Bitcoin VISA card - a quick review.

[687_2]

I transitioned entirely to using XBT recently, so I've been exploring new tools to make life easier.

About two weeks ago, I created an account at xapo.com. Didn't put any XBT or anything in there, just created the account (took maybe 5 minutes with a slow connection) and requested the VISA card. I was doubtful about how things would turn out.

However, I received my card in the mail a few days ago and got pretty excited. To activate the card you can call a number or go to a website, just like any credit/debit card. I chose the website route, and had the card setup in about 2 minutes. This card-setup website I don't plan to use much, unless I need to change a password for some reason. It will always show a balance of $0 so there's no reason to visit it at all.

So I go to xapo.com and deposit a small amount of XBT. I think they wait a few confirmations before they make the funds available, but I'm not sure since I didn't get to use the card until a day later.

Today I got a chance to try it out - and this is what my first XBT purchase looks like with a VISA card:

http://lookpic.com/O/i2/996/rA7uiNd.jpeg

On about a $2 purchase (which was smooth as butter and near-instant), the fee to xapo was $0.06. Typical merchant rate, so no problem at all, and I'll probably put more funds in here over time and use this thing on a daily basis.

This has been the most delicious way to use XBT yet 

[SpanishSoldier]

One of the biggest reason to support bitcoin was to challenge the money control monopoly of MasterCard & Visa. If you end up using them ultimately, the fundamental idea of decntralized use of Bitcoin stands defeated. Anyways... it is about personal choice. But, I beleive most bitcoiners wont like this kinda service.

[louise123]

Cookiesssssssssss!!!!!!!!!! 

That's a nice quick review.
I might look into this xapo.com thing

I am glad things went smooth for you 

[|Bitcoin|]

One of the biggest reason to support bitcoin was to challenge the money control monopoly of MasterCard & Visa. If you end up using them ultimately, the fundamental idea of decntralized use of Bitcoin stands defeated. Anyways... it is about personal choice. But, I beleive most bitcoiners wont like this kinda service.

Why and how will this affect Bitcoin? He is using Bitcoin in reality. He is supporting Bitcoin. Or am I wrong?

[Vod]

It's a VISA DEBIT card, which means it's not a true VISA and won't work in a lot of machines.  Too bad.   

[BitCoinDream]

It's a VISA DEBIT card, which means it's not a true VISA and won't work in a lot of machines.  Too bad.   

Is not VISA debit card issued by the same VISA as we know ?

[Vod]

It's a VISA DEBIT card, which means it's not a true VISA and won't work in a lot of machines.  Too bad.   

Is not VISA debit card issued by the same VISA as we know ?

Yes, but they say "Debit" on them, and a lot of machines and online ordering systems don't accept them as real VISA cards.  Don't ask me why - should it matter if I have cash in my account vs. credit available?

[NyeFe]

One of the biggest reason to support bitcoin was to challenge the money control monopoly of MasterCard & Visa. If you end up using them ultimately, the fundamental idea of decntralized use of Bitcoin stands defeated. Anyways... it is about personal choice. But, I beleive most bitcoiners wont like this kinda service.

Why and how will this affect Bitcoin? He is using Bitcoin in reality. He is supporting Bitcoin. Or am I wrong?

What's the point of purchasing bitcoin, then converting it back to fiat before spending? I really don't see this as supporting bitcoin.
If you really wanted to support bitcoin, then spend it in places which accept it.

[MUFC]

One of the biggest reason to support bitcoin was to challenge the money control monopoly of MasterCard & Visa. If you end up using them ultimately, the fundamental idea of decntralized use of Bitcoin stands defeated. Anyways... it is about personal choice. But, I beleive most bitcoiners wont like this kinda service.

Why and how will this affect Bitcoin? He is using Bitcoin in reality. He is supporting Bitcoin. Or am I wrong?

Well yes and no. He's only supporting bitcoin in the same way someone is if they get bitcoin then sell it straight for cash. These things are more of a hindrance for bitcoin adoption in my opinion, but suppose they're good if you want to easily spoend your bitcoins on things but you could just as easily sell your coins for cash instead.

[Q7]

Not sure if it's a true visa issued card but it sounds odd because the fee incurred while spending is supposed to be levied to the merchant not to us as the user.

EDIT: as what I've thought when I checked the xapo website, the card itself did not mention anything about visa. It looks like xapo internally issued card. Also maybe you can snap a pic of the actual card?

[erikalui]

I never tried using a Visa Debit card till date as I am really confused of the fee charged while using it. I used to feel that they work like my normal ATM card without any activation/monthly fee or merchant fee. Does this card only work at stores that accept Visa cards or that accept BTC as a payment mode?

[MicroGuy]

What's the point of purchasing bitcoin, then converting it back to fiat before spending?

This example helps to demonstrate the fundamental roadblock to Bitcoin's success: required unneeded steps. The first part of your sentence is really all one needs to understand.

What is the point in purchasing bitcoin at all? So I can buy things at fewer places? The same things I could have already bought beforehand without the conversion to bitcoin.

The only places people really use bitcoin, the only places where it really make sense, are places where traditional fiat is not accepted or not practical.

[Amph]

What's the point of purchasing bitcoin, then converting it back to fiat before spending?

This example helps to demonstrate the fundamental roadblock to Bitcoin's success: required unneeded steps. The first part of your sentence is really all one needs to understand.

What is the point in purchasing bitcoin at all? So I can buy things at fewer places? The same things I could have already bought beforehand without the conversion to bitcoin.

the point is to invest, bitcoin is mostly an investment right now, not still used as a currency

and because it is faster for online payments compared to a wire transfer or sepa, and while it doesn't offer 100% anon, it is still more anonymous than purchasing online stuff with fiat

[GingerAle]

Awesome. This kind of thing is a stepping stone.

[687_2]

I never tried using a Visa Debit card till date as I am really confused of the fee charged while using it. I used to feel that they work like my normal ATM card without any activation/monthly fee or merchant fee. Does this card only work at stores that accept Visa cards or that accept BTC as a payment mode?

Works anywhere VISA is accepted. I've used it a few more times now at different merchants, for small purchases at some places you don't even need the PIN.

Xapo charges the fee to your account.

So you send XBT to your Xapo online wallet, say 1XBT. If you make a .5XBT purchase, you will have (0.5XBT - 3%) remaining in your online wallet.

[MUFC]

What's the point of purchasing bitcoin, then converting it back to fiat before spending?

This example helps to demonstrate the fundamental roadblock to Bitcoin's success: required unneeded steps. The first part of your sentence is really all one needs to understand.

What is the point in purchasing bitcoin at all? So I can buy things at fewer places? The same things I could have already bought beforehand without the conversion to bitcoin.

the point is to invest, bitcoin is mostly an investment right now, not still used as a currency

and because it is faster for online payments compared to a wire transfer or sepa, and while it doesn't offer 100% anon, it is still more anonymous than purchasing online stuff with fiat

But he's using it as a currency so the point seems moot. In theory bitcoin is faster, but only because of payment processors but bitcoin really isn't any faster than when I use my debit card - they're essentially the same. A few clicks and I've purchased something within seconds. And bitcoin essentially provides the same anonymity if you're buying something online and getting it shipped straight to your door with your name on it. If you were that bothered about anonymity you could use other things like use an online debit card or even Paypal account but register with a fake name.

[687_2]

Not sure if it's a true visa issued card but it sounds odd because the fee incurred while spending is supposed to be levied to the merchant not to us as the user.

EDIT: as what I've thought when I checked the xapo website, the card itself did not mention anything about visa. It looks like xapo internally issued card. Also maybe you can snap a pic of the actual card?

True VISA debit card, issued by http://www.mychoicecorporate.com

It's a pretty sexy card, all black. Has the Xapo color scheme but does not say Xapo, probably maybe because this is a beta and they don't want to be liable if something goes wrong.

[687_2]

What's the point of purchasing bitcoin, then converting it back to fiat before spending?

This example helps to demonstrate the fundamental roadblock to Bitcoin's success: required unneeded steps. The first part of your sentence is really all one needs to understand.

What is the point in purchasing bitcoin at all? So I can buy things at fewer places? The same things I could have already bought beforehand without the conversion to bitcoin.

the point is to invest, bitcoin is mostly an investment right now, not still used as a currency

and because it is faster for online payments compared to a wire transfer or sepa, and while it doesn't offer 100% anon, it is still more anonymous than purchasing online stuff with fiat

But he's using it as a currency so the point seems moot. In theory bitcoin is faster, but only because of payment processors but bitcoin really isn't any faster than when I use my debit card - they're essentially the same. A few clicks and I've purchased something within seconds. And bitcoin essentially provides the same anonymity if you're buying something online and getting it shipped straight to your door with your name on it. If you were that bothered about anonymity you could use other things like use an online debit card or even Paypal account but register with a fake name.

I get paid in XBT and I use the XBT protocol as my bank.

Think of this debit card as a side-chain, or off-chain transaction processing tool that's much faster than the blockchain but still connects to it.

There is no anonymity in XBT. I like XBT because I like the economic model and I like being in control of my assets at all times. There is a small amount of privacy to be gained, but that's not really the point. For real privacy just use cash or XMR or something when that's viable.

[Amph]

What's the point of purchasing bitcoin, then converting it back to fiat before spending?

This example helps to demonstrate the fundamental roadblock to Bitcoin's success: required unneeded steps. The first part of your sentence is really all one needs to understand.

What is the point in purchasing bitcoin at all? So I can buy things at fewer places? The same things I could have already bought beforehand without the conversion to bitcoin.

the point is to invest, bitcoin is mostly an investment right now, not still used as a currency

and because it is faster for online payments compared to a wire transfer or sepa, and while it doesn't offer 100% anon, it is still more anonymous than purchasing online stuff with fiat

But he's using it as a currency so the point seems moot. In theory bitcoin is faster, but only because of payment processors but bitcoin really isn't any faster than when I use my debit card - they're essentially the same. A few clicks and I've purchased something within seconds. And bitcoin essentially provides the same anonymity if you're buying something online and getting it shipped straight to your door with your name on it. If you were that bothered about anonymity you could use other things like use an online debit card or even Paypal account but register with a fake name.

well if you put the name labeled in your door, nothing is anonymous obviously...it doesn't matter which payment is used, and anyway i was compared it to sepa and wire transfer, you can't always use debit card to transfer funds and at best like you said they are equal

but the thing that make it different from fiat is its decentralization, mean gov can't control it, can't print it out of thin air, and can't fuck your money with negative interest or other bullshit(like account blocked, insolvency, also no fractional reserve, no investments with your saving ecc...),  this is why bitcoin will be definitely better than fiat when full adoption will be reached

right now bitoin is still not a true currency

[crazyivan]

I m also considering to use XAPO but now I see ANX s got much lower fees. No monthly fee for the card as well.

Anyone here who can comment on this?