[2014-08-12] CD: Reviewed: Xapo’s Bitcoin Debit Card

[LiteCoinGuy]

Reviewed: Xapo’s Bitcoin Debit Card

http://www.coindesk.com/reviewed-xapos-bitcoin-debit-card/


i guess they need to polish their service a little bit more. also it would be nice to have a bitcoin logo on a BITCOIN card 

[guybrushthreepwood]

i guess they need to polish their service a little bit more. also it would be nice to have a bitcoin logo on a BITCOIN card 

I would feel pretty smug brandashing that around. I'm sure it'll get a few people asking questions about it.

As such, excitement was predictably high for the Xapo Debit Card’s release, with many bitcoin users lauding the initial announcement on 24th April. Enthusiasm remained strong, even as Xapo lost support from its original card network, MasterCard.

I wonder why they 'lost support'. Scared of the competition?  . I'm surprised Visa worked with them though.

[Sutters Mill]

Wow, the fees are ridiculous for this:

When it announced the card, Xapo promised a $15 one-time shipping and handling fee, but the company did not reveal any information on other associated costs.

The fee schedule, however, revealed the following card charges:

    A monthly service fee of $4.95, or £3.95/€3.95 for European customers
    An international ATM transaction surcharge
    Declined transactions costs of $1, or £1/€1
    Domestic ATM transaction costs of $3.50 per transaction, or £2.50/€2.50 in Europe.

Monthly fees? What? These cards have the potential to be great, but looks like this isn't going to be a success. Many problems reading the article.

[Neg]

I was considering getting one of these. Glad I didn't. I guess it's a neccessary evil working with a payment processor like Mastercard or Visa, though using one of these cards with the huge fees isn't very attractive at the moment. I'm hoping better ones will become available in the future.

[Ron~Popeil]

I was considering getting one of these. Glad I didn't. I guess it's a neccessary evil working with a payment processor like Mastercard or Visa, though using one of these cards with the huge fees isn't very attractive at the moment. I'm hoping better ones will become available in the future.

Yeah the fee kinda takes the luster off. It is a foot in the door though. I suspect Mastercard is up to something bit coin related of their own. I don't have any links or proof, so it is just pure speculation on my part.

[Kprawn]

And there was also some sort of arrangement between them and Mastercard, which people was not happy with.

The fees are just too high, to justify this service for BTC

[Dorky]

Xapo's modus operandi is to attract customers that submit their personal details like full name, address, ID number, contact details (email and mobile), etc into a database and such database will be sold off to a 3rd party in the future for a large sum of money.

Have you even tried cashing out of Xapo wallet?
Many did, but failed, and their money lost/stolen.

[Dorky]

I do not intend to talk bad about Xapo.
Initially I had hope for it but is now over.

For you care to check, refer to your Xapo wallet's BTC address at blockchain and you may find the balance to be zero (0) despite showing positive balance (>0) at Xapo.
Now what does that tell you?
How can Xapo BTC wallet shows positive balance while the same address at blockchain is showing zero?
Can I say the figure shown at Xapo is a fake?

---------------------

And by the way, Xapo wallet's BTC address is generated by Xapo.
So who holds the private key?
And if you're not the one to hold the private key, then isn't the risk of thievery is extremely high?
No wonder I cannot make any payment to non-Xapo wallet.
Now I know why.

Wences Casares, this is the name of a fraudster, the founder of Xapo.
His mugshot...

[bitbouillion]

And by the way, Xapo wallet's BTC address is generated by Xapo.
So who holds the private key?
And if you're not the one to hold the private key, then isn't the risk of thievery is extremely high?

Xapo needs the key to pay their liabilities, after you made a payment with your Xapo card. Why would they share it, which would enable fraudsters to spend their Xapo balanace twice? The have somehow to protect themselves from getting defrauded too.

[Dorky]

And by the way, Xapo wallet's BTC address is generated by Xapo.
So who holds the private key?
And if you're not the one to hold the private key, then isn't the risk of thievery is extremely high?

Xapo needs the key to pay their liabilities, after you made a payment with your Xapo card. Why would they share it, which would enable fraudsters to spend their Xapo balanace twice? The have somehow to protect themselves from getting defrauded too.

Please explain the other anomaly, especially how the Xapo wallet shows positive balance but reference to the blockchain for the same address shows zero balance.

[MF Doom]

Wow, the fees are ridiculous for this:

When it announced the card, Xapo promised a $15 one-time shipping and handling fee, but the company did not reveal any information on other associated costs.

The fee schedule, however, revealed the following card charges:

    A monthly service fee of $4.95, or £3.95/€3.95 for European customers
    An international ATM transaction surcharge
    Declined transactions costs of $1, or £1/€1
    Domestic ATM transaction costs of $3.50 per transaction, or £2.50/€2.50 in Europe.

Monthly fees? What? These cards have the potential to be great, but looks like this isn't going to be a success. Many problems reading the article.

Wow, so much for the "bitcoin will save businesses and consumers billions in transaction fees every month!" arguement

[bitbouillion]

Wow, so much for the "bitcoin will save businesses and consumers billions in transaction fees every month!" arguement

Think again what those fees are caused by. 

[Dorky]

Wow, so much for the "bitcoin will save businesses and consumers billions in transaction fees every month!" arguement

Think again what those fees are caused by. 

Caused by Xapo, of course.

What do you imply?
Caused by bitcoin miners?
If you transact through normal wallets, the transaction cost is just 10,000 satoshis minimum.

Point is, Xapo is a fraud.
And remember this, sooner or later, blockchain will also revealed to be a fraud too as a matter of time (last time blockchain wallet charged me $1 for a $20 transaction, which was a whooping 5% fee, no bankster-owned bank in the world charged that much).