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:
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http://en.bitcoin.it/wiki/Bitcoin_MorpheusYou 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:
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http://www.bitcoinmoney.com/post/6672058553In 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)
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http://www.bitcoinmoney.com/post/6288308683Though 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.
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http://www.independent.co.uk/news/world/americas/cold-hard-cash-utah-brings-back-the-silver-dollar-2290168.htmlThere'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.