Bitcoin Debit Card

[pippipcheerio]

So I was thinking something along the lines of a Bitcoin Debit Card. The user is sent a Bitcoin Debit Card, and they must deposit Bitcoins into their account.

Now once they deposit it, the Bitcoins will convert into spendable money. Then a market lock will occur, and it will convert into one stable price If the coin decreases in $2, then the lock will be broken, and will be reset at the current market price.

What are your opinions?

[1713999345]

1713999345

[Fireball]

Who issues the card? "spendable money"? Market lock?

Maybe it was discussed already somewhere, but for me it sounds totally non-understandable. Could you please clarify?

[Stephen Gornick]

So I was thinking something along the lines of a Bitcoin Debit Card. The user is sent a Bitcoin Debit Card, and they must deposit Bitcoins into their account.

Now once they deposit it, the Bitcoins will convert into spendable money. Then a market lock will occur, and it will convert into one stable price If the coin decreases in $2, then the lock will be broken, and will be reset at the current market price.

What are your opinions?

The closest thing available today is the reloadable debit card from Bitcoin Morpheus, reloaded with bitcoins:
  - http://en.bitcoin.it/wiki/Bitcoin_Morpheus


You could also roll your own, essentially by selling your bitcoins to someone who will go out and buy a MoneyPak in order to pay for them.   People willing to buy bitcoins and pay for them with MoneyPak are often found in the #bitcoin-otc marketplace.

Then that MoneyPak can be used to reload your own American Express reloadable debit card:
  - http://www.bitcoinmoney.com/post/6672058553

In the #bitcoin-otc IRC channel a few weeks ago was:

MagicalTux: for now we are working on debit card payouts (issuing debit cards with the bitcoin logo on it)

 - http://www.bitcoinmoney.com/post/6288308683

Though no further details were given at the time such as, ... does this draw from MTGUSD, or are BTCs traded at the market price for each debit card transaction, ... or is this just a branded card with an account with some other entitity entirely?  [Edit: Because the word "payout" was used, this probably means it will be drawn from a MtGox account.]

With Utah already having made gold and silver legal tender, the switch to a debit card that is backed by a commodity will be likely something we will see:

There is, however, talk of creating debit card accounts allowing consumers to store coins in a depository, which are then used as collateral against everyday purchases. If, for example, someone had used such a card to purchase a $100 pair of shoes yesterday (when the silver price was around $38 an ounce) the owner of the depository might remove just under three ounces of silver coins from their supply.

 - http://www.independent.co.uk/news/world/americas/cold-hard-cash-utah-brings-back-the-silver-dollar-2290168.html

There's no offering of such a card available yet and even if (when) one or more of the above comes to fruition there certainly will be room for competition.

[Vinnie]

I'd like to see a prepaid, reloadable debit card offered by a business that provides the following service:

1. Step by step, out of the box instructions for manufacturing your own debit card with a magnetic encoder bought with cash
2. The company sends you the file you need to program your plastic over email
3. You make your own debit card, without having to provide a mailing address.

[Fireball]

1. Step by step, out of the box instructions for manufacturing your own debit card with a magnetic encoder bought with cash
2. The company sends you the file you need to program your plastic over email
3. You make your own debit card, without having to provide a mailing address.

I don't get that. You can make as many magnetic cards as you like (like those which are used in hotels to open your rooms doors), but who is going to "accept" them? If they are for electronic use only then what's their point of having a card (number) compared to just making a bitcoin payment?

Or are you talking about using BTC as a payment in e.g. shops, so that you don't need to bring your laptop + wallet.dat with you, and you can just give a bitcoin card? What about security issues then?

[cbeast]

I haven't found another thread on this topic. Is there any development yet for a bitcoin debit card that doesn't require the customer to carry a battery powered device?

[bbit]

Check out the company in my signature. It's the closest thing to the OP's question that I've found.

[idev]

The closest thing to a BTC debit card is probably aurum xchanges re-loadable 
mastercard. Which you can load gox coupons codes on to the card and withdraw
the cash from the ATM.

[jago25_98]

agreed - aurum or bitpay... Although i don't like mtgox codes so much and i've never found the cards on the bitpay site

I also wondered, what happens if you write a vcc virtual card to a blank cash card and calculated a pin for it ans wrote this all into the chip...

[Stephen Gornick]

Here's a Stack Exchange question on the topic:
 - http://bitcoin.stackexchange.com/questions/2746/what-is-the-cheapest-bitcoin-prepaid-visa-mastercard-service

[Iyeman]

To be honest, sounds stupid, because of fees going to however is going to create it.
It kinda beats the point of bitcoin itself.
Also the guys in charge will be the same as a bank, they can see how many bitcoins you have, they can seize them if they want and so on.
Just use a smartphone with bitcoin client on it, way better.

[Bitcoin-Debit.com]

Just found this thread and since it fits to the topic:
We are selling a reloadable ATM Mastercard which you can loard with Bitcoins.
Bitcoin-Debit.com The Bitcoin Debit Card

[cbeast]

Just found this thread and since it fits to the topic:
We are selling a reloadable ATM Mastercard which you can loard with Bitcoins.
Bitcoin-Debit.com The Bitcoin Debit Card

That looks cool. I wouldn't mind having one in my wallet to show. I have a question about the fees. Does the monthly fee start when you get the card or when you use it?

[matonis]

We are selling a reloadable ATM Mastercard which you can loard with Bitcoins.
Bitcoin-Debit.com The Bitcoin Debit Card

I looked at your site. Why do you not list the Mastercard issuing entity that is behind the Bitcoin Debit Card? Who is the Mastercard issuing bank and what is their web page?

Otherwise, faxing personal ID information to Panama doesn't sound very attractive.  umm...

[kangasbros]

Just found this thread and since it fits to the topic:
We are selling a reloadable ATM Mastercard which you can loard with Bitcoins.
Bitcoin-Debit.com The Bitcoin Debit Card

With these type of cards, would it be possible to have balance in bitcoins, and the currency conversion would be done at the time of withdrawal/purchase?

[bitdragon]

that would be ideal but I guess that would require a margin USD balance in order to avoid a loan.
Maybe an automatic deposit once the funds get below a certain level.

Or have it linked with my regular credit card which allows me to have a short term loan of 30 days and the bill can get paid through bitcoin sales maybe.
This can be done individually I guess

[zer0]

Okpay already let's you directly deposit coins and cash them out to their card.
Anybody here who wants to become a BTC->ATM exchanger simply load up your account at ecoin.cc like Technocashier.com does and resell their cards, or have users buy the cards directly from them then you just internally transfer USD funds to their account for free

http://ecoin.cc/rates/

If you're Russian and already have WMZ you can load ecoin.cc for only 1.3% fee or something instead of paying the $25 min charge ACH/wire fees to load, or sign a deal with technocashier.com to load your ecoin account

Bitinstant could wire $100,000 into an ecoin.cc account, then resell ATM cards to anybody with ID scans. You give them a MtGox code or bitcoins they can easily cash out immediately at favourable rates with all their existing partners then they load your ATM card for whatever fees makes them a ton of money. Can use their API to automate everything.

They can also do this through nxpay/nxsystemsinc or get bulk ATM card deals from offshore banks too. I have an ecoin.cc card it's instant 24/7 load, same with nxpay. Cash out bitcoins, wait 10 mins then go withdraw 24hrs a day.

**Edit if you use nxpay you can take advantage of the 'pay any card' service to load your customers existing card but it sadly takes forever (up to 5 days) to work. I think there are faster options somewhere that offer PAC

[idev]

Also you have aurumxchange as on option, one can load mtgox codes on to their cards
and withdraw the cash from any ATM worldwide.

[rouhaud]

i have command a debit card on http://bitcoin-debit.com/index.php tonight for 2 btc, if i received my crdit card and it's work i say you

[Red Emerald]

i have command a debit card on http://bitcoin-debit.com/index.php tonight for 2 btc, if i received my crdit card and it's work i say you

Those fees seem worse than the fees that Bank of America lost a bunch of customers over.

[pekv2]

Just found this thread and since it fits to the topic:
We are selling a reloadable ATM Mastercard which you can loard with Bitcoins.
Bitcoin-Debit.com The Bitcoin Debit Card

Warning.

https://bitcointalk.org/index.php?topic=84438.msg931943#msg931943