Coinbase Launches First Bitcoin Debit Card

[BitcoinNewsMagazine]

Not to mention Shift card should be reliable at US merchant terminals. Bitcoin debit cards issued by foreign banks can be problematic.

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[HabBear]

It's a fiat credit card branded by a company that exchanges Bitcoin. So what?  I have a Visa card branded by my insurance carrier, an airline and my alma mater. Any company can do that. They could take the credit card info for a card you currently hold, have you sign an agreement and debit/credit that card whenever you trade Bitcoin. They don't need a branded card to do it. That's just a gimmick.

NOT a Credit Card.  a DEBIT CARD.  Not a gimmick either.  If it were a simple gimmick, then everyone would be offering them.  This is a major entry into the US financial network.  Not simple, and not to be taken lightly.  It is a very big step into main stream use in the U.S.   One of the reasons I will watch this carefully is that if Bitcoin ever actually begins to become accepted in the U.S. - then you are going to see it begin to takeoff.  This is a small but substantial step.... integrating bitcoin into the existing financial network.  

Question Authority isn't disputing that it's a debit card, he's saying that it's backed by Visa and that the phrasing of the promotion is clever. This is great news but not as exciting as Coinbase creating its own card, without the support of the big bad credit card company / fiat financial institution!

In fact, this is really a card from VISA called Shift that's also compitable with bitcoin using Coinbase. --Does the way I phrased that make it sound appealing? Not nearly as much as "Coinbase releases debit card! (oh yeah, it's backed by VISA)"

At some point (particularly in the US) we should expect bitcoin companies to have to work with traditional financial institutions.

I think the biggest part of this news is that VISA is acknowledging that bitcoin is a legit currency with transaction volume great enough for them to take notice.

My question - how much are the fees VISA is charging merchants for using this card when a bitcoin payment is involved?

[keepdoing]

Not to mention Shift card should be reliable at US merchant terminals. Bitcoin debit cards issued by foreign banks can be problematic.

Yes.  Once I get my card in about a week I will do a good test run.  I will buy gas, groceries, shop at Walmart, etc.... and I will post about the experience(s).

The only thing I will stay away from is large (Amazon) or tiny (fly by nights I don't know) Internet transactions.  Debit Cards are NOT made for internet transactions due to the increased liability risks that using a Debit Card has (as opposed to a Credit Card that has much greater liability/fraud protections.)  For example - if you buy 10 things from Amazon, then your card can be split out into many transactions via many vendors - even though you give the card once on a single transaction.  That is how my Credit Card was fraudulently accessed recently.  $1500 worth of bad purchases - but I disputed and it was reversed.  Because it was never directly linked to funds (like Debit Card) - I didn't lose access to any of my actual funds - not even for a second.  So I will be putting tighter spending controls on this Shift-Coinbase/Bitcoin Debit Card.

Debit Cards for local onsite purchases.  Credit Cards for Internet transactions.  

I think the next step will be to have a real Credit Card that will directly accept balance payoffs in Bitcoin.  When I see that happen - I am transferring everything I own into bitcoin.  I am sincerely hoping this Debit Card thing works with few hiccups, some of my concerns already outlined in earlier post.  But it is a start.

Peace,
- david

[keepdoing]

My question - how much are the fees VISA is charging merchants for using this card when a bitcoin payment is involved?

It is my understanding/experience that VISA charges a set fee/percentage.  Visa Cards are accepted EVERYWHERE that a Visa Card is accepted.  That means ALL Visa base cards, whether they are branded, unbranded, bitcoin, USD, etc...

If you are a merchant with the ability to accept Visa Cards, then each use of a Visa card costs you "X".  "X" = "X" whether it is linked to a Bitcoin Exchange account or not.  That would all be taken into account and calculated in the Profit/Loss business plan of the Company (Shift Payments).  So that is Shift's business, and not yours.  It doesn't apply to you, me, or anyone else.  Nor is it a  factor in whether or not a person uses the card.  It has ZERO applicability to a User.

[BitcoinNewsMagazine]

Not to mention Shift card should be reliable at US merchant terminals. Bitcoin debit cards issued by foreign banks can be problematic.

Yes.  Once I get my card in about a week I will do a good test run.  I will buy gas, groceries, shop at Walmart, etc.... and I will post about the experience(s).

The only thing I will stay away from is large (Amazon) or tiny (fly by nights I don't know) Internet transactions.  Debit Cards are NOT made for internet transactions due to the increased liability risks that using a Debit Card has (as opposed to a Credit Card that has much greater liability/fraud protections.)  For example - if you buy 10 things from Amazon, then your card can be split out into many transactions via many vendors - even though you give the card once on a single transaction.  That is how my Credit Card was fraudulently accessed recently.  $1500 worth of bad purchases - but I disputed and it was reversed.  Because it was never directly linked to funds (like Debit Card) - I didn't lose access to any of my actual funds - not even for a second.  So I will be putting tighter spending controls on this Shift-Coinbase/Bitcoin Debit Card.

Debit Cards for local onsite purchases.  Credit Cards for Internet transactions.  

I think the next step will be to have a real Credit Card that will directly accept balance payoffs in Bitcoin.  When I see that happen - I am transferring everything I own into bitcoin.  I am sincerely hoping this Debit Card thing works with few hiccups, some of my concerns already outlined in earlier post.  But it is a start.

Peace,
- david

If you buy from Amazon you really should be using Purse.io. I use it all the time to buy with bitcoin and get free Amazon Prime shipping. Never had a problem with the service.

[Blawpaw]

Coinbase is not the first to launch a Bitcoin Debit card. There are a lot of other options besides Coinbase. And many of these other options are far most cheaper than the options offered by Coinbase. An worst, with Coinbase the user needs to go through a verification process.

[QuestionAuthority]

It's not a game changer it's a nothing changer. Read and learn.

http://www.yourownbrokerage.com/solutions/consulting-solutions/branded-debit-cards/

I'm not sure you understand.  Where is the amazing knowledge that you are pointing to?  Is it that most Debit Cards are simply rebranded offerings that all lead back to Visa/Mastercard?  THAT is your amazing insight?

Almost everyone knows that.  It's nothing new.

What is new is a Debit Card that is directly linked to Bitcoin.  And that it instantly calculates a USD purchase, translates it into Bitcoin, takes that amount of Bitcoin out of a Bitcoin account (NOT a US Dollar based bank account) and finalizes a transaction, and you walk out of a Walmart, a Target, or your local grocer with product in hand.  And you used your BITCOIN account to do it.

Look - I get the fact that you are a Bitcoin purist, a fiat system anarchist, etc etc.   I wish you well, and honestly support your endgame.  But bitcoin will not defeat fiat until it replaces fiat.  To replace fiat money, you need to be able to USE "bitcoin money".

For all intents and purposes, Bitcoin is for the most part UNSPENDABLE.  It sits in our variety of wallets, and everyone watches the price and dreams of being bitcoin millionaires.  Until people are USING and SPENDING bitcoi on a daily basis (and I mean Millions of People daily for daily everyday purchases) then the dream of becoming bitcoin millionaires will remain just that an unrealized dream. 

This Coinbase/Shift Debit Card is a step towards realizing the dream.  Use it or Lose it.

Peace,
- david

I understand what it does. It's converting a different currency (Bitcoin) to local fiat and using the ACH/EFT system as the transfer method to make purchases. That's a shitty workaround to put banks back in charge. I'd rather not use btc for purchases and just use my bank debit card instead.

Here's how stupid this is to me:

Use an ACH/EFT transfer to buy Bitcoin from Coinbase, place in my account there and pay a fee.

Make a purchase at a store that doesn't accept Bitcoin and the business pays an ACH/EFT fee.

Coinbase uses the funds from my Bitcoin account, converts them to fiat and uses the ACH/EFT system to credit the merchant.


What a major cluster fuck. Why don't you just avoid the middle man and use the debit card you have in your pocket right now because you sure aren't paying anything using the blockchain?

Gotcha - I understand where you are coming from now.  I thought you were a bitcoin purist.  But you are a bitcoin hater?  Either way your particular vision won't hold.  You don't understand the concept of change.  It's slow, gradual.  The "New" thing you are transitioning into is never "better" in the beginning.  The "Concept" might be - but it takes work, faith, patience.  And along the way progress encounters opposition - usually in the simple form of lies.  And the lies usually come from either haters of the NEW, or purists that want to control the NEW and make it some sort of idealistic flying rainbow colored unicorn that farts money as it zooms overhead, and everyone is happy, and there is no war, nor disease, nor poverty - no one has to work, and life is lovely and injustice is magically forever not an issue anymore.

Not sure if you are the hater or the money farting unicorn - but you are a misleading liar.  With the Shift Debit Card I am charged to open the account.  I can then use my card any place I use my current bank debit card (except it comes directly from my coinbase bitcoin account).  I am not charged any fees, except for the very reasonable approximate 1% exchange fee when I initially Purchase Bitcoins out of my fiat bank account.

Now, since the price of bitcoin (For Me) has gone UP for my holdings approximately A HELL OF A LOT, and since that "Hell of a Lot" far exceeds the transaction fees I initially encountered, I am, based simply on 1st Grade Math, a very happy camper. 

And I expect over time my grin will widen, and the pearly shine of my teeth blind you

So anyway - which is it?  Are you a bitcoin hater, or an idealistic lover of money farting unicorns?

You don't get it. I actually use just Bitcoin to pay for something almost every day. If you use this card you're not using Bitcoin. You are using the current banking system.

[keepdoing]

You don't get it. I actually use just Bitcoin to pay for something almost every day. If you use this card you're not using Bitcoin. You are using the current banking system.

Actually, I have a coinbase account that contains bitcoins.  Those bitcoins are linked to the current banking system via the new Debit Card.  So bitcoin has just been integrated into the current banking system.  When I use the card, I will be using hte current banking system AND I will be using Bitcoin.

And you will still be flying around on a rainbow colored Unicorn that farts free money and sprinkles happy dust everywhere.  Oh, wait... thats just your fantasy    LOL

Real world vs. Immature Fantasy world.  Not really a tough choice for most people.

PS... Bitcoin has been integrated into the banking system.  Thought it was worth saying again.  Wish I could be a fly on the wall - watching your face twitch.

[Pab]

I really hope this comes to europe too!

You can get bitcoin debit card at CCedk,nano technology,thare is yet another one  https://www.coinizy.com/
And you can get prepaid at https://www.advcash.com/en/ and at coinomat.So you have already planty of options in Europe

[ivanst776]

That's awesome news! More people are going to join BTC's ecosystem and use it more frequently!
Exchanges are the future banks.

lol at this guy's above comment.

i agree with you,on this sentence "Exchanges are the future banks." exchange will grow like bank,maybe they controlled bitcoin soon,we all know that exchange have a big amount of bitcoin.

I think that that is happening already bit exchanges are manipulating the bitcoin price, at least last time when the price reached 450+ it was supposed that big chinese exchanges are pumping the price, but the use of these debit cards i don't think will impact the price.

yes,its have been happen.i agree with that,exchange can control or manipilating bitcoin price,but they cannot do that as they want,because it will impact to their own self. yes i dont think debit card will impact the price,its a some way to advertise bitcoin.

Well when impacting them self they have gain profit before dumping the price, but sadly the truth is that they have a good power to control the bitcoin price, actually the price is keeping increasing so i expect the price will reach $400 if not this month probably in December.

[RealPhotoshoper]

Coinbase is not the first to launch a Bitcoin Debit card. There are a lot of other options besides Coinbase. And many of these other options are far most cheaper than the options offered by Coinbase. An worst, with Coinbase the user needs to go through a verification process.

yes dude,we all know that coinbase is not first,there was xapo,bit-x,e-coin and maybe many more bitcoin debit card,but i think it mean "first" is for coinbase it self,not the first in the world,we all also know coinbase is a big exchange and wallet,it can be one of advertise strategy to make it popular.

[RealPhotoshoper]

That's awesome news! More people are going to join BTC's ecosystem and use it more frequently!
Exchanges are the future banks.

lol at this guy's above comment.

i agree with you,on this sentence "Exchanges are the future banks." exchange will grow like bank,maybe they controlled bitcoin soon,we all know that exchange have a big amount of bitcoin.

I think that that is happening already bit exchanges are manipulating the bitcoin price, at least last time when the price reached 450+ it was supposed that big chinese exchanges are pumping the price, but the use of these debit cards i don't think will impact the price.

yes,its have been happen.i agree with that,exchange can control or manipilating bitcoin price,but they cannot do that as they want,because it will impact to their own self. yes i dont think debit card will impact the price,its a some way to advertise bitcoin.

Well when impacting them self they have gain profit before dumping the price, but sadly the truth is that they have a good power to control the bitcoin price, actually the price is keeping increasing so i expect the price will reach $400 if not this month probably in December.

"sadly the truth is that they have a good power to control the bitcoin price, actually the price is keeping increasing"
how can we avoid it?or at least we can take profit same time like when do it?is we have tobe a pro trader?i'm really corious and want be like them.

[ivanst776]

"sadly the truth is that they have a good power to control the bitcoin price, actually the price is keeping increasing"
how can we avoid it?or at least we can take profit same time like when do it?is we have tobe a pro trader?i'm really corious and want be like them.

We can't avoid it man, we are little to 'manipulate' or change the way of the bitcoin price chart, if you want to be like them you should have a lot of money and a huge volume of bitcoin to affect the price.

[keepdoing]

That's awesome news! More people are going to join BTC's ecosystem and use it more frequently!
Exchanges are the future banks.

lol at this guy's above comment.

i agree with you,on this sentence "Exchanges are the future banks." exchange will grow like bank,maybe they controlled bitcoin soon,we all know that exchange have a big amount of bitcoin.

I think that that is happening already bit exchanges are manipulating the bitcoin price, at least last time when the price reached 450+ it was supposed that big chinese exchanges are pumping the price, but the use of these debit cards i don't think will impact the price.

yes,its have been happen.i agree with that,exchange can control or manipilating bitcoin price,but they cannot do that as they want,because it will impact to their own self. yes i dont think debit card will impact the price,its a some way to advertise bitcoin.

Well when impacting them self they have gain profit before dumping the price, but sadly the truth is that they have a good power to control the bitcoin price, actually the price is keeping increasing so i expect the price will reach $400 if not this month probably in December.

"sadly the truth is that they have a good power to control the bitcoin price, actually the price is keeping increasing"
how can we avoid it?or at least we can take profit same time like when do it?is we have tobe a pro trader?i'm really corious and want be like them.

Not sure "wanting to be like them" is such a worthy calling.  Brokers of evil?  But banks/exchanges/central reserves etc.... they are a part of human civilization.  They aren't going anywhere.  Sometimes you have Good laws, rules, guidance, and the world or community or nation in which you live is happier, fairer.  And in historical cycles evil creeps in.  THAT would be the current situation.

All that is going on now is that the global financial pie is being redivided, and there are some new players.  The bitcoin purists are under the disillusion that somehow bitcoin will "Change the System".  Eh, a little maybe, but ultimately its just another money.  The value of money will always be subject to manipulation and change.  And those with the most of it will always have the most Direct influence.

But those with ideas and a loud enough voice (or sword) will always be called upon to to their best to ensure that cycles of evil are kept to a short minimum, and that cycles of good always follow and are as long as possible in duration.

Exchanges are the new banks, and yes, there are those with great amounts of bitcoin, and who have learned through great experience, how to manipulate the value.  Right now you have players like Coinbase who would like to see Bitcoin go up.  You have the huge fiat banks that are playing both sides - they KNOW digital currency is coming, and they want a Fiat Coin they can design themselves, and in doing so design built in manipulations.  But they also are hedging their bets and putting some into Bitcoin.

And NONE of them want Bitcoin to explode in value, because that would be the death of bitcoin.  Coinbase type exchanges want bitcoin to slowly but steadily increase in value.  Fiat banks want that to be extremely slow (not slow enough to kill it) but slow enough so that they can eventually kill it once they have a Fiat Coin ready.

But the key is not so much the value - but the expansion of the USE of bitcoin.  And as a by product, the more it is used, the more it will increase in value.  Coinbase and other "pure" bitcoin exchanges are focused on that patient but winning strategy.  And that ultimately demands that Bitcoin be spendable by mainstream citizens, easily.

Eventually Bitcoin will become easier to use as a DIRECT BITCOIN payment, but the Bridge to making that a reality is to move it into commerce via these Debit Cards, eventually Credit Cards you can make installment payments on in Bitcoin, and then finally the mass acceptance of Retailers (which will require a huge rollout of across the board technology upgrades).   But those upgrades are extremely costly, and they just did one.  You can't force the adoption, so a Bridge that expands Bitcoin NOW is needed, and that is the Debit Card.

+ people need to start ACCEPTING Bitcoin for all non-retail invoiceable business transactions.  I mean, every business person who believes in bitcoin, should be learning to create Bitcoin Addresses to match their invoicing system - and then putting that as a payment option on their bills.  And then you announce promininently that you have started accepting Bitcoin - on your website, and on your facebook pages, etc...

And people will say, "Ehhh?  What's Bitcoin?" and the conversation will grow.

Times getting closer.  Use it or lose it.

Peace,
- david

[tnrmedia]

There is a $2.50 charge for ATM exchanges, a 3% expense for global exchanges and a $3.50 charge for worldwide ATM exchanges.

Their charges may be higher when we compare with Indian Debt Cards. So using their Debt Card in India is very expensive.

[tom555]

this is a good news,i'm a coinbase user,and never disapointed with coinbase,and i really hope this debit card will succes and becoma a good service.
is there on this forum anyone use it?

[n691309]

It is always better to compare this debit card to their competitives for example with xapo or bit-x, i know coinbase is much popular but what rates will be applied, should we convert bitcoin to usd before using etc.