Topic: Coinbase Launches First Bitcoin Debit Card - page 2. (Read 2717 times)

It's not a game changer it's a nothing changer. Read and learn.

http://www.yourownbrokerage.com/solutions/consulting-solutions/branded-debit-cards/

Half is better than none   I'm just glad my state was in there.  I also think it is a good indication that this is a serious development.  I would actually be more worried if it was released in all 50 states.  U.S. Financial system is a disjointed mess - and very perilous if not approached carefully.

BTW - anyone know status of Coinbase's approval request to be granted a NY bitlicense.  When Circle was approved, word was Coinbase had applied and was soon to be.  Haven't heard anything yet, or did I just miss it.

Yeah, Zapo launched their debit card - which after 10 minutes became not available in the US.  Totally different thing here - the Coinbase card is actually available.  Zapo was just a bunch of hot air.  Their 'bank' in Gilbralter lied to Zapo about being able to issue to US - and then told them on the night of the launch that it couldn't be done.  So, Zapo doesn't issue cards in the US and Coinbase does.  I'd say these are two very different situations.  Zapo = total fail.

This is a game changer for sure. Shift has been around for a few years as the card was in beta. You would think they would have had ample time to get regulatory approval in all states before rolling out to the general public. Right now the card can be shipped to less than half of US states.

NOT a Credit Card.  a DEBIT CARD.  Not a gimmick either.  If it were a simple gimmick, then everyone would be offering them.  This is a major entry into the US financial network.  Not simple, and not to be taken lightly.  It is a very big step into main stream use in the U.S.   One of the reasons I will watch this carefully is that if Bitcoin ever actually begins to become accepted in the U.S. - then you are going to see it begin to takeoff.  This is a small but substantial step.... integrating bitcoin into the existing financial network. 

Also - to be considered is the fact that Debit Cards under U.S. law are much more risky to use than Credit Cards.  As I said, a small step - but an important one.  I suggest serious U.S. Bitcoin users get a card, set a small limit ($100 - $500) daily use limit for safety and security sake - but start using it - IF you want to see your existing Bitcoins continue to rise in value - and one day actually explode in value.

Bitcoin will either die, or become a small-player / back-alley altcoin (as it is replaced by a fiatcoin that is already being worked on behind scenes), OR it will literally do the $10,000/$100,000/$1,000,000 Coin thing.  Integrated use into the system via this Debit Card step is a big step towards a $1,000,000 Bitcoin value.

The faster Bitcoin gets integrated, the harder it will be for any eventual Fiatcoin to dislodge it.   Use it or lose it.

Peace,
- david

Quick Review:  Just ordered the card and linked my coinbase account.  Very quick and simple.  Obviously they do take your info, so no privacy, but I don't get debit cards anonymously from my bank either, so no issue for me.  Got confirmation emails saying....

"Congratulations! Your Shift Card will arrive in the mail within the next 5-7 business days.

Our app is available for both iOS and Android. With the app, you'll be able to manage your card, view transactions, and get alerts to your mobile device. Please check it out if you haven't already! "

My first concern was that the Shift website was insanely limited with info.  The forum/discussion in Support was almost non-existent, and there appeared to be no attempt at responding to inquiries from Shift Staff.  I could not see any way to monitor my account activity (no links to this sort of thing anywhere). 

Based on my review of there web, and their earlier email, I was concerned I wouldn't be able to monitor anything without iOS/Android, which I do not use.  I posted in help forum - no response.  So I issued a Support Ticket - and response was Very quick and detailed.  The following was their reply. 

"The iOS/Android app is the only tool available to view and manage your Shift card, and at the moment there is no plan to introduce a web portal for this. Barring use of the Shift app, you can keep track of your spending by checking your Coinbase account for the transaction messages that we send along."

My primary concern here is that I have no notification capability built into the system to alert me of card use from Shift.  No emails, nothing.  This forces me to continually monitor my Coinbase account to see if there is any useage (possibly unauthorized).  This is a Major Flaw in my opinion for non iOS/Droid customers.  So be aware.

In addition, when I originally set up my account, the default limit was set to $1000 USD/day.  Since this was new, I didn't like that much access to my account, and the language led me to believe I could reset those amounts later, so I manualy changed my limits to a lower $300/day until I felt more comfortable with the process.  After setup, realizing I had limited account management, I also asked about my ability to change my daily limits later.  Below is the response...

"Because the daily limit you set during signup is linked to your secure Oauth Token, the only way to increase this is to remove+and re-download the shift app and go through the signup flow again. But, because you aren't actually using the app, we would need to take care of this from our end. If and when you need to increase this daily limit please just send us an email, and we'll delete your profile on our end, and you will then be able to signup again with an increased limit."

So be aware that whatever you set up as your Card Limit is PERMANENT.

I think everyone should also realize that this is a DEBIT Card, and familiarize and understand the liability issues.  Credid cards by law (in USA) have a maximum liability of $50, meaning if you challenge a fraudulent payment  that is the most you can get hit for.  Debit Cards take the actual funds immediately, and getting your money back can be time consuming/difficult.  My point being that using a Debit Card is inherently more risky than a Credit Card.  So I will be using this card very carefully in trusted environments. 

But with all of this said, before I have actually received the card - I am overall very ok with things so far.  I think that this next evolution in Bitcoin is to start USING it.   My paychecks go to my bank.  Normally I use a Credit Card and then pay it off via transferring from my bank account to my Credit Card Account.  I will now start adding the Shift/Coinbase Debit Card into my useage, and "Pay it off" monthly by replacing those Bitcoins spent with equal bitcoin purchases from my bank account each month, so that my base BTC balance remains the same.  So I slowly and carefully begin to migrate my spending habits to Bitcoin.  Small steps, but I hope everyone also makes this step.

Once I get card I will update with any issues in use.

Peace,
- david

This sounds like a fairy tale, until you buy one item at a site that they deem "unsuitable"  Boom.... your account get suspended and you lose your coins. Let's say you transfer

coins via a mixer service to your account... I am not a big fan of third party intermediaries anyway, because they call the shots and you have to take the damages. The KYC &

AML regulations governing Coinbase is ridiculous.   

I am a early user of Coinbase. I am very satisfy from this business. I have my bitcoins in this wallet and never had any problem during more than two years of being their customer. Some little problems were solved fast from their support. I'm sorry that in my country is not yet possible to buy and sell bitcoin from this wallet because has very good prices. I like their way to do business and the security which offer to all their customers.

Told (or better write) all the above qualities must be told that even that are not the firsts which offer this kind of service. I have read even other providers of such kind of cards. I don't know their credibility because what I am tell is only what I have read. So maybe not all of those are credible and for sure any of those are the credibility of the card issued by Coinbase (at least for me) but the fact to not being firsts is true.

It's a fiat credit card branded by a company that exchanges Bitcoin. So what?  I have a Visa card branded by my insurance carrier, an airline and my alma mater. Any company can do that. They could take the credit card info for a card you currently hold, have you sign an agreement and debit/credit that card whenever you trade Bitcoin. They don't need a branded card to do it. That's just a gimmick.

超级mmm

What bigger amounts? There is most likely to have a 400 euros or dollars daily limit, just like any other debit card in the world!

i'm not a "her", but if they have already allowed european for small amount, then it might work, but for higher amount, i guess you need to verify or they are simply waiting that the euro zone regulate more bitcoin

as it is right now i can't see how they are allowing the movements of big funds for european

yes we all know that,but it mean debit card fisrt for coinbase,not fisrt in the world.

yes i know,but this user not agree with me and you.
Amph :
i think not, how they are going to regulate it for abroad jurisdiction? when the court of europe view bitcoin in a different way with vat free etc.. instead in the usa it isn't vat free

and this is only one of the problem, there are more i'm sure, i can't think about now

what you think about her comment?

Yes, I am sure it will. Just like they have just allowed European customers to buy bitcoins up to the the 500 euros in Bitcoin value. It took a while to get this option working after the US customers had it for a moment.

This is how you introduce a new service. You start slowly and then you start spreading out. I mean it's in their interest to cover as large market as they possibly can.

The is not the first debit/credit card. Xapo launched a debit card many months ago. Any way, it is good for the adoption of bitcoin.

i think not, how they are going to regulate it for abroad jurisdiction? when the court of europe view bitcoin in a different way with vat free etc.. instead in the usa it isn't vat free

and this is only one of the problem, there are more i'm sure, i can't think about now

They will not be the future banks, but rather the future "forex traders". Banks will always excist in some form for safekeeping your money and giving loans for buying houses and stuff.

That is something I don't see exchanges do tbh.

yes,its have been happen.i agree with that,exchange can control or manipilating bitcoin price,but they cannot do that as they want,because it will impact to their own self. yes i dont think debit card will impact the price,its a some way to advertise bitcoin.

you guy dont not worry,i think its will come to europe,soon..