Hi point0,
The limit was actually 90% per transaction (for the past month or so), it wasn't updated on the guide page correctly until recently. We apologies for the the confusion.
Here's a little explanation:
The '90% of a user's balance' limit per transaction acts as a safeguard (for BIT-X) against unknown future exchange rates (with the high volatility Bitcoin is known to have), especially so for large transactions. ATM/POS terminals require a near-instant (tenths of a second) response, otherwise a time out will occur and the transaction will be denied. This would be the case if more than 90% of a user's balance was available for a single card transaction
(at the moment of authorization we do not know the exact amount that will be needed for the conversion so this 10% gives some room for changes in the exchange rate and fees).
If you have a 10 BTC balance in your BIT-X account, all 10 BTC is available through card spending however as is clear in the card rules (
https://bit-x.com/guide/bitx-cards), each transaction cannot be larger than 90% of your total balance. In transaction #1 you can use 9 BTC through the card, transaction #2: 90% of 1 BTC through the card and so on.
At all times, your entire balance is available to you for any other uses, be it for a trade or or withdrawal!All card rules, limits and fees can be found by reading through:
https://bit-x.com/guide/bitx-cardsAnd please, don't try to extort us:
Regards,
BIT-X.com
This is a brief explain about Bit-x Debit Card and as you can see, we still can do withdraw all our balances.
The main topic on this thread is about "The Limit on Debit Card spend changed from 70% to 90%". idk the detail, but it seem bit-x changed to 90% because of this thread.
Either 70 or 90%, the both rules is to prevent any loss from only 1 transaction with debit card.
Did someone get verified to get high withdrawal limits? I stuck with "basic" verification already more then a month. Bit-X support told me 3 weeks ago their bank have to approve me. Last e-mail of me a few days ago is still unanswered.
You need to PM
macrotheminer or
BIT-X.com from bitcointalk.