Bitcoin -> MasterCard (or any credit card)... who cares?

[BlackHeartFund]

Yeah a $10 fee for a card that can instantly transfer BTC to USD and allow withdraws from ATMs is nothing. I would pay a lot more.

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[556j]

Yeah a $10 fee for a card that can instantly transfer BTC to USD and allow withdraws from ATMs is nothing. I would pay a lot more.

It's already available for $3 for the card and 0 fees to load it. Bitinstant relies on ignorance as it's business model though, and you are the perfect customer.

[Yankee (BitInstant)]

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.

Your bank makes money on you other ways, so giving you the card for free is fine if they lose $10 on that, but make it back on fees.

We will likely do the same thing, if you buy a card with a $1000 topup, then the card is free, ect. (not confirmed)

Anywhere with Canadian support?
I would love to be able to fund prepaid credit with bitcoin

Yes, this card with have Canadian support: Sign up here: http://goo.gl/vl3nX

I live in the UK, will I be able to get my mitts on one of these bad puppys?

Of course! Sign up here: http://goo.gl/vl3nX

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).

We will!

Yeah a $10 fee for a card that can instantly transfer BTC to USD and allow withdraws from ATMs is nothing. I would pay a lot more.

It's already available for $3 for the card and 0 fees to load it. Bitinstant relies on ignorance as it's business model though, and you are the perfect customer.

Thanks for the kind words.

We are actually using this card to go after the remittance market. By using Bitcoin as the middleman currency, a maid in NY can send this card to her family in Mexico and pay less then 3% in total fees.

This card will be our entryway into the broader consumer market by showing everyone "Hey guys, this is a great advantage of Bitcoin, here is a consumer product that anyone can use" My grandmother who lives across the Atlantic Ocean will see the utility in Bitcoin now.

Regarding your snide comment, BitInstant relies on quality service and premium customer support for our business model.

You just claimed everyone in this forum is ignorant, I think you should apologize to everyone

Thanks

-Charlie

[556j]

I concede it could be useful for sending money to 3rd world countries, I had actually advertised the service (in a positive note) as such. Though there are ways to use bitcoin to exchange for 3rd world currency with a net gain rather than 3% fee. So I've changed my opinion on such matters.

You really think every one on the forum is a bitinstant user? Otherwise I don't understand why you'd say I said everyone on the forum is ignorant. I've mistakenly recommended more users to your service than the vast majority of these forums BTW, I think you should apologize.

BTW the reason I say you rely on Ignorance? Your site still charges 6% for a service available on your own site for 1.5%+ cheaper than that and preys on ignorant users. Exchange>virwox>paypal to be specific. Volume discount? Why bother when you can rip off unsuspecting customers with "premium customer support"

[Yankee (BitInstant)]

You really think every one on the forum is a bitinstant user? Otherwise I don't understand why you'd say I said everyone on the forum is ignorant. I've mistakenly recommended more users to your service than the vast majority of these forums BTW, I think you should apologize.

I'm sorry if you feel insulted. You are a valued customer and we appreciate it.

When I see wrong information on the forums, I need to swiftly act and call it out, no matter who is saying it.

BTW the reason I say you rely on Ignorance? Your site still charges 6% for a service available on your own site for 1.5%+ cheaper than that and preys on ignorant users. Exchange>virwox>paypal to be specific. Volume discount? Why bother when you can rip off unsuspecting customers with "premium customer support"

You said our whole business model is based on ignorance when you are only talking about a minimal part of our model.

By the way, you were talking about our debit card being relied on ignorance, now you say Paypal? Huh?

Yes, many forum members use our cash out system here and they are no where near ignorant.

The fee is 6% including Paypal fees no matter where in the world your account is located. We've partnered up with Virtual World Services GmbH in order to make this possible, since they have the only virtual currency approved account with Paypal. The Paypal and middleman fees we are required to pay per transfer are over 4.5%, for this reason we charge 6%.

Why bother when you can rip off unsuspecting customers with "premium customer support"

Thats equally insulting. Most exchanges and businesses here are known for terribly customer service.

We made it a point to have people 24/7 via phone and email no matter the size of the transaction.

Many people will pay extra for this type of support, especially large traders who do 30k+ a day with us

-Charlie

[Rassah]

Yeah a $10 fee for a card that can instantly transfer BTC to USD and allow withdraws from ATMs is nothing. I would pay a lot more.

It's already available for $3 for the card and 0 fees to load it. Bitinstant relies on ignorance as it's business model though, and you are the perfect customer.

Huh? Where? I'd like to see it.

[556j]

Yeah a $10 fee for a card that can instantly transfer BTC to USD and allow withdraws from ATMs is nothing. I would pay a lot more.

It's already available for $3 for the card and 0 fees to load it. Bitinstant relies on ignorance as it's business model though, and you are the perfect customer.

Huh? Where? I'd like to see it.

https://www.walmartmoneycard.com/walmart

There you go. Fundable via direct deposit (ACH) connect the dots.

This is what I was talking about with the ignorance about bitinstant debit card. No offense toward the people that don't realize you can use almost any pre-paid debit card that accepts direct deposit (amex also has one, among others). How can I blame you since bitinstant has put quite a bit of effort pretending they are doing something innovative with their debit card. But bitisntant advertises as "finally you can spend btc via debit" when really it's been around for a long time at a cheaper cost.

AND, bitinstant fail to realize. Their debit card will require SSN. While most WU transactions do not. How much of the volume being sent out of the country is by people without a valid SSN? I would bet it's the vast majority.

The fee is 6% including Paypal fees no matter where in the world your account is located. We've partnered up with Virtual World Services GmbH in order to make this possible, since they have the only virtual currency approved account with Paypal. The Paypal and middleman fees we are required to pay per transfer are over 4.5%, for this reason we charge 6%.

You pay more to use their service than I do to use your service plus their service plus btc-e service? You are getting ripped off.

for a $500 USD transaction

sell on btc-e 0.2% fee $499 USD remaining
Transfer $499 USD from bitinstant btc-e > Virwox 0.89% fee $494.56 remaining
VirWox charges 1% Bitinstant deposit fee $489.6144 remaining
Virwox fee $1 USD + 2% for paypal withdrawal
Total =
$478.84 in paypal account for a net fee of
4.23% any where in the world, since VirWox charges the same fees anywhere (nice spin attempt)

Compared to the 4.5% fee you pay, damn. Maybe it's time to renegotiate? You fee doesn't even count the exchange cost for the customer which I have included in my calculations. So they can add another 0.2-0.5% on top of the 6% you charge.  Basically you charge 2%+ to save people from the huge "hassle" of registering a VirWox account and claim you pay more fees then I would using your service.

[Yankee (BitInstant)]

Basically you charge 2%+ to save people from the huge "hassle" of registering a VirWox account and claim you pay more fees then I would using your service.

Yup.

Either way you do it is fine with with me.

However calling people ignorant and calling my business model ignorant because they cant do what you said above is not nice.

Wouldn't you agree?

[Rassah]

Yeah a $10 fee for a card that can instantly transfer BTC to USD and allow withdraws from ATMs is nothing. I would pay a lot more.

It's already available for $3 for the card and 0 fees to load it. Bitinstant relies on ignorance as it's business model though, and you are the perfect customer.

Huh? Where? I'd like to see it.

https://www.walmartmoneycard.com/walmart

There you go. Fundable via direct deposit (ACH) connect the dots.

Huh? How can I fund those with BTC? They're not accepted at WalMart.

[Vladimir]

Whatever trolls say, bitinstant cards and other such services are very valuable and useful. I am looking forward for competition in this area and lower fees.

I cannot wait when I could get every Bitcoin Magazine contributor and contractor such a card and stop having  payoneers and paypals and other such services requested as payment methods. So that we could pay either direct in Bitcoin or in Bitcoin to such a card.

I would also use it for most purchases I do for Bitcoin Magazine. (assuming fees are reasonable)

[Elwar]

Yeah a $10 fee for a card that can instantly transfer BTC to USD and allow withdraws from ATMs is nothing. I would pay a lot more.

It's already available for $3 for the card and 0 fees to load it. Bitinstant relies on ignorance as it's business model though, and you are the perfect customer.

Huh? Where? I'd like to see it.

https://www.walmartmoneycard.com/walmart

There you go. Fundable via direct deposit (ACH) connect the dots.

Huh? How can I fund those with BTC? They're not accepted at WalMart.

Umm, I guess he is saying that you can get a walmart money card, which can be funded by ACH. So, whenever you want to spend money you just:
Transfer your BTC to an exchange that offers ACH withdrawal.
Trade your BTC for $ on the exchange.
Request a withdrawal to your walmart money card ACH account.
Wait a few days (or same day for just $3 per $200)
Swipe your card.

And if you are not willing to do this for every transaction, you are apparently ignorant.

[knight22]

I can't wait anymore to have my card! I will be able to store more wealth into bitcoin knowing that I can spend them anytime I want.
That's gonna be a good occasion to speak about what bitcoin is to every merchant that I will pay with it.

[unclescrooge]

+1

You have no idea how much I'm wating for your card Bitinstant

[misterbigg]

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.

Same here.

[smoothie]

<crickets>

 

[bbit]

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[Yankee (BitInstant)]

<crickets>

 

Man, you just posted on like 3 of our threads within 10 minutes. I know your excited, but I can't comment on all of them.

Please see my response on the other.

Charlie

[smoothie]

<crickets>

 

Man, you just posted on like 3 of our threads within 10 minutes. I know your excited, but I can't comment on all of them.

Please see my response on the other.

Charlie

This is a totally different topic. TOPIC: Paycard

The other thread was dealing with Moneygram transfers.

[bbit]

<crickets>

 

Man, you just posted on like 3 of our threads within 10 minutes. I know your excited, but I can't comment on all of them.

Please see my response on the other.

Charlie

lol ^^

[smoothie]

<crickets>

 

Man, you just posted on like 3 of our threads within 10 minutes. I know your excited, but I can't comment on all of them.

Please see my response on the other.

Charlie

lol ^^

My precious...BTC