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Author Topic: [2015-05-14] BIT-X Bitcoin Debit Card | Press Release  (Read 2238 times)
BIT-X.com
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May 14, 2015, 03:23:11 PM
Last edit: May 20, 2015, 05:52:55 PM by BIT-X.com
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zby
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May 14, 2015, 03:46:41 PM
 #2

Why this is not at the Bit-X blog: https://bit-x.com/blog ?
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May 14, 2015, 03:48:25 PM
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glad to see Bit-X officially announces their Mastercard Smiley
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May 14, 2015, 04:18:55 PM
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Im really happy to see that Official launch of Master Card. And also they Now ship that card to Pakistan, I surely go for it. I think your Fees at ATM withdrawal is some what lit but higher, .02 BTC. Can you please mind to lower that fees?
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May 14, 2015, 04:36:09 PM
 #5

Why this is not at the Bit-X blog: https://bit-x.com/blog ?

It'll be posted shortly.

Sorting myself out.
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May 15, 2015, 02:33:08 AM
 #6

Im really happy to see that Official launch of Master Card. And also they Now ship that card to Pakistan, I surely go for it. I think your Fees at ATM withdrawal is some what lit but higher, .02 BTC. Can you please mind to lower that fees?

Hmm... the fee for ATM withdrawal is a bit on the higher side. BTC0.02 is equivalent to $5. If I am withdrawing $200 through the ATM, then I'll be paying 5.5% as the fees ($5 plus 3% Mastercard commission). But it is still better than using the Localbitcoins to convert BTC to fiat, as the vendors there normally charge as much as 10% for the currency exchange.
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May 15, 2015, 05:56:01 AM
 #7

Im really happy to see that Official launch of Master Card. And also they Now ship that card to Pakistan, I surely go for it. I think your Fees at ATM withdrawal is some what lit but higher, .02 BTC. Can you please mind to lower that fees?

Hmm... the fee for ATM withdrawal is a bit on the higher side. BTC0.02 is equivalent to $5. If I am withdrawing $200 through the ATM, then I'll be paying 5.5% as the fees ($5 plus 3% Mastercard commission). But it is still better than using the Localbitcoins to convert BTC to fiat, as the vendors there normally charge as much as 10% for the currency exchange.

This advantage is destroyed by inactive monthly fee of 0.05BTC. You need to us a minimum of 5 times a month or a have a balance of 5BTC(IIRC) in BIT-X. Lips sealed

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May 16, 2015, 06:43:57 AM
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Im really happy to see that Official launch of Master Card. And also they Now ship that card to Pakistan, I surely go for it. I think your Fees at ATM withdrawal is some what lit but higher, .02 BTC. Can you please mind to lower that fees?

Hmm... the fee for ATM withdrawal is a bit on the higher side. BTC0.02 is equivalent to $5. If I am withdrawing $200 through the ATM, then I'll be paying 5.5% as the fees ($5 plus 3% Mastercard commission). But it is still better than using the Localbitcoins to convert BTC to fiat, as the vendors there normally charge as much as 10% for the currency exchange.

This advantage is destroyed by inactive monthly fee of 0.05BTC. You need to us a minimum of 5 times a month or a have a balance of 5BTC(IIRC) in BIT-X. Lips sealed

I believe that the limit of five times a month is too high. It should be lowered to once a month, or once every two months. Else the inactive fee would cost us BTC0.60 every year, which is equivalent to $144. For me this is a very big amount and it lowers the attraction of using the debit card. I have received my debit card by the way... have to activate it now.
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May 16, 2015, 06:54:08 AM
 #9

Im really happy to see that Official launch of Master Card. And also they Now ship that card to Pakistan, I surely go for it. I think your Fees at ATM withdrawal is some what lit but higher, .02 BTC. Can you please mind to lower that fees?

Hmm... the fee for ATM withdrawal is a bit on the higher side. BTC0.02 is equivalent to $5. If I am withdrawing $200 through the ATM, then I'll be paying 5.5% as the fees ($5 plus 3% Mastercard commission). But it is still better than using the Localbitcoins to convert BTC to fiat, as the vendors there normally charge as much as 10% for the currency exchange.

This advantage is destroyed by inactive monthly fee of 0.05BTC. You need to us a minimum of 5 times a month or a have a balance of 5BTC(IIRC) in BIT-X. Lips sealed

I believe that the limit of five times a month is too high. It should be lowered to once a month, or once every two months. Else the inactive fee would cost us BTC0.60 every year, which is equivalent to $144. For me this is a very big amount and it lowers the attraction of using the debit card. I have received my debit card by the way... have to activate it now.

I posted in their official thread many times but they tend to ignore it. I don't think I would use it until the fee isn't lowered.

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May 20, 2015, 06:30:29 AM
 #10

Used the BIT-X Bitcoin Debit MasterCard to withdraw $160 from the local ATM. These are the charges:

Fiat from ATM: BTC0.701
BIT-X COMMISSION: BTC0.01
Master Card Commission: BTC0.02103
Total: BTC0.73203

Overall, quite satisfied with the services. Will definitely use again.  Grin
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May 20, 2015, 06:53:58 AM
 #11

Used the BIT-X Bitcoin Debit MasterCard to withdraw $160 from the local ATM. These are the charges:

Fiat from ATM: BTC0.701
BIT-X COMMISSION: BTC0.01
Master Card Commission: BTC0.02103
Total: BTC0.73203

Overall, quite satisfied with the services. Will definitely use again.  Grin

Isn't BIT-X ATM commission 0.02BTC? Did they lower ATM withdrawal fee?

BTW, don't forget monthly inactive fee.

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May 20, 2015, 07:12:57 AM
 #12

Used the BIT-X Bitcoin Debit MasterCard to withdraw $160 from the local ATM. These are the charges:

Fiat from ATM: BTC0.701
BIT-X COMMISSION: BTC0.01
Master Card Commission: BTC0.02103
Total: BTC0.73203

Overall, quite satisfied with the services. Will definitely use again.  Grin

Isn't BIT-X ATM commission 0.02BTC? Did they lower ATM withdrawal fee?

BTW, don't forget monthly inactive fee.

Not sure about that. This is the transaction summary which is coming in my profile page. Yeah.... the monthly inactive fee (0.6 Bitcoin per year) is a big headache. But I am going to use this card for at least a few months. Can't trust Localbitcoins after all the recent scandals. I need a second option to convert my coins to fiat.
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May 20, 2015, 08:23:55 AM
 #13

Used the BIT-X Bitcoin Debit MasterCard to withdraw $160 from the local ATM. These are the charges:

Fiat from ATM: BTC0.701
BIT-X COMMISSION: BTC0.01
Master Card Commission: BTC0.02103
Total: BTC0.73203

Overall, quite satisfied with the services. Will definitely use again.  Grin

Isn't BIT-X ATM commission 0.02BTC? Did they lower ATM withdrawal fee?

BTW, don't forget monthly inactive fee.

Not sure about that. This is the transaction summary which is coming in my profile page. Yeah.... the monthly inactive fee (0.6 Bitcoin per year) is a big headache. But I am going to use this card for at least a few months. Can't trust Localbitcoins after all the recent scandals. I need a second option to convert my coins to fiat.

That's weird. Let me ask Marco about that.

Have you tried AdvCash or e-coin.io?

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May 20, 2015, 10:41:53 AM
 #14

Used the BIT-X Bitcoin Debit MasterCard to withdraw $160 from the local ATM. These are the charges:

Fiat from ATM: BTC0.701
BIT-X COMMISSION: BTC0.01
Master Card Commission: BTC0.02103
Total: BTC0.73203

Overall, quite satisfied with the services. Will definitely use again.  Grin

That's around 4%, which I am pleased with Smiley.

Sorting myself out.
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May 20, 2015, 03:40:40 PM
 #15

Used the BIT-X Bitcoin Debit MasterCard to withdraw $160 from the local ATM. These are the charges:

Fiat from ATM: BTC0.701
BIT-X COMMISSION: BTC0.01
Master Card Commission: BTC0.02103
Total: BTC0.73203

Overall, quite satisfied with the services. Will definitely use again.  Grin

That's around 4%, which I am pleased with Smiley.

Can you please comment on the BIT-X ATM withdrawal commission.

BIT-X.com
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May 20, 2015, 06:50:22 PM
 #16

Used the BIT-X Bitcoin Debit MasterCard to withdraw $160 from the local ATM. These are the charges:

Fiat from ATM: BTC0.701
BIT-X COMMISSION: BTC0.01
Master Card Commission: BTC0.02103
Total: BTC0.73203

Overall, quite satisfied with the services. Will definitely use again.  Grin

That's around 4%, which I am pleased with Smiley.

Can you please comment on the BIT-X ATM withdrawal commission.

Your questions have been addressed in the official thread.

Regards,
Bit-X.com

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May 21, 2015, 10:01:44 AM
 #17

Your questions have been addressed in the official thread.

Regards,
Bit-X.com

Sorry for not updating.

Quoting answer here.

Since the card is still in the 'relatively new' stage, fees may vary (if they vary they will be lower than the stated fee!).

Stated fees may drop soon too.

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May 21, 2015, 12:31:34 PM
 #18

What does the card look like?
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May 21, 2015, 03:01:19 PM
 #19

What does the card look like?
I would be surprised if it has anything bitcoin related on it. Then again I haven't seen it.

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May 21, 2015, 03:59:12 PM
 #20

Any geographic limitation on country or residency of the customer? It's a UK company afaik.

eidt: never mind, I see it can be shipped anywhere in the world. Great.
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