Topic: [ANN] Bitcoin Debit Card | BIT-X.com | Anonymous or Named | Low Fees! - page 7. (Read 42684 times)

Are there any plans for a referral program in the future, as far as you know, Marco?

There is no affiliate/referral program from Bit-X.

Is there a referral link to sign up a friend or family member to bit-x?

How do you put fiat into your bitx acct? I see an area for usd /euro but don't really understand how do you add dollars to your acct.

In another thread there is mentioned that the maximum amount that can be spent in one transaction must be under 90% of balance, here is mentioned 70% which one is true?
Why not spending 100% of the balance including the fees.

The '90% of a user's balance' limit per transaction acts as a safeguard (for BIT-X) against unknown future exchange rates (with the high volatility Bitcoin is known to have), especially so for large transactions. ATM/POS terminals require a near-instant (tenths of a second) response, otherwise a time out will occur and the transaction will be denied. This would be the case if more than 90% of a user's balance was available for a single card transaction (at the moment of authorization we do not know the exact amount that will be needed for the conversion so this 10% gives some room for changes in the exchange rate and fees).

If you have a 10 BTC balance in your BIT-X account, all 10 BTC is available through card spending however as is clear in the card rules (https://bit-x.com/guide/bitx-cards), each transaction cannot be larger than 90% of your total balance. In transaction #1 you can use 9 BTC through the card, transaction #2: 90% of 1 BTC through the card and so on.

At all times, your entire balance is available to you for any other uses, be it for a trade or or withdrawal!

All card rules, limits and fees can be found by reading through: https://bit-x.com/guide/bitx-cards

Regards,
BIT-X.com

Clear benefit and paying less? You should use Bit-X!

Let's say I order a EUR card from e-coin and use it at a non-EUR ATM. I'll have these fees: 3% foreign transaction fee + $3.50 Int. ATM fee + ~4% (rounded down from ~4.3%) 'hidden' exchange fee (I used your current rate of $222.57 per bitcoin compared to preev.com's $232.7 per bitcoin). Total: 0.015 BTC + ~7% in fees. Plus the possibility that the exchange rate has gone up between when I sold my BTC to fund the card and actually used the funds.

Now a quick comparison to a foreign transaction using the Bit-X card. Fees: 3% ATM fee + 0.01 BTC. Total: 0.01 BTC + 3%.

---

Let's take e-coin's 'best case scenario' (using a EUR card at a EUR ATM). Fees: $2.50 ATM fee + ~4% (rounded down from ~4.3%) 'hidden' exchange fee (I used your current rate of $222.57 per bitcoin compared to preev.com's $232.7 per bitcoin). Total: 0.011 BTC + ~4%.

Comparison to a transaction using the Bit-X card in the same currency. Fees: 3% ATM fee + 0.01 BTC. Total: 0.01 BTC + 3%.

The benefit with the Bit-X card? No need to manually fund it, let alone sell your BTC in advance!




In both cases Bit-X has the lower total fee for an ATM transaction. I've not included others costs such as ordering, shipping, activation, funding (e-coin only?) and monthly fees (e-coin only).

---

But you're right. Many Bitcoin users prefer to pay less and have clear benefit. It's up to the individual to choose!

Of course, it is. I personally together with many other Bitcoin users prefer to pay less especially if there is no clear benefit.

Mosts users (myself included) check the exchange rate regularly so they already have an idea of the rate at the time of their transaction. If a specific rate must be known, a simple widget on a user's smartphone will do the job.

Do you really enjoy checking the rate when paying for the next pint at the pub?


Once, but in advance. Most crypto users prefer to deal in terms of BTC rather than fiat. This means they would prefer to hang on to their BTC for as long as possible before initiating a transaction, which you can't do with e-coin. Why use BTC at all, if you just convert all or most of it into fiat for spending over time?

With E-Coin you can do the same, the conversion takes seconds and you see what you get straightaway.


True!

You just described the issue with e-coin and other prepaid cards (that must be preloaded).


Strictly speaking your cards are also preloaded but with bitcoins. Moreover, you also require a deposit, which E-Coin does not.

Fees are straightforward: 0.01 BTC + 3% for ATM transactions | 0.002 BTC + 1% for POS transactions (which is either in-store or online).

It is a way higher compared to E-Coin.


It may be the same cards but the infrastructure built behind it is very different, which enables these real-time conversions.

E-Coin conversions are real time as well.
The most important: what is the point in a technology that do not improve functionality and convenience and customers have to pay more?


In the end, it's up to a user to decide what they prefer and what suits them best.

For me (and many other Bitcoin enthusiasts) I want to keep my holdings in BTC/LTC for as long as possible and only spend exactly what's needed only when I swipe the card.

I would not say that conversions made at POSs is that great feature. First of all, a customer is not aware at what rate he is making a transaction, so basically he would need to go somewhere to check the current BTC rate (presumably, to Bit-X or Xapo websites). Therefore, I would not call it convenient and easy to check btc rates every time you are going to make a card transaction.

At E-Coin you need to make a conversion once, being able to choose from 3 fiat currency. It takes literally a second. Afterwards, you can pay with applicable fiat not worrying about rates, fees etc.

Bitcoin can help people to avoid paying extra fees to banks.

However, with this "true-debit-card-solution" users will be always at risk of being charged due to possible unfair rate or lose money due to market fluctuations.

With Bit-X you charge customers for every transaction, even online ones, which is ridiculous.

And this is really strange that you tell everyone that your technology is built on something else rather than a prepaid one and the same applies to Xapo.

As I described above, the conversion at POS may have some advantages and disadvantages but it is pretty much the same solution anyway

This is the most important reason why I choose Bit-x card and discard many other bitcoin debit cards I own.

The biggest advantage of Xapo and Bit-X is the fact that the cards are linked directly to your wallet so no need to cash your bitcoin in order to load fiat onto the card.

All you're doing is bringing your own brand (e-coin) down by posting such things in different service threads (e-coin is a prepaid card, nothing special with that, users just fund their cards with fiat as they do with any other prepaid card).