iBTCARD: Worlds first bitcoin debit card - More Details & Poll

[tradecoinz]

Hello Everyone,

I am pleased to announce that we are one step closer to releasing the iBTCARD. After one year of R&D; we are ready to release more details.

We have partnered with NagraID Security to help produce our check cards. NagraID is the world leader in display card manufacturing and we are highly satisfied with their products. Furthermore, they have worked with Visa and MasterCard to produce some of the worlds securest check cards. Secondly, I am glad to announce our core banking platform is nearing completion. We have developed a platform that allows consumers and merchants to easily transfer, secure, and use Bitcoins:

. For merchants, they will have the ability to download and install plugins/modules for their CMS. Also, merchants will be able to automatically charge monthly fees for goods/services. Furthermore, they will also be given access to a RESTful api. Allowing merchants to easily integrate our card into web applications. Merchants will also be able to integrate our card with their existing Point of Sale system (This will take some time. We are currently in talks with several POS manufacturers to integrate our card).  

. For developers, we will be releasing both a Java and IOS library. This will allow them to add our services into their Android and iPhone applications. This is in the future stages of development, however, it is on our road-map.

. For consumers, we have developed a wonderful banking platform that will allow them to easily use Bitcoins. We will also release several ATMs in 5 major cities. Allowing consumers to make cash deposits/withdraws into/out of their accounts. Most transactions will occur using our OTP authentication method. This ensures that the transaction is only made by the account holder. Furthermore, we have a secure method in-place that will allow users to report lost/stolen cards.

In the next couple of weeks we will begin crowd-funding to help expedite our development phase. In return, we will be giving our cards to 5,000 Beta users who are willing to donate $50 or more. I would like to thank the Bitcoin community for the awesome support. As the owner and CEO of Tradecoinz, my passion is to help expand Bitcoin and I couldn't do it without you! Feel free to contact me if you have any questions or concerns.

Best,
Cameron Halter
Tradecoinz, LLC
https://ibtcard.com/
cameron.halter@ibtcard.com

Sneak Peak (As you can see, we are still working on some things)
http://s16.postimg.org/rvmwnl96r/sdff.jpg

[davos]

Why would a merchant go through the trouble of 'enabling' or integrating your product into their POS as opposed to integrating an established bitcoin payment provider or just doing it themselves directly?

Is it your belief that people just really love plastic cards?

I would have thought the hurdle for a 'bitcoin debit card' would be the ability to have a balance held in BTC and a card that would run on multiple major international interchange networks to purchase items denominated in local fiat.

[tradecoinz]

Why would a merchant go through the trouble of 'enabling' or integrating your product into their POS as opposed to integrating an established bitcoin payment provider or just doing it themselves directly?

Is it your belief that people just really love plastic cards?

I would have thought the hurdle for a 'bitcoin debit card' would be the ability to have a balance held in BTC and a card that would run on multiple major international interchange networks to purchase items denominated in local fiat.

Currently, the plan is to work one on one with POS manufacturers to integrate our card with their systems. The merchant will not have to go through the trouble of integrating our product. At most, a simple software update will be needed to integrate our card.

I don't believe people love plastic. However, they do understand it. They understand that to make a purchase with plastic; all it takes is a swipe of a card. Furthermore, plastic (With OTP Authentication) gives users more security rather than storing all their bitcoins in a local wallet. This especially applies to people who aren't computer savvy. I also believe NFC is the next big thing (Also enabled in our cards).

The goal of this company is to reverse such a system. It doesn't make sense to have bitcoins exchanged for fiat into a prepaid visa or mastercard. For one, the companies that provide these services charge the consumer 4-5%. Secondly, the merchant will still be hit with a 3-4% processing fee. Our goal is to allow merchants to fully accept bitcoin for their goods and services. Using this card, consumers wont be hit with any sort of fee and merchants will be charged with something much lower (1-1.25%).
 

[pcboy]

I found the concept pretty cool.

You should just definitely add a "subscribe to mailing list" box on your website.
I don't want to miss news on that project but right now there is no way to subscribe for it.

[tradecoinz]

I found the concept pretty cool.

You should just definitely add a "subscribe to mailing list" box on your website.
I don't want to miss news on that project but right now there is no way to subscribe for it.

Thanks! We have added an option to register for a newsletter. Feel free to register when you have the chance 

Cameron Halter
https://ibtcard.com/

[RichG]

tradecoinz, instead of BTC denominated debit cards, what about local fiat denominated cards that you buy with BTC.

[tradecoinz]

tradecoinz, instead of BTC denominated debit cards, what about local fiat denominated cards that you buy with BTC.

   That makes plenty of sense right now. However, that doesn't do any good for the Bitcoin economy. The purpose of this company is to get Bitcoins widely accepted and give merchants benefits by using our interchange network. If you want any sort of currency to work, you need to get it widely accepted. Currently, 50% of bitcoins are lying in dormant accounts. That's concerning. Converting bitcoin into fiat then using that fiat to purchase goods and services is not a logical thing to do.

   If you wanted a prepaid, you will need to pay a 5% fee and the merchant will still get hit with high processing fees. This service gives card holders the ability to not have to exchange their Bitcoins for fiat. This also gives merchants lower processing fees by using our interchange network. Yes, this card will take some time to integrate into POS systems and get it widely accepted. However, would merchants and yourself like to keep paying 9% in fees? We give users an easier way to access and use their bitcoins without a powered and internet connected device. Furthermore, our processing fees are lower than companies such as Visa or MasterCard. Even with services that trade bitcoin into fiat prepaid cards; such services can be shut down any time by Visa, MasterCard, Amex.

Best,
Cameron Halter
https://ibtcard.com/

[drazvan]

The only issue is that the merchant will almost certainly want to convert the Bitcoin to fiat - so you're just moving the problem. The buyer feels good because he's paid in Bitcoins, but now the merchant has to convert the Bitcoins back to fiat or risk the exchange rate going down (and lose considerably more than the Visa/Mastercard credit card processing fees). That will only change once the merchants can pay some (or all) of their suppliers in Bitcoin as well - something I don't see happening very soon.

[tradecoinz]

The only issue is that the merchant will almost certainly want to convert the Bitcoin to fiat - so you're just moving the problem. The buyer feels good because he's paid in Bitcoins, but now the merchant has to convert the Bitcoins back to fiat or risk the exchange rate going down (and lose considerably more than the Visa/Mastercard credit card processing fees). That will only change once the merchants can pay some (or all) of their suppliers in Bitcoin as well - something I don't see happening very soon.

We will not charge an exchange fee for our services and offer next-day bank deposits. Think of it this way: merchants won't accept Bitcoin unless more consumers begin to use them. It works the same way with distributors. Distributors won't accept Bitcoins until more merchants begin to accept it. Yes it won't happen anytime soon, but it sure is a start! The goal is to use existing technologies people are familiar with in-order to increase the use of bitcoin. If you are able to successfully increase its use; you will be able to increase its acceptance. So you are right on that, you cannot snap your fingers and get everyone to accept bitcoin. It will take devotion, time, and a lot of hard work to implement bitcoin. However, it sure is possible.

Cameron Halter
https://ibtcard.com/