First, it only supports USDT on ethereum network and that usually means higher fees and dealing with more shitcoins.
This is probably done because USDT is pegged to USD dollar, but I would like to see Bitcoin and privacy coins used, and some people probably want USDT on other blockchains, including omni chain and second layer Liquid chain USDT.
Second thing, I think that $99 to $499 fee for one year is to much for service that can shut down anytime, and there would be nothing customers could do, including getting refunds.
I already saw this happening with similar services that deal with anonymous cards, so there is realistic chance this could happen, and this competition didn't ask for any yearly payment for cards.
I would have to test and see how this cards work in real life, but this was my initial feedback after visiting your website.
I am also thinking about privacy and who exactly is tracking purchases and delivery addresses connect with that.
Few additional questions:
- What name will be written on card and are there any plans to make physical cards in future?
- What would happen if someone sends USDT or other coins to Coinpaycards, and they are reported to come from hacked exchanges??
- What third parties are you using to convert USDT (and other coins) to USD?
Hi dkbit98, thank you for your constructive feedback. This will always help us ensure to create a good and reliable platform for crypto users.
Let me answer your questions below.
At this time we only support USDT, But we will support the following cryptocurrencies within the next 2 weeks: BTC, ETH, USDC, LTC and DOGE (maybe even more).
In the case that we would ever shut down (will not happen) you will receive 100% of your remaining funds back. We have good contracts with multiple card issuers. So there will be always a place for us.
1. We of course display every purchase you made, you can also see all your card purchases in your card history tab. However, we don't receive your delivery address data from any retailer. Not even a bank receives those details.
2. When signing up, you will need to enter a first and last name. These data will be your cardholder details.
3. If you send any stole coins, our payment processer will automatically block that specific transaction if that wallet is blacklisted. We are not a platform for laundering stole coins. Simple as that.
4. We use a variety of 3rd parties, for example Coinbase institutional and Binance.
If you have any more questions, please let me know.