Crypto debit card for FIAT payments - would you use one?

[artbart]

Hello,
I'm here to explore the demand for crypto debit card.

The basics behind it is actually very simple:
1. You own some crypto funds on your account on an exchange (crypto/FIAT markets) that has partnered with a debit card provider. You'd have to identify yourself (pass KYC).
2. You get the card. It is a basic mastercard  debit card for FIAT payments. No magic.
3. When you use it, it automatically exchanges your crypto to FIAT based on the amount you're spending. You would even be able prioritize the order in which your crypto is to be exchanged the first, the second, etc.

So, would you use one? 
If yes, would such service motivate you enough to open an account on the exchange that is not (yet) one of the TOP ones?

Disclaimer: I'm a business owner in a position to offer such service. Knowing your opinion would help me a lot. So, thanks in advance!

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[jimbo2000]

There's a lot of demand for this and there are already people trying to offer this. I personally know of Monaco and Wirex but there are also many others. So the demand is there for sure.

You'll need something that distinguishes you from all of the others.

[realcrypto]

This will be a good news and I know that cryptocurrency fans will happily embrace this development. For this to be successful there are some infrastructures needed, one of the most important of them all is ATM that will dispense the fiat.

[sunsilk]

I'll consider first knowing about the fees. This is everyones concern why we are here. Transferring bitcoin to anotger person isnt expensive so if the fees are competitive and reasonable the Ill try to use one as trial.

It will also depend on the agreement of the card provider, if its very fair and reasonable too then count me in. Id love to spend cryptos for fiat and real world transactions.

[davis196]

No,I wouldn't use one.It's pointless.All the crypto-to-fiat conversions for nothing.
I would rather use a crypto debit card for crypto payments and a fiat debit card for fiat payments.
I don't mind the KYC policies,by the way...

[BitHodler]

It makes no sense to me to use a crypto related debit card to spend fiat the same way I can spend fiat already with my legacy debit card. I rather convert the coins to fiat myself and then spend them whenever I want.

I might sound a bit like I don't see much utility here, but it doesn't solve a problem because you are still spending fiat and not crypto. You basically put a jacket over something that already works well.

I rather see more merchant adoption accepting crypto currencies for what they are, and not advertise something that has no meaning here. Crypto is here to improve the way we conduct peer to peer payments, not support fiat.

[dothebeats]

This was done by a local exchange some time in 2014-2016 until Wavecrest holdings (which the exchange gets it prepaid cards from) suspended its operations dealing with cryptocurrencies and exchanges. I'd use one if possible, though I have to put a certain amount of trust to the facilitator if ever, which is a compromise I'd gladly take if I can use crypto for something else. The number of merchants is not increasing and I see that debit cards are a way to go if people want to spend their crypto for something.

[shield132]

Bittrex, bitstamp, bitfinex and etc, they aren't in top but are well known for people so being in top 10 or in top 50 doesn't matter if you'll offer so good service. What you described is similar of Xapo. Also you know bitcoin ATMs charge so high fees... If we will be available to withdraw from every atm worldwide with very low fees like 1% or fixed 2.5 euro or 10$ monthly, something like this, will be amazing.

[Theb]

1. You own some crypto funds on your account on an exchange (crypto/FIAT markets) that has partnered with a debit card provider. You'd have to identify yourself (pass KYC).

I think the KYC requirement is a given if you want your card to even be connected to mastercard, this payment service company won't even allow you hooking up unknown parties to use their services.

Of course my main concern is why would a not so popular exchange do this? Questions and suspicions will always arise on these kinds of unique features especially on a not so trusted crypto exchanges. Questions like are they really doing this for our convenience or they really just want our personal information badly and using this KYC requirement to obtain it?  This is really not a question of  anyone wanting it because I know a lot of people do but it should be a question about do we trust this exchange offering this feature in the first place?

[MathiasCrow]

Crypto debit card is a great idea, it will increase adoption significantly. At the same time, it will bring a lot more attention and requirements to exchanges: they will become number one target (even more then now) for hackers.

[aad140386]

I would not only use it, but I can no longer wait for such cards to appear. As far as I know, at least 5 ICO projects are already working on this idea. And I believe that the crypto community will support this idea. The main thing is that the implementation of this idea was successful. The debit card should have instant conversion, low conversion fees and a favorable internal conversion rate. If all goes well, it seems to me that these cards will have a stunning success. The problem is that regulators in many countries have not yet developed a legislative framework for interaction with cryptocurrencies, and therefore many projects have difficulty in implementing this idea.

[TrezorMade]

I would never use this kind of thing. This is the same idea like Ripple. We do NOT need fiat, Bitcoin was created against fiat. Personally, I would like more cryptocurrencies instead of fiat worthless paper money. I do hold for a long period though.

[Reid]

This kind of service is already old.
Go find a new feature.
Something which doesnt require to do this and that and so on and forth.
Make it as user friendly as it is. Crypto currencies are already hard to understand for most of the people and we dont want it to be more difficult for them.

Why use a debit card for crypto currencies when you can do it with fiat using banks? Makes no sense right?

Maybe a product from crypto to cryptp so that we could trash that fiat system already.

[Initscri]

Man, this idea has been a thing since just about as long as Bitcoin has been a thing.
At one point, I was actually looking to implement this.

TBH, It's a good idea, but a very hard one to execute correctly. So many companies have come, tried, and failed (to be fair: I'm sure there are some successes).

If you can find a way to make this adoption simple & sweet, and available to many different countries, than the company may have a shot. The main issue has been adoption & difficulty getting/using a card.

[artbart]

For this to be successful there are some infrastructures needed, one of the most important of them all is ATM that will dispense the fiat.

Basically, the infrastructure on both ends is already there. We're just putting the bridge in between.

I'll consider first knowing about the fees.

Those would probably be a bit larger than a taker fee and in some cases less than withdrawing FIAT from an exchange to an IBAN that has a card.

No,I wouldn't use one.It's pointless.All the crypto-to-fiat conversions for nothing.
I would rather use a crypto debit card for crypto payments and a fiat debit card for fiat payments.

It makes no sense to me to use a crypto related debit card to spend fiat the same way I can spend fiat already with my legacy debit card. I rather convert the coins to fiat myself and then spend them whenever I want.

That's totally find. For me both of you are the kind of user that is probably not my target group. My target group earns/get lots of crypto (basically most or all of one's earnings are probably from crypto; like a miner or full time trader) and I'm offering then a headache-free gateway to get oneself a cup of coffee at Starbucks.

Of course my main concern is why would a not so popular exchange do this?

To attract you customer. A the little ones have to put more effort to get them.

Make it as user friendly as it is. Crypto currencies are already hard to understand for most of the people and we dont want it to be more difficult for them.

That is exactly thepoint! That is what we do: we eliminate 2 steps from spending your crypto in the real world (exchanging and withdrawing to FIAT account). There are projects like Lympo that give tokens to users that mostly have no clue about the crypto and what we want to do is give them a card and say: "don't worry about the crypto thing, here's a card, just go and buy something"

[shinharu10282016]

1. You own some crypto funds on your account on an exchange (crypto/FIAT markets) that has partnered with a debit card provider. You'd have to identify yourself (pass KYC).

I think the KYC requirement is a given if you want your card to even be connected to mastercard, this payment service company won't even allow you hooking up unknown parties to use their services.

Of course my main concern is why would a not so popular exchange do this? Questions and suspicions will always arise on these kinds of unique features especially on a not so trusted crypto exchanges. Questions like are they really doing this for our convenience or they really just want our personal information badly and using this KYC requirement to obtain it?  This is really not a question of  anyone wanting it because I know a lot of people do but it should be a question about do we trust this exchange offering this feature in the first place?

Most of the countries nowadays require that KYC. Even in my country in SouthEast Asia, they require that in an online Bitcoin Wallet they offer.

Even a blockchain project in Singapore which offers the debit card fiat services require it.

[mummybtc]

There are several crypto card payments projects in the spce that promised the kind of services you listed above but to my surprise most have failed to keep their promised, some even end up a scamming investors. I have not seen any of this card payment projects filling their promises because they will always be at the mercies of VIsa and Mastercard

[cetald]

Hello,
I'm here to explore the demand for crypto debit card.

The basics behind it is actually very simple:
1. You own some crypto funds on your account on an exchange (crypto/FIAT markets) that has partnered with a debit card provider. You'd have to identify yourself (pass KYC).
2. You get the card. It is a basic mastercard  debit card for FIAT payments. No magic.
3. When you use it, it automatically exchanges your crypto to FIAT based on the amount you're spending. You would even be able prioritize the order in which your crypto is to be exchanged the first, the second, etc.

So, would you use one? 
If yes, would such service motivate you enough to open an account on the exchange that is not (yet) one of the TOP ones?

Disclaimer: I'm a business owner in a position to offer such service. Knowing your opinion would help me a lot. So, thanks in advance!

I believe that such a card is a very necessary thing for a cryptocurrency market. Such a card could replace many exchangers, which are now very popular. But using the card would be much more convenient. I would use it.

[adzino]

Hello,
I'm here to explore the demand for crypto debit card.

The basics behind it is actually very simple:
1. You own some crypto funds on your account on an exchange (crypto/FIAT markets) that has partnered with a debit card provider. You'd have to identify yourself (pass KYC).
2. You get the card. It is a basic mastercard  debit card for FIAT payments. No magic.
3. When you use it, it automatically exchanges your crypto to FIAT based on the amount you're spending. You would even be able prioritize the order in which your crypto is to be exchanged the first, the second, etc.

So, would you use one? 
If yes, would such service motivate you enough to open an account on the exchange that is not (yet) one of the TOP ones?

Disclaimer: I'm a business owner in a position to offer such service. Knowing your opinion would help me a lot. So, thanks in advance!

I would say, your business would work temporarily and not feasible in the long run (assuming crypto currencies become mainstream). Why would people want to use debit card which spends their crypto currencies to make payments? What is would be the difference between traditional debitcard and crypto currency based debit card? Moreover, would this destroy the main purpose of using crypto currencies (i am talking about centralization)?

[The Sceptical Chymist]

It makes no sense to me to use a crypto related debit card to spend fiat the same way I can spend fiat already with my legacy debit card. I rather convert the coins to fiat myself and then spend them whenever I want.

Yup, I've been saying the same thing ever since I discovered bitcoin, which I've always viewed as an investment and not a currency (even though I've used it to buy things from merchants when I'm out of fiat). 

On the old JREF forum, they used to say that bitcoin is a solution in search of a problem that doesn't exist.  I don't view it in such an extreme way, but the fact is that businesses don't want bitcoin, they want fiat.  When you buy something with bitcoin using a payment processor, they're just converting the bitcoin to fiat--and that's what the merchant gets.

I get my paycheck in fiat and tend to always have more fiat than I do crypto, so I would have no use for a crypto debit card, nor would I want to go through a KYC process with a company that I didn't trust.  I already let my bank do that, and that's bad enough.