bitinstant paycard

[oOoOo]

Is there a way to sign up to be the first in line when this comes out???

I absolutely MUST have this a.s.a.p!!! I'm willing to pay extra $$$ BTCBTCBTC !!

[misterbigg]

This is awesome. It means the possibility of not holding any fiat at all in the corrupt banking system.

[minimalB]

This is fantastic news! I want!

[PayPal]

Bitinstant, u so cool. Can I be like you when I grow up?

[Phraust]

very, very nice.  will we be able to submit our own designs for the cards as well? (pretty please!)

[Domrada]

Question:  Does BitInstant convert the BTC to $$ when you:

1) send the BTC to the address on the card,

or when you

2) swipe the card?

If (2), I love it.  If (1), I don't see the point.  The attraction for me is being able to keep my cash in BTC until I am ready to spend it.  If (2), I can pre-load the card with spending money once a week.  If (1), I would have to whip out a calculator and load the card with just enough funds 60 mins prior to every transaction. Too much hassle.

[cbeast]

Question:  Does BitInstant convert the BTC to $$ when you:

1) send the BTC to the address on the card,

or when you

2) swipe the card?

If (2), I love it.  If (1), I don't see the point.  The attraction for me is being able to keep my cash in BTC until I am ready to spend it.  If (2), I can pre-load the card with spending money once a week.  If (1), I would have to whip out a calculator and load the card with just enough funds 60 mins prior to every transaction. Too much hassle.

Bitpay BitInstant isn't the bank back-end on the card. I think he said that you can load the funds and spend them immediately.

very, very nice.  will we be able to submit our own designs for the cards as well? (pretty please!)

+1

[thebaron]

If (1), I would have to whip out a calculator and load the card with just enough funds 60 mins prior to every transaction. Too much hassle.

The security implications of being a storage wallet-to-instant cash service is probably too big of a liability. Between hacking the servers and someone using stolen card numbers...yeah. A bunch of people are gonna whine about losing hundreds thousands of dollars one day and then Bitinstant is fucked. I don't think it would be a smart thing to stray from their business model of being a currency exchange.

[cbeast]

If (1), I would have to whip out a calculator and load the card with just enough funds 60 mins prior to every transaction. Too much hassle.

The security implications of being a storage wallet-to-instant cash service is probably too big of a liability. Between hacking the servers and someone using stolen card numbers...yeah. A bunch of people are gonna whine about losing hundreds thousands of dollars one day and then Bitinstant is fucked. I don't think it would be a smart thing to stray from their business model of being a currency exchange.

They make a pretty good profit on transaction fees and should be able to self-insure from hackers getting at a hot wallet. Bitcoin can be much more secure than any other bank anywhere.

[thebaron]

Bitcoin can be much more secure than any other bank anywhere.

Maybe if everyone agreed not to accept stolen coins.

Security weaknesses seem to be found in Bitcoin services only after someone has broken in and committed theft, though. And since you cannot put a stop payment on BTC and can launder stolen coins through anonymous mixing wallets before someone finds out...

[Coinoisseur]

Would like to add my voice to the question of: will this be a loadable card going the other way too, as in from USD/EUR/JPY->BTC?


---

Bitcoin can be much more secure than any other bank anywhere.

Maybe if everyone agreed not to accept stolen coins.

Security weaknesses seem to be found in Bitcoin services only after someone has broken in and committed theft, though. And since you cannot put a stop payment on BTC and can launder stolen coins through anonymous mixing wallets before someone finds out...

I must have missed the memo from the US Government where I'm supposed to scan the serial numbers on USD physical notes and check them with a central database of dirty money. You know to make sure no stolen money gets into the pure as snow US money supply.

Oh that's right, people would get mighty upset over a demand like that.

[cbeast]

Bitcoin can be much more secure than any other bank anywhere.

Maybe if everyone agreed not to accept stolen coins.

Security weaknesses seem to be found in Bitcoin services only after someone has broken in and committed theft, though. And since you cannot put a stop payment on BTC and can launder stolen coins through anonymous mixing wallets before someone finds out...

I'm sorry you seem to only have one way of looking at banking. If the banks didn't have so many problems there would not be a reason to develop Bitcoin. Things like stop payments, account seizing, etc. can be replaced by m-of-n escrows, insurance, and personal responsibility. I'm sure there will always be people willing to allow others to manage their financial affairs. That can still be done.

Would like to add my voice to the question of: will this be a loadable card going the other way too, as in from USD/EUR/JPY->BTC?

I must have missed the memo from the US Government where I'm supposed to scan the serial numbers on USD physical notes and check them with a central database of dirty money. You know to make sure no stolen money gets into the pure as snow US money supply.

Oh that's right, people would get mighty upset over a demand like that.

+1

[Disengage]

I want one of these yesterday.
Is there a cost for the card itself?    Is there some kind of pre-order to get one of the first batch?

[evoorhees]

I would have to whip out a calculator and load the card with just enough funds 60 mins prior to every transaction. Too much hassle.

I can tell you that loading the card will not require 6 confirmations. It will likely be zero confs.

Have people yet realized that you do not need to wait for confirmations for transactions to occur? Seems like people are still stuck in that line of thinking, but it's been an outdated notion for a year Most Bitcoin services, long term, will require no confirmations.

[Stephen Gornick]

Question:  Does BitInstant convert the BTC to $$ when you:

1) send the BTC to the address on the card,

or when you

2) swipe the card?

If (2), I love it.  If (1), I don't see the point.  The attraction for me is being able to keep my cash in BTC until I am ready to spend it.  If (2), I can pre-load the card with spending money once a week.  If (1), I would have to whip out a calculator and load the card with just enough funds 60 mins prior to every transaction. Too much hassle.

If I am comprehending this correctly, it would appear to mean if you have a BTC balance, it can convert from your BTCs when you make the charge.

Code:

<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

So the only time there would be a delay in being able to use the card is if both your BTC balance and your USD (or whatever) balance for the card are insufficient.  So then you send BTCs and after 1 confirmation (for an under $1K USD charge) those BTCs can be used for credit card purchases.

I don't know how they found an issuer (bank) that was willing to work this way.  From what little I know about it, for a prepaid debit card the process of adding funds to the card account are not in real-time.  Perhaps there is some notification when a charge authorization comes in that an external party (BitInstant) can transfer funds immediately and thus the authorization would never fail, as long as there were sufficient BTCs available.

I thought this might actually be a credit card used like a debit card where you get approval for a credit limit, and then all transactions are settled on a per-transaction basis from your BTC funds, but that's not at all the way this is being described.

Who knows, maybe there is some innovation occurring that allows them to work the way Charlie is describing them.  Looking forward to getting one!

[cbeast]

Question:  Does BitInstant convert the BTC to $$ when you:

1) send the BTC to the address on the card,

or when you

2) swipe the card?

If (2), I love it.  If (1), I don't see the point.  The attraction for me is being able to keep my cash in BTC until I am ready to spend it.  If (2), I can pre-load the card with spending money once a week.  If (1), I would have to whip out a calculator and load the card with just enough funds 60 mins prior to every transaction. Too much hassle.

If I am comprehending this correctly, it would appear to mean if you have a BTC balance, it can convert from your BTCs when you make the charge.

Code:

<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

So the only time there would be a delay in being able to use the card is if both your BTC balance and your USD (or whatever) balance for the card are insufficient.  So then you send BTCs and after 1 confirmation (for an under $1K USD charge) those BTCs can be used for credit card purchases.

I don't know how they found an issuer (bank) that was willing to work this way.  From what little I know about it, for a prepaid debit card the process of adding funds to the card account are not in real-time.  Perhaps there is some notification when a charge authorization comes in that an external party (BitInstant) can transfer funds immediately and thus the authorization would never fail, as long as there were sufficient BTCs available.

I thought this might actually be a credit card used like a debit card where you get approval for a credit limit, and then all transactions are settled on a per-transaction basis from your BTC funds, but that's not at all the way this is being described.

Who knows, maybe there is some innovation occurring that allows them to work the way Charlie is describing them.  Looking forward to getting one!

Put this capability into the Bitcoincard. Since it won't need solar panels, the debit card can go on the back side. 

[cbeast]

Think of this. You will have this card as cold storage for a deflationary currency that will grow in value and then spend some earnings anytime you want. This is perfect liquidity for our form of gold. I can't imagine anyone who wouldn't want one. From goldbugs to Overseas Foreign Workers, to business expense accountants that monitor fluctuating prices and everyone that wants to have a savings account that appreciates in value. This is a big deal.

[Matthew N. Wright]

As awesome as it is to be able to actually -buy- things with my bitcoins, the very concept of creating this alternative decentralized currency free of the issues of credit cards, merely to add those issues on for convenience again is mind-numbing. I'll take one, don't get me wrong, because I love spending bitcoins-- but isn't this like being a cop and doing coke that you confiscate? Shouldn't we feel like we're destroying Bitcoin by not making it work in -other- ways, or is this going to be the way that gets it working more? Thoughts anyone?

[cbeast]

I understand from a purist standpoint the bitinstant card isn't our ultimate goal. It's baby steps toward adoption and the adoption period may take a long long time.

[Matthew N. Wright]

As awesome as it is to be able to actually -buy- things with my bitcoins, the very concept of creating this alternative decentralized currency free of the issues of credit cards, merely to add those issues on for convenience again is mind-numbing. I'll take one, don't get me wrong, because I love spending bitcoins-- but isn't this like being a cop and doing coke that you confiscate? Shouldn't we feel like we're destroying Bitcoin by not making it work in -other- ways, or is this going to be the way that gets it working more? Thoughts anyone?

Good point. The big huge plus is it means bitcoin can be used for every day transactions so its a foot in the door. The transaction fees will push folks towards using bitcoin directly, any smartphone or PC can do that, the main hurdle is getting them accepted and in use.

I suppose so. I retract my initial inquiry entirely. It seems as long as we can 'sneak it in" and people say "If I use bitcoins, I can't spend them!", this can always be that slap in the face they need. That said, I feel really sorry for -any- company trying to offer these services because it seems like they're only going to be defrauded. I hope I'm wrong.