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Question: Would you use a Bitcoin Prepaid mastercard
Yes - 52 (68.4%)
Maybe - 16 (21.1%)
No - 8 (10.5%)
Total Voters: 76

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Author Topic: Bitcoin Prepaid card  (Read 13156 times)
pinnpe
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September 29, 2013, 12:52:02 PM
Last edit: October 26, 2013, 08:19:39 PM by pinnpe
 #1

Would you use something like? :
http://www.dbcardservice.com/en/

The road of Bitcoins to conquer the world might take long
if we would only use Bitcoin ATMs and exchanges, since not everybody understands
exchanges and our ATMs are not worldwide available maybe we got other options.

 Roll Eyes

Would you buy a Bitcoin prepaid mastercard of 10 euro p/j
with an 3 year contract? If so please leave a comment below

Thanks for reading
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stevedekorte
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September 29, 2013, 07:45:53 PM
 #2

Yes, but not if it had that stock photo and speech bubble on it's site.
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September 29, 2013, 07:54:16 PM
 #3

Yes, but not if it had that stock photo and speech bubble on it's site.
She's cute, though.  I'd buy anything from her.

Quote
Would you buy a Bitcoin prepaid mastercard
Yes, if it's fully registered under US or UK law so that the funds are safe.  I'd be wary of fees, though.  I wouldn't mind a small monthly fee if it's necessary, and of course normal ATM fees, but I wouldn't want to pay a transaction fee for purchases.
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September 29, 2013, 10:19:54 PM
 #4

Thanks both Stevedekorte, msc and the voters,

I'm sorry but the website I gave a link to was just an example how sucha card would look like.

Here's the most reasonable set up, that we might consider for the future
- Only €10 per year card fee / 3 year contract
- Free online and offline shopping
- Fixed €1.80 local and foreign ATM transaction fee
- Fixed 2.49% foreign exchange rate (if you have an euro account, but buy in dollars)

For some this might be a disadvantage, but if you would like sucha card, you would have to
register yourself. But something like this would open up the door for Bitcoiners to take cash
from ATMs and pay in stores without even mentioning Bitcoins. Keep in mind this would
be a prepaid card, you have to upload Bitcoins to your online wallet first.

I'm not trying to push Bitcoins in the backgrounds here, but I would be fun if like 10000
Bitcoiners had this card, paid for things with it for a whole year. If you would then ask somebody
if they know what Bitcoins are and they said no, you could answer with a smile that you have
been paying them for the past year with Bitcoins. 50 Bitcoins ATMs is nothing, Bitcoin needs to
be on prepaid card, because they can be used worldwide.

Msc Yes, it would be fully registered under US or UK law, we respect the law.
I'll try to find a way to get this done...

I hope this sparks exchanges and everybody who is involved with Bitcoins to also start offering this
service. It will make Bitcoin invisible, but who wants to know anything about money, people just want to
pay and get paid for stuff. 
ronimacarroni
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September 29, 2013, 10:48:14 PM
 #5

I voted maybe cause there is no place i could use it in that I can think of.
pinnpe
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September 30, 2013, 07:46:31 AM
 #6

Hi ronimacarroni

Actually you can use this everywhere, you see a mastercard sign. I even used a prepaid
to get money from the ATM, paid on kickstarter.com and even paid in a regular store using my
prepaid cards pincode.

Hmmmm though I have to stress that there are some entities that don't let you pay with an
prepaid card, but they are LAME and scarce.

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September 30, 2013, 10:31:02 AM
 #7

Yes I think that it is a great idea to spread btc Smiley
And the fees seems kinda low, so yes I would buy it prolly.

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October 01, 2013, 02:02:41 AM
 #8

Out of curiosity (i'm a bit too lazy to check myself) say theoretically I got my card (say, loaded with 3 BTC) when Bitcoin was priced at $100 but before I spent any of the card's balance the price increased to $200. Do I get $600 worth of purchasing power or $300?

If I got the full $600, then I'd totally use it and it would be the most legit thing ever. Otherwise, its still marginally useful, except its really inferior (assuming you want exposure to BTC) than just paying with a credit card and then just using something like coinbase to load my checking account when the next bill is due.

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October 01, 2013, 07:45:42 AM
 #9

I would but I'd have to know a hold lot about the owner and business location

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pinnpe
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October 01, 2013, 08:17:34 PM
 #10

Thanks for your replies

theonewhowaskazu if BTC is worth $600 your spendingpower is $600.
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October 02, 2013, 01:04:08 AM
 #11

I voted no because MC would never agree to this meaning the card could get blocked at anytime. If it had native MC support then it would be a different matter.

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October 02, 2013, 03:09:13 AM
 #12

Thanks for your replies

theonewhowaskazu if BTC is worth $600 your spendingpower is $600.


How does that work? It literally funds my card with USD as I need it, or something?

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October 02, 2013, 08:56:27 AM
Last edit: October 02, 2013, 09:18:36 AM by pinnpe
 #13

theonewhowaskazu

If 1 Bitcoin is worth 1000 euro's and you spend 100 euro's
That means that 0.1 btc gets taken from your 1 btc leaving you with just 0.9 btc.
If the merchant got their account set to accept btcs they get 0.1 btc for your purchase.
If the merchant got it set to receive fiat currency, they receive 100 euro's.
Your bitcoin ewallet always reflects/gives you the current fiat price for Btcs, if not,
you might change.

I voted no because MC would never agree to this meaning the card could get blocked at anytime.
If it had native MC support then it would be a different matter.

Abdussamad
MC is on the market to make money, if they sell prepaid cards to companies they make money.
They allready have a hardtime with all these ewallets, mobile payments and now cryptocurrencies
popping up out of nowhere. There is no difference between a Skrill.com ewallet or a Bitcoin based
ewallet, they both say "MONEY". Enough Bitcoins companies, do what is legally asked from them,
so I see no problem. A card would only get blocked if it was stolen, from the person who owns the
card. Do you know how much money MC is missing out on, for not operating in all countries. BTW
everybody who does not get with the flow of the new finnovative breed will simply "Get a Kodak moment".

This whole thing with prepaid card is not new
Bitinstant gave it a shot, why we don't have a bitinstant card now?Huh? I don't know
http://www.techweekeurope.co.uk/news/bitinstant-bitcoin-paycard-details-mastercard-90204
bee7
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October 02, 2013, 09:38:33 AM
 #14

theonewhowaskazu

If 1 Bitcoin is worth 1000 euro's and you spend 100 euro's
That means that 0.1 btc gets taken from your 1 btc leaving you with just 0.9 btc.
If the merchant got their account set to accept btcs they get 0.1 btc for your purchase.
If the merchant got it set to receive fiat currency, they receive 100 euro's.
Your bitcoin ewallet always reflects/gives you the current fiat price for Btcs, if not,
you might change.


Your description let me assume that the card will have a second EMV application installed on it apart form MC's one, that will be bitcoin-related as otherwise there is no provisions for accepting devices (POS terminals) to distinguish the cards that are BTC-"capable". Such a configuration of the card requires quite expensive testing and certification process that is required to ensure the proper inter-operability between the Card Accepting Devices and the card. Do you know how much that costs?

As for acceptance, the POS device also has to contain quite a bit of software to support any extra application on card that also requires EMV certification. This also costs some money. Did you do any estimations how much is that?

Though, there is still an option not to install any extra apps on a card and shift the BTC-related stuff to back-office processing. In this case the only question is: "is the conversion rate attractive for the end user or not?"
pinnpe
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October 02, 2013, 04:40:13 PM
 #15

bee7

I'm not that hyper technical, so I have little understanding of your popular jargon. But
we would choose the latter (why waste money), if you do something that is unattractive
with the conversion rate things will get ugly. That's why it would be great if there were
more exchanges/ewallets offering the same service. 

Visa also got a prepaid option and Google Trends says enough
http://www.google.com/trends/explore#q=mastercard%2C%20%20Visa%2C%20%20Paypal&cmpt=q
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October 02, 2013, 05:26:59 PM
 #16

bee7

I'm not that hyper technical, so I have little understanding of your popular jargon. But
we would choose the latter (why waste money), if you do something that is unattractive
with the conversion rate things will get ugly. That's why it would be great if there were
more exchanges/ewallets offering the same service. 

Visa also got a prepaid option and Google Trends says enough
http://www.google.com/trends/explore#q=mastercard%2C%20%20Visa%2C%20%20Paypal&cmpt=q

I am sorry, it is really not popular but very specific. I spend some time with these modern chip card technologies, so I have some knowledge Smiley
Be prepared, even if you go the simpler way, there will be a lot of difficulties.

Anyway, the idea is good from my point of view. So, YES
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October 07, 2013, 08:42:47 AM
 #17

the problem with visa/MC is they are part of the current oppressive money system, if we could get bitcoin converted and loaded onto cards with anonymity, that would be great. no, I'm not coughing up my name, address, DOB, SS#, etc.

what's the alternative? an anonymous visa card bought online from poland or croatia?

NEVER GOT PAID.
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October 07, 2013, 10:25:44 AM
 #18

I thought of this idea months ago. It is a massive idea because everyone would love to store all their wealth in bitcoins (due to deflation) but still be able to spend it easily like fiat.

This would be the break through that would take bitcoin mainstream.

But unless you're mt.gox or one of the upcome exchanges or mastercard it's too big of an endeavour.

How do you liquidate peoples bitcoins when they buy something? you need a BIG exchange (who'll charge a fee)
How do you get the card and network? you need to piggy back on mastercard (who'll charge a fee)
How do you get the system that links the card through to the exchange? you have to create it (you'll want to charge a fee)

Too many cocks in that pie.

Bitcoin needs to be at the forefront or else it'll be too expensive. We are moving forward here not backward to ancient tech like plastic cards and bank networks. When bitcoin is at the forefront all you need is that phone app that lets you pay people with barcodes (fuck mastercard anyways!).

This was the conclusion i reached when i thought up this idea. If you can innovate around having to go through so many levels where each one a company is taking a cut then it's possible, otherwise - too expensive and impractical.
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October 07, 2013, 10:34:49 AM
 #19

unable to visit the link..failed to open..

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October 07, 2013, 05:32:56 PM
 #20

I would definitely be interested!  I wonder what the international fees would be?  If there were none it would be a great option for international travelers.  Having just taken a trip overseas I came home to a Visa bill with extra fees on it and it would have been nice to avoid them.


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