card?
<bitinstant> cbeast, 1-1.49% BTC to USD

<geosmin> so bitinstant is going to work in canada? :D
<bitinstant> geosim, we are laucnhing Moneygram canada in 13 days
<bitinstant> cash deposits

<bitinstant> As soon as you scan the QR code on your card, and there is 1 confirmation (under $1000) we INSTANTLY add the USD to the card)
<bitinstant> Were called BitINSTANT not BitLATER

<duckxx> bitinstant, u guys do ur meetup yet ?
<bitinstant> duckxx, Wensday!
<bitinstant> http://www.meetup.com/Jekyll_Island_Bitcoin_Society/events/77229272/
<bitinstant> Gavin is coming, ect.
<bitinstant> 30+ ppl rsvp
<bitinstant> You coming ?

<faraday__> can the card hold currencys other than usd?
<bitinstant> faraday, yes
<bitinstant> there inti'l card, and USA card

<ThomasV_> bitinstant: is there an option to keep the deposit as BTC until the card is used to make a payment or withdrawal?
<bitinstant> ThomasV, yes

<bitinstant> The Bitcoin Address on the card, is YOUR address we give you
<bitinstant> you can see balance on blockcgain

<puweqrhjksdfmbn> that cards will be huge success
<puweqrhjksdfmbn> good luck you guys
<bitinstant> I hope so
<bitinstant> Itll be like $10 to buy it
<bitinstant> But Im thinking
<bitinstant> We will give first 1000 cards for free

<sharpfocus> so the card can have fiat and btc on it concurrently presumably
<bitinstant> sharpfocus, yes precisly

<ThomasV_> bitinstant: why is there no smart card chip on the card?
<bitinstant> ThomasV, I believe the EU version of the cards will have it
<bitinstant> US cards dot have it
<bitinstant> but I could be wrong
<bitinstant> The bank prints the cards
<bitinstant> Ah I forgot the best part
<bitinstant> if you get a USA card, denom in USD
<bitinstant> and you want to use it in Europe
<bitinstant> The currency conversion is only 0.80%
<bitinstant> so if you wanna send BTC's to a card in europe its like 2.3%
<bitinstant> total fee

<opticbit> Bitinstant referral program?
<bitinstant> https://www.bitinstant.com/refer/USERID

<sharpfocus> well, you'll definitely have a customer here
<bitinstant> awesome
<bitinstant> good to hear
<bitinstant> It cost us alot of money to get this set up and approved, so you guys better buy it :-P

<ThomasV_> bitinstant: will you communicate the private key to the cardholder?
<bitinstant> ThomasV_, Im not sure about that part
<bitinstant> Were figuring out the best way
<ThomasV_> neither am I
<bitinstant> Without comprimising security
<ThomasV_> :)
<bitinstant> If you have any tips or suggestions PLEASE email us

<dissipate> bitinstant, is there a short writeup on how this card works? i'm confused.
<bitinstant> Not yet not yet
<bitinstant> Everything will come, in time
<bitinstant> dont worry
<bitinstant> I just wnated to get some focus group feedback

Source material: http://pastebin.mozilla.org/1766068
I didn't edit grammar and cut out time stamps. If you really need timestamps I can provide them, too.
Edit: I've put everything into code section, hope you don't mind.

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August 19, 2012, 09:46:06 PM
 #2

Juicy!
America only though, right?
Matthew N. Wright
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August 19, 2012, 09:46:43 PM
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Juicy!
America only though, right?

USA and International according to Charlie. If that's true and it's 1%~2% like he claimed on Reddit, even I'll use one here in South Korea.

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August 19, 2012, 09:46:48 PM
 #4

So tell us about it. All I see is an image and a link to a reddit topic with no info. Who's it by? When's it coming out? Will it really be backed by MasterCard?

Legends tell of musclebeasts once roaming the cosmos that were so enormous, they could destroy entire planets with but a twitch of any anatomical feature. Are the legends true?

You hope so.

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August 19, 2012, 09:48:04 PM
 #5

I'm guessing a SSN/Tax ID is going to be required for AML/PATRIOT ACT bullshit.

I run http://mail-to-jail.com. I am "thebaron-btc" on Bitcoin-OTC.
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August 19, 2012, 09:48:41 PM
 #6

So tell us about it. All I see is an image and a link to a reddit topic with no info. Who's it by? When's it coming out? Will it really be backed by MasterCard?

Ok wait. Let me edit first post to sum everything up I've seen on irc.


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August 19, 2012, 09:59:33 PM
 #7

Sweet Smiley

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August 19, 2012, 10:13:55 PM
 #8

Wasn't there another group trying to do the same thing? But, I dig this idea.. Will help the btc big time.. Make it easy to turn coins into a usable currency.

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August 19, 2012, 10:15:17 PM
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Wasn't there another group trying to do the same thing? But, I dig this idea.. Will help the btc big time.. Make it easy to turn coins into a usable currency.

OKPAY already has one, high fees, lots of paperwork and proof required (I'm in Korea and they wanted an English bill.....I'm not hiring a translator and apostiling a bill just to have a card)

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August 19, 2012, 10:16:02 PM
 #10

So will faster block confirmations be announced in September? Waiting 10-60 mins to buy lunch would suck.


<bitinstant>   SO basically, this is what we are thinking
<bitinstant>   You keep your Bitcoins on your blockchain or Bitcoin Spinner apps
<dissipate>   bitinstant, you found it from the database logs?
<bitinstant>   and then you wanna buy something in a store
<bitinstant>   right ?
<bitinstant>   why would you have to send so much money and pay 6%+
<bitinstant>   With our card, you scan the QR code printed on your card
<bitinstant>   send 3 BTC to it, only get charged like 1%
<bitinstant>   buy your lunch
<bitinstant>   and have a nice day
<bitinstant>   all happens instantly
<bitinstant>   and this card can be used worldwide
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August 19, 2012, 10:18:28 PM
 #11

This means that whenever someone is introduced to Bitcoins and ask. So where can I use them. The answer will be. Everywhere

Bitcoins - Because we should not pay to use our money
Ivica
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August 19, 2012, 10:20:10 PM
 #12

So will faster block confirmations be announced in September? Waiting 10-60 mins to buy lunch would suck.


<bitinstant>   SO basically, this is what we are thinking
<bitinstant>   You keep your Bitcoins on your blockchain or Bitcoin Spinner apps
<dissipate>   bitinstant, you found it from the database logs?
<bitinstant>   and then you wanna buy something in a store
<bitinstant>   right ?
<bitinstant>   why would you have to send so much money and pay 6%+
<bitinstant>   With our card, you scan the QR code printed on your card
<bitinstant>   send 3 BTC to it, only get charged like 1%
<bitinstant>   buy your lunch
<bitinstant>   and have a nice day
<bitinstant>   all happens instantly
<bitinstant>   and this card can be used worldwide


I think bitinstant mentioned this before, they will wait for 1st confirmation, so you won't wait for an hour.

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August 19, 2012, 10:21:10 PM
 #13

10 minutes is still a long time compared to cash, debit and credit.
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August 19, 2012, 10:24:13 PM
 #14

I have a feeling that this is going to be part of the big announcement in September.. I've been trying to figure out what could help stabilize the bitcoin and faster block authentications certainly would help achieve that..

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August 19, 2012, 10:29:25 PM
 #15

I have a feeling that this is going to be part of the big announcement in September.. I've been trying to figure out what could help stabilize the bitcoin and faster block authentications certainly would help achieve that..

Quote
1byte: OMG, is this that big announcemnt coming in september? :-O
bitinstant: No, thats something totally different lol
1byte: damn it, you are killing me! Tongue

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August 19, 2012, 10:31:44 PM
 #16

This is COMPLETELY fantastic!! Is there any info about when this will be ready (a "few weeks" <- is that 2 weeks, 3 weeks, more??) and what documents will be required for europeans??
I sure as hell hope they don't require some kind of "utility bill" because for people who pay their bills online, as is custom around here, this is a real hassle!



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August 19, 2012, 10:33:04 PM
 #17

10 minutes is still a long time compared to cash, debit and credit.

Maybe carry a balance on the card for everyday transactions, so you deposit to your card while you're in line, pay with the balance you already had, and by the time you're done eating your balance is back?  This could be a pain if exchange rate(s) are moving a lot though.

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stan.distortion
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August 19, 2012, 10:34:08 PM
 #18

Can BTC be bought using it as well?

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August 19, 2012, 10:38:07 PM
 #19

This is COMPLETELY fantastic!! Is there any info about when this will be ready (a "few weeks" <- is that 2 weeks, 3 weeks, more??) and what documents will be required for europeans??
I sure as hell hope they don't require some kind of "utility bill" because for people who pay their bills online, as is custom around here, this is a real hassle!

Quote
<sharpfocus>   bitinstant, what's the eta on this?
<bitinstant>   We are at the last steps, so maybe 6-8 weeks
Quote
<beezlbud>   bitinstant, do you have to meet AML documentation requirements in the US?
<bitinstant>   As per AML, we will require the standrad
<bitinstant>   *standard
<bitinstant>   scanned docs, or social
<bitinstant>   if your from Europe, ect.
<bitinstant>   Its whatevr they requoire
<bitinstant>   I think Russia doesent even require anything lol
^ was already answered. Wait 2 months.

Can BTC be bought using it as well?

Um? Pay btc => usd/eur/etc => btc again?

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August 19, 2012, 10:43:10 PM
 #20

Yes, we're a bit limited in ways to pay for BTC with Euro's, will it include BIC/IBAN codes to deposit Euro's to the account and convert it to BTC?

EDIT. This is incredible news, if whatever is coming in September can beat this.... mindblowing stuff.

­aminorex: "there are no good arguments for regulation, merely bad arguments in a good suit."
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