Crypto debit card for FIAT payments - would you use one? - page 3.

fasdorcas

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Quote from: artbart on December 13, 2018, 04:35:58 AM

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 have a debit card that I can load with crypto anytime I want and use and it is not a really good one I am afraid. I am using coinsbanks card and they required too many things from me to be able to use it and even though I gave away too much information that I wasn't really thrilled about they are still charging a lot of money for me to spend it as well.

If I want to withdraw cash, I am paying them a lot of money and they have the information on who withdrew the amount, if I want to spend money they charge me a lot and have information who bought what with it. Basically a way to charge me for giving them all the info they can dream of. It is not a great system and I would prefer not to do it this way. Maybe less charges and less information would have been better.

St4yInTh3D4rk

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Quote from: artbart on December 13, 2018, 04:35:58 AM

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!

When we are converting crypto every time then this may results in the increase of fee because withdrawal fee on the exchange is high so it won't be suitable for every transaction otherwise I am not against KYC or using crypto cards anywhere.

iMark

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Quote from: Moshaid on December 14, 2018, 04:52:01 PM

This is definitely a good idea but they're some companies doing this which I would rather advice you come up with something unique and distinguishable among others. Likewise the fact that cryptocurrency hasn't been accepted world wide I think this would be another issue.

Then I will use both, depending on the advantages and what promos will be given, as long as there are not many
crypto debit cards accepted then of course I will use fiat payments first. just use it flexibly

Indrawan77

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Its actually quite a good idea, it seems like the card could make the transactions become easier and it will be more efficient, but to make it happened you will need the government permit, and one of the part that I don't like is the kyc part, the main idea of crypto is to stay anonymous, if we keep on compromise one day crypto will become like fiat

tenakha

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Quote from: artbart on December 13, 2018, 04:35:58 AM

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!

We know that there is no positive side about identity. In cryptocurrency world there is no need for such a thing. But such things cause interest in humans because this is the technology of today. It is not possible to use BTC to shop at the store today and the presence of cards is better than time consuming exchanges.

Moshaid

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This is definitely a good idea but they're some companies doing this which I would rather advice you come up with something unique and distinguishable among others. Likewise the fact that cryptocurrency hasn't been accepted world wide I think this would be another issue.

Slow death

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Quote from: adzino on December 14, 2018, 03:25:50 PM

What is would be the difference between traditional debitcard and crypto currency based debit card?

I'll answer that question using myself as an example:

I have account in my country banks, but my country's banks only allow people to deposit money into their accounts if people give income statements... as bitcoin is not legalized in my country so I can not deliver the income statements that proves the provenance of my funds. I can use paypal to withdraw my money for my bank account, but I can not withdraw more than $1000 from paypal to my bank account.

So with mastercard card i solve my problem. That's why this idea of @OP is very good.

The Sceptical Chymist

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Quote from: BitHodler on December 13, 2018, 07:57:48 AM

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.

adzino

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Quote from: artbart on December 13, 2018, 04:35:58 AM

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)?

cetald

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Quote from: artbart on December 13, 2018, 04:35:58 AM

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.

mummybtc

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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

shinharu10282016

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Quote from: Theb on December 13, 2018, 11:42:36 AM

Quote from: artbart on December 13, 2018, 04:35:58 AM

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.

artbart

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Quote from: realcrypto on December 13, 2018, 05:37:56 AM

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.

Quote from: sunsilk on December 13, 2018, 07:22:01 AM

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.

Quote from: davis196 on December 13, 2018, 07:46:44 AM

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.

Quote from: BitHodler on December 13, 2018, 07:57:48 AM

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.

Quote from: Theb on December 13, 2018, 11:42:36 AM

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.

Quote from: Reid on December 13, 2018, 07:34:54 PM

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"

Initscri

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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.

Reid

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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.

TrezorMade

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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.

aad140386

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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.

MathiasCrow

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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.

Theb

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Quote from: artbart on December 13, 2018, 04:35:58 AM

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?

shield132

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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.

Topic: Crypto debit card for FIAT payments - would you use one? - page 3. (Read 654 times)