Topic: I just tested out a bitcoin debit card and it worked! (Read 3840 times)

That would be cool. I could live with that. But you can't get that in the U.S.
Without the low limit, and now without the inactivity charge, it would be a sweet card.

I'm planning to verify my account eventually to get the 2500 eur limit.

My card arrived today. I ordered it from CCEDK. I paid more for it than is listed now, but hey, I paid what they asked when I ordered it!
It arrived on bit-x letterhead, and the activation site is bit-x, not CCEDK.
I'm reluctant to activate the card. I spend $250 a day, $250 limit for a whole year would make this merely a novelty item, and I'm reluctant to sign up at yet another website just for that.

With bit-x, there are no monthly fees whatsoever, not even inactive fees. Should be likewise with CCEDK since they are partners. If any company declares bankruptcy I imagine you can't access any funds.

The question to ask is, ok. Suppose tomorrow CCEDK files bankruptcy. How do you spend the 5BTC that you have on their account? (Last I read if you keep 5BTC on their service you do not get charged an inactivity fee)
Now if you cannot recover your bitcoins in a scenario like that, you do not have full control of your funds at any given time.

I'm guessing in the same way that webwallet users, like blockchain.info users, have control over their funds?  The key is kind of hidden away, so that only automated processes can use it, designed so their employees and the outside world can't access it (as long as security holds up), but the user can still move funds around.  It's still not quite the same thing as having the private key, though.  You're still relying on that third party to keep your funds secure and you aren't technically in full control.  If people are responsible and don't leave more money on there than they can afford to lose, there shouldn't be too much drama.  That's still a big "if", though, heh.

then you have the private keys ? if you do not have the private keys of the wallet , you are not in possession of yours bitcoin

I find it hard to understand. Can you give me a link where they say that users keep their private keys?

Your CCEDK account becomes your wallet, and you will have full control over the funds at any given time.

I don't think I've ever heard of an exchange where the users are in control of the private keys.  It might be on the blockchain, which is an improvement on what most exchanges are doing, but they must retain control of the keys or they wouldn't be able to facilitate trading, would they?  Or is it a separate wallet for the debit card?  Either way, I'll be having a closer look at CCEDK, as they're about to add Qora trading and it's probably my favourite alt.  Hopefully they're as good as they sound.

I'm only talking about the usage fees like ATM withdrawals and POS transactions. Those are high for me.
Maybe you're richer than me but in any case if you don't want to verify your account and you have to stick to the 250$ limit those fees make this a little expensive.
This is how I see it.

But no one here is doubting the value of such a service!

If you look at the fees, it is mainly from the bank fees (1% for POS and 3% for ATM).

So there is very little wiggle room the Bitcoin card companies have to play with.

I don't think that even a 3% fee is too high. If you try to trade your coins OTC you are probably going to pay as much as 10% premium. 3% is just about OK and 1% is absolutely OK. You pay 0.5% to bitstamp just for trading. You pay some money to you bank for the transfers. All of this sums up to 1%. Whining about 1% is hilarious. Whining about 3% fee is also weird because you only pay it when you use ATM. If it's too much, don't fucking use the ATM.



You cannot spend more than 70% of your balance.



WTF? Again with the fees being too high. What's wrong with you? Those fees are absolutely OK, do some math and see what fees you would have to pay for OTC trades and in localbitcoins.

The internet site of the Bitcoin nanocard is not reachable at the moment

https://nanocard.eu/

Anyway I share the concerns regarding the fact that it is very expensive and very limited if you have a limit of 250€ per year.

Those fees need to go down.

Basically you will put a signature that advertised Bit-x and it will show up every time you posted something on this forum (Just like my signature from secondstrade) and Bit-x will pay you for how many post do you make in a week

For now Bit-X only accept senior member and up so you're not eligible for the campaign
There are signature campaign for newbies, just check this topic
https://bitcointalksearch.org/topic/overview-of-bitcointalk-signature-ad-campaigns-last-update-01-jan-23-615953
Hope this helps 

https://bit-x.com/guide/bitx-cards

Commissions & fees

Fees    BIT-X commission    Bank commission
Card activation    0.05 BTC    -
Card delivery via airmail    0.05 BTC    -
Card delivery via DHL    0.30 BTC    -
Monthly fee - FREE for the first 10000 users    0.02 BTC    -
Cash withdrawal at ATM    0.01 BTC    3%
Payments (POS)    0.002 BTC    1%

Is there any monthly fee?
Or any kind of inactivity charges?
And what about the fee per transaction.

Join their signature campaign then post nonsense in every thread.

I heard a lot about signature campaign and bit-x but i still don't know how exactly i can make money with bit-x.

 can you explain This for me please ?

I got debit card too from advcash
Too bad its virtual debit card ( i need to be 18 or older to get the physical one)
Tested on steam and it works great
Its good to see that bitcoin can be used everywhere 

I just ordered one after seeing that they got rid of the inactivity fee. I was hesitant because of the huge signature campaign and for some reason I have equated signature campaigns with scammers, maybe because of the amount of people who post just for their signature campaign.

As for a 1% spending fee. Just realize that for the majority of Bitcoin's lifespan the price has tended in an upward direction. The fact that it is a limited supply means this will always true if it is adopted as a means of spending money. So consider the price of Bitcoin between when you were paid and when you went to spend your money. Has the price gone up?

The last time I was paid the price was $281/BTC. At the price of $283.81/BTC any spending with the card would equal the 1% fee. At the current ($288/BTC) price anything I spend is more than I received in my paycheck. And if the price goes down...I hold off on spending until it either goes up or after my next paycheck when I'm buying lower.

I used my ANX debit card for the first time this week. It worked but not as well as the bit-x card. I put $250 on it when the price was $245/BTC and it gave me a rate of $235/BTC. A rate that's way too high and it locks your dollar amount in.

As for those that don't want to spend your bitcoins...does that mean you are spending your fiat? Instead of buying bitcoins with that fiat?

Does it have a VISA / Mastercard logo on it, and obviously, CC#?

This looks like the same card as the Bit-X one (called the Nanocard), but it looks like it's cheaper to get it from CCEDK? Saw some announcements about a CCEDK and Bit-X partnership a while back. Looks like this is what it was about. I also don't see an option to add your name to the card on CCEDK.
I will be ordering a Bit-X card soon and hope to try it out on a day-to-day basis.

ehm i doubt, the fee are ridiculous high, people are not that willing to pay so high fee only for bitcoin when they can use their fiat scam and paying almost zero or zero(at least this is true for me)

this is definitely a good step forward, but for ever opionion debit cards bitcoins have the fee too high, i prefer sold my btc to my debit or credit card and then spend it

How does the credit card set its limit for overdrawing and how to evaluate this credit of the applicant?

I also have a card from xmlgold.eu and I transfer my bitcoin on their site from ecoin.eu (trading platform) and it works like charm! Although I still haven't verified it yet due to my passport is still in process.

The more feedback these cards get the more people will adapt and it will spread the word of Bitcoin. Nice.

wow nice exprience iam looking for some testimonial about bitcoin debit card,i think this is good way to spend our bitcoin in merchant but i want to ask you some question about bitcoin debit card.
1. The first questionis there are some people ( most of them never using it before) who said that the fee of the bitcoin debit card is very high,so what do you think about it and any solution?
2. And the last question as i know that in my country i cant buy anything at physical market or merchant with real bitcoin,is there a chance i using this card for make purchase at that merchant ?

On the one hand, there's bound to be someone who eventually figures out how to make it so we can tie a card to wallets we hold the keys to.  Probably won't be too long before that happens.  But even then, it would still not be suitable for large sums, since the card details themselves effectively become the private key.  It's that whole push vs pull thing.  We've become accustomed to 'pull' as it's generally more convenient, but once someone has the card details, they can move funds without the holder's prior knowledge or consent.  There must be a happy medium to be struck somewhere in all that, but we haven't found it yet.

You are right. I would never hold more bitcoins there than I can afford to lose in case of a hack. Ideally, I would send the bitcoins to my account prior to spending them.

Sounds tempting, but my concern would be who holds the private keys to the wallet?  From what I can tell, it sounds like it's the card provider.  I guess it's not a huge deal if you've just got a small amount of spending money on there, but once people start to get complacent, they might start leaving larger sums on there and that tends to be when all hell breaks loose.  Is it really progress if you're reintroducing a trusted third party into a system that's more secure without them?

Thanks for sharing your experiences. I'll probably get a BTC card someday, but I guess I'll wait a little till the fees get lower, and the yearly limit gets higher. €250 or even €2500, that's not much!

I hate credit cards. There's a difference between credit and debit cards you know. Also I hate smartphones. This onebit does not far excel bitcoin debit cards but you are free to have your opinion.

Looks like Onebit will far excel Bitcoin debit cards.

How the times have changed.....

A couple of years back you HAD to be living in the USA to be able to get your hands on anything 'new' and now more and more countries are excluding the US as they have to jump through one hoop after the other to keep old uncle sam happy in his efforts to monitor every single aspects of his citizens lives.

They seems to fit in quite good in that company...

USA, land of the free!

I guess you and I have different definitions for the word unusable. I personally think that 1% fee is nothing in comparison to the privilege of having live bitcoins on your debit card. I'm not going to switch 100% on this card but I will use up my limits for an extra pocket money while remaining somewhat under the radar for the powers that like to spy on people and on their purchases.

No, this card also has fees so high that it's unusable.

Even if you manage to avoid monthly fees:
- for each purchase made with the card you pay 0.002 BTC + 1% fee
- for each ATM withdrawal you pay 0.01 BTC + 3% fee

https://bit-x.com/guide/bitx-cards

Thanks for sharing your experience, really appreciate it.
I'm looking forward to apply for this debit card and was looking for a good one for a while.

I agree with everything you said and competition will definitely show up and then the fees will decrease. If there is money to be made in this field, you can bet that there will be competition.

They removed the inactivity fee? That's what turned me off! That's cool.

Interesting!
I hope in my country I can use bit-x debit card.. As I know, it can't be used in my country

This one seems really cool, I will get one also if I will ever have some spare Bitcoins.

I paid 0.1 bitcoins to CCEDK for shipping and 0.05 to bit-x for activation. I suspect that if I had ordered from bit-x then I would have paid just 0.05 for shipping and 0.05 for activation because that's what they say in their website.

Without verification you can spend 250 EUR worth of bitcoins per year. With verification you can spend 2500 euros per year. And then there is some "bank contract" thingy that would hypothetically allow unlimited spending but I don't know anything about its details.

"I would recommend it to everyone. One might argue that the fees are little steep, but I am sure this will change as well as the card starts beeing widely used."


I doubt that the fees would change because of wide use.  If it is widely used at the current rates, then bit-x will know that they have priced it accordingly and will keep the fees there.  The only way they will ever lower the fees is if there is a competitor that is gaining more customers with lower fees.

I like the idea of the card, but with the fees I will just stick to my usual purchasing ways.  My current fiat card pays me to use it, not the other way around, assuming that I pay it off every month.  And I have it on auto pay, so that should not ever be a problem.

I use one that's essentially pre-paid, so it fixes the price when I load it. I kind of like that in some ways, as if BTC to USD shoots up, I make a kind of profit. But I'd also like a card that exactly uses Bitcoin like you mention.

When you deposit BTC is it the 1:1 price, or do they shave a percentage off?

@op , how much did you pay for shipping of the card and does it take out btc equivalent from main balance of your account ?

I have seen that they removed the monthly inactivity fee, so i am tempted to try it out as well, but you do need to verify ID to be able to
cashout larger amunts; there's some sort of anti money laundering law which forces it.

cheers

The fees will probably be reduced when the competition builds up. To me it makes a huge difference because I am bullish on bitcoin and I expect its value to rise while the value of my euros decreases over time. I expect bitcoin to rise more than the friction from debit card would lower the value of my coins. Also I like the greater anonymity that comes with such a debit card.

I have a bit-x debit card as well. Even though I am in their signature campaign, so people might think that I have interest to talk good about them, I have to share your enthusiasm. Card is simply amazing and it works very well. My Bitcoins are now spendable everywhere and anywhere. Just what Bitcoin needs until all world doesn't start accepting Bitcoin!

I would recommend it to everyone. One might argue that the fees are little steep, but I am sure this will change as well as the card starts beeing widely used.

aren't the fees very high with that card, isn't the whole point of btc to have low fee? i can see that the monthly fee is free for the first 10k members, but i doubt there is only that kind of fee

i hope that this card is somehow anonymous, maybe under a certain amount as usual

I don't know which part of the world you live in, but buying bitcoins here is very easy. The Europe is full of ATMs and there are many exchange sites. Localbitcoins works very well, I have personally tested it.

The bitcoin debit card are useful but the problem is not to have one of those but to have bitcoin in your account. If you will not have the possibility to have continuous flow of bitcoin on your account this debit card doesn't have value. So first must be found the way to have bitcoins and then to have bitcoin debit cards. The first is a big problem while the second I don't think so.

I'm also a hodler and that's why I like the power that comes with owning a bitcoin debit card. It's not a typical prepaid card you know. Instead, you have live bitcoins in your account. This way I can convert my pay cheque immediately to bitcoins and hold even less fiat than before.

Interesting, thanks for sharing. Personally I'm a mete HODLER, I don't soeny any of my stash aside from small amounts gambling with money I get from a signature campaign.

I will be very interested in bitcoin debit cards but not yet, it's way too early for me to start using one. Maybe if we get a solid, trustworthy 100% reliable debit card used by the majorityof bitcoiners I will jump on board but not now whilst it's so rare.

Great to read your experiences though.

I registered an account in CCDEDK and ordered the bitcoin debit card. I activated the card in bit-x.com for 0.05 bitcoins and transferred 0.2 bitcoins to there for testing purposes. I did not verify my account.

Yesterday I went out and was able to withdraw 5 euros from some random ATM and later I bought a 2.8 EUR beer from a pub paying with the bit-x debit card. Everything worked flawlessly, although I was not able to check my balance in the ATM since that operation failed. My bit-x account balance is constantly changing with the price of bitcoin, so this truly is the kind of debit card we have been waiting for.

You can now pay with bitcoins everywhere where debit card is accepted. I am not affiliated with the named companies in any way. I am just writing about this because yesterday was a historic day for me and I've been waiting for such a debit card for years. You can now maul all bitcoin sceptics who think that this magic internet money is not accepted anywhere by showing them your bitcoin debit card and laughing at them and their worthless fiat that loses value every day.