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World
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August 23, 2012, 07:15:13 PM |
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It's just one more cool option, and frankly I'll be the first customer (I made Charlie promise).
make a video and photos what will be the first thing you will buy? |
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punningclan
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Making a better tomorrow, tomorrow.
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August 23, 2012, 07:18:56 PM |
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There may be a lot of frenetic activity about BitInstant offering a bitcoin credit card, but I have to ask, WHY?
Does it make bitcoins any easier to get?
Why do you want to inject the huge security hole credit card numbers present to bitcoin, which is intrinsically immune to payer identity theft?
The only thing you can do with a Bitcoin address is send money TO it. Tying it to credit card lets anyone who steals the card number able to put charges on the account.
One of the best things about bitcoin is that it's NOT A FUCKING CREDIT CARD! Let's keep it that way!!
man, I actually can't wait for one of these cards, I use visas as essentially a debit card, and a bitcoin debit card would be PERFECT, its exactly what I need to be able to buy what I want. Totally! +1 |
It was a cunning plan to have the funny man be the money fan of the punning clan.
1J13NBTKiV8xrAo2dwaD4LhWs3zPobhh5S
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TangibleCryptography
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August 23, 2012, 07:25:02 PM |
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Here's my example use.
I'm starting a business. Right now I'm keeping my company's cash in Bitcoin, because to get business checking it's: drive to bank + fill out forms + wait a week or two + pay $10 a month per account, while with Bitcoin it's: generate a new BTC address + ... oh wait, done.
I have people working with me scattered all over. While I am near Washington DC, one (possibly two) of them are in California, one in Pennsylvania, and one possibly in Israel. Plus this job will very likely require travel to other currency zones. With these cards, I issue them all a card for business expenses, keep the balance at $0, and if any of them need money for something, I just open up my Bitcoin wallet and send them some BTC. Ten minutes later they can spend it. This also gives me a single central account I can be in complete control of, and a publicly verifiable account (block chain) to verify my own accounting against.
You keep your businesse's cash in Bitcoin? How the heck do you manage the volatility? When Bitcoin loses half it's value in one day do you tell your employees their paychecks have been cut in half? Pretty ballsy.  That was my thought. Hell we are a Bitcoin business and we secured a line of credit from bitcoin lenders in order to have a tool to hedge our exposure. Not many small businesses can afford to see the purchasing power of their working capital decline by 50% in a day. |
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Rassah
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August 23, 2012, 07:27:07 PM |
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You keep your businesse's cash in Bitcoin? How the heck do you manage the volatility? When Bitcoin loses half it's value in one day do you tell your employees their paychecks have been cut in half? Pretty ballsy. Petty cash. Only $500 to $1,000 for now, unless we need more for travel. The hundreds of thousands of USD I'll be raising will obviously be in an actual bank account that the investors will be confident enough for me to use (they have the money, so it's obviously their say, and I wouldn't feel comfortable holding up to $500,000 USD in Bitcoin, anyway). That large cash, however, will be spent very rarely and in HUGE chunks, so there's no reason to keep it in something as easily accessible/transferable as Bitcoin. But for petty cash that needs to be spent often and in small amounts, Bitcoin is definitely more convenient. There really hasn't been that much volatility lately either. Sure it shot up from $10 to $15 and back to $10 in a week, but otherwise it was rising from $5 to $10 over the course of many months, and I have more than enough buffer to be comfortable with it. |
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Stephen Gornick
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August 23, 2012, 08:13:55 PM |
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With this card you fund are held as BTC. As far as im aware anyway.
That's something that the details are still being worked out on it seems. Most likely no, there will be a USD debit balance for the card. But BitInstant will make it easy to convert bitcoins into USDs (1.5% fee) and either no confirmation or 1 confirmation, which hasn't been determined yet either. The problem I've seen up until this point from elsewhere is that this transfer can be done, but not in real time. But perhaps this specific issuer is able to offer real-time transfer, and then it is just moving the USD credit from BitInstant's account with the issuer to the cardholder's account. It sounds like it would be so simple to do this but for some reason it just isn't offered that way (real-time) anywhere, as far as I know. The other part that was left unanswered was if a card swipe (authorization) is attempted for more than the USD balance, could the authorization trigger the conversion of a sufficient amount of Bitcoins so that the authorization would have sufficient funds and be approved. That would allow you to never have to manually transfer from your bitcoin account with BitInstant to your USD account. I'm thinking this is like way down the road, at best, but if they can do that, you never need to carry a USD balance, the bitcoins are converted with each purchase. We know there is demand for this. Anyone who has a reloadable debit card that accepts Direct Debit (ACH) is able to convert their bitcoins and withdraw to their debit card now -- it just takes a day or three for the funds to get added. This can be done from BitFloor, Camp BX, FastCash4Bitcoins, and others -- today. And there is also a growing number of people cashing out to PayPal, which, can have tied to the account a debit card. Those account-to-account (A2A) transfers are spendable immediately. Or you can convert Bitcoins to MoneyPak and load your card that way -- another method that is essentially instant. So this movement from bitcoin into debit cards is already happening, just that what BitInstant is saying makes it the easiest, fastest (and in most instances, cheapest) method for this. |
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Rassah
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August 24, 2012, 12:20:05 AM |
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I really hope they do figure out how to keep the balance in BTC and exchange to USD only at the point of sale. Otherwise it really would be just another MasterCard that is rechargeable with Bitcoin, but otherwise just holds USD (albeit I guess with lower fees).
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julz
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August 25, 2012, 07:11:03 AM |
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I really hope they do figure out how to keep the balance in BTC and exchange to USD only at the point of sale. Otherwise it really would be just another MasterCard that is rechargeable with Bitcoin, but otherwise just holds USD (albeit I guess with lower fees).
The other important differences are the loading QR code on the card itself giving the ability to load without visiting and logging into some website, as well as the presumably high speed of the loading. (zero confs(?) due to bitinstant having your verified ID and limits on amount that can be loaded) The convenience this adds compared to other rechargeable cards I've seen discussed, seems like the drawcard to me. |
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Rassah
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August 25, 2012, 04:06:50 PM |
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jago25_98
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August 25, 2012, 07:44:38 PM |
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Alternatively,
how's about an exchange that automatically exchanges BTC to fiat and then pays it out via various (cheap) methods straight away including the UK FPS.
If paypal or Skrill didn't have chargebacks their cards would work well with this.
edit: Perhaps there's a way to script/automate this? What are all the cheap methods to withdraw BTC to a card?
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The-Real-Link
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August 27, 2012, 03:23:42 AM |
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Wow that's a lot of fees. No thanks. |
Oh Loaded, who art up in Mt. Gox, hallowed be thy name! Thy dollars rain, thy will be done, on BTCUSD. Give us this day our daily 10% 30%, and forgive the bears, as we have bought their bitcoins. And lead us into quadruple digits
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CoinCidental
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Si vis pacem, para bellum
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August 27, 2012, 04:53:12 AM |
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Wow that's a lot of fees. No thanks. i agree ,safer cashing out through an exchange and transferring the funds to your regular bank and debit or credit card than being raped by excessive fees |
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Dusty
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September 13, 2012, 07:53:54 PM |
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I remember having seen a website offering some kind of bitcoin rechargeable debit card preloaded with some coins, where no documents were needed to purchase them, but I'm unable to find it anymore. Can anyone help me find it, or maybe I was just dreaming when I was browsing that site?  |
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oOoOo
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September 13, 2012, 08:26:17 PM |
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Dusty
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September 13, 2012, 08:50:49 PM |
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Yes, Thanks! Has anyone tried it yet? |
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SuperHakka
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September 13, 2012, 10:01:10 PM |
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I live in the UK, will I be able to get my mitts on one of these bad puppys?
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paraipan
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September 13, 2012, 10:12:42 PM |
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Anywhere with Canadian support?
I would love to be able to fund prepaid credit with bitcoin
Would you be willing to sign-up with a service that already provides this? |
BTCitcoin: An Idea Worth Saving - Q&A with bitcoins on rugatu.com - Check my rep
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smoothie
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September 13, 2012, 10:33:23 PM |
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What I don't get is why do you have to buy the card? WTF?
Since when do you have to buy your debit card from your bank?
That's retarded.
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Rassah
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September 13, 2012, 11:40:24 PM |
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What I don't get is why do you have to buy the card? WTF?
Since when do you have to buy your debit card from your bank?
That's retarded.
Do you have Credit Card Annual Fees where you live? Same thing. Usually banks can afford to print out the cards for "free" because they make a lot of money from servicer fees and such, from having A LOT of transaction volume. My guess is these guys don't expect to have a lot of volume per customer, and so need to recoup their costs. If this thing takes off, I wouldn't be surprised if they did become free eventually. TL;DR For now, just think of this as a one-time $10 account fee  |
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