Lack of Bitcoin debit card providers - page 3.

bitbunnny

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Quote from: stfN2128 on April 21, 2019, 11:48:18 AM

Quote from: bitbunnny on April 21, 2019, 03:19:22 AM

I don't know if you use Bitcoin debit cards but to my opinion there is serious lack of their providers in the market. In one moment we had a flood of such cards that appeared (Xapo, Advcash, Mistertango, Wirex) and when Visa pulled back their services many gave up permanently.
Now I think that only Wirex has a properly working card.

To my opinion there are many users interested in crypto debit cards services but still there are no new providers appearing at the market. What do you think that is reason for that and will that change in the future?

bitwala has started their "full blockchain banking" services some weeks ago. i can't tell you anything about, because i haven't registered yet. i personally use only wirex.
Tenx has started lately to send out their cards.

but you are right, a lot of providers seems to have fully stopped. maybe they are going to start their business again when some providers have proved to work for longer time.

Thank you for that additional information, I might check their services. Personally I'm happy with Wirex but I wouldn't like for them to be the only or very few such providers. I think we need variety and competition of services, similar like with fiat cards.
Someone has memtioned that he is not using card because of favourable exchanges. To my opinion crypo debit cards are much better because exchange is done automaticly and there is no need for the bank account to be involved.

stfN2128

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Quote from: bitbunnny on April 21, 2019, 03:19:22 AM

I don't know if you use Bitcoin debit cards but to my opinion there is serious lack of their providers in the market. In one moment we had a flood of such cards that appeared (Xapo, Advcash, Mistertango, Wirex) and when Visa pulled back their services many gave up permanently.
Now I think that only Wirex has a properly working card.

To my opinion there are many users interested in crypto debit cards services but still there are no new providers appearing at the market. What do you think that is reason for that and will that change in the future?

bitwala has started their "full blockchain banking" services some weeks ago. i can't tell you anything about, because i haven't registered yet. i personally use only wirex.
Tenx has started lately to send out their cards.

but you are right, a lot of providers seems to have fully stopped. maybe they are going to start their business again when some providers have proved to work for longer time.

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Quote from: BitHodler on April 21, 2019, 09:34:38 AM

I'm not sure if you have been following the progress the banking sector has been going through, but I can pay for things instantly, for free and that 24/7. That's extremely bullish for banks, less so for crypto.

You're thinking like a first worlder, and probably a European. In the USA banking is still a pathetic stone age joke.

If you're outside anywhere developed then banking itself, or banking that plugs in to the rest of the world, is often a wistful dream. That's why a debit card is so appealing to so many people. The people on here who ask about it the most often usually don't have many other useful options.

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Quote from: bitbunnny on April 21, 2019, 03:19:22 AM

~snip~

I never use such card, simply did not have the need for it, and I have few local exchanges in my country where I can very easy buy / sell crypto without too much complication (no KYC). As others pointed out it is all about how card providers set rules of the game, and it is also how those who regulate them are setting rules.

I would like to see (as many others), more merchants who will accept crypto, even if they use intermediaries like BitPay. But in that case users of cryptocurrency would be less dependent on card providers like Visa / Masterdcard to convert crypto in fiat.

I know that Wirex is most used recenty, is someone using this card maybe? https://paycent.com/

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Quote from: BitHodler on April 21, 2019, 09:34:38 AM

but I can pay for things instantly, for free and that 24/7.

Not just free; I can earn money on my credit card purchases, 3% for some things. That's why I don't think there will ever be a huge demand for crypto debit cards which generally charge a 2-3% fee on each transaction. That's a spread of 6%, which is not insignificant. I'd happily forgo my 2-3% cashback on credit cards to be able to spend directly using bitcoin, but I'm always going to convert bitcoin to fiat myself for zero or negligible fees and then spend that fiat via credit card, before I will ever use a bitcoin debit card at such high fees.

I dislike all the data the credit card company collect about you, but you have the exact same problem (if not worse, since they can also collect your bitcoin addresses) using a bitcoin debit card.

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Quote from: Salmen on April 21, 2019, 05:34:48 AM

In my opinion, crypto-sector is competing with the traditional financial sector. So, the growing interest in cryptocurrencies weakens the interest in the traditional financial sector.

I don't think the legacy financial sector is getting weaker. Exchanges need bank accounts, providers of crypto related debit cards need bank accounts, payment processors need bank accounts, etc.

That to me doesn't seem like the legacy financial sector getting weaker at all. Crypto depends on banks accounts more so than people are comfortable admitting. Maybe this will change one day, but that day is faaaaar away.

I'm not sure if you have been following the progress the banking sector has been going through, but I can pay for things instantly, for free and that 24/7. That's extremely bullish for banks, less so for crypto.

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Quote from: LeGaulois on April 21, 2019, 06:04:23 AM

It isn't really possible to launch a BTC card full anonymous and the reason is quite simple. You have to use Visa/Mastercard/Amex/Discover/... and these companies won't work with you if you can't follow their guidelines.

Oh, I fully understand that, which is why any card which has offered semi-anonymous usage rapidly shut down (at least the ones I was aware of did). I can't see it ever happening for the reasons you state - Mastercard and Visa call all the shots at the moment, and they would never release a card without requiring extensive KYC. It will be an much easier feat to convince retailers to accept crypto, either directly or via a processor like BitPay, than it will be to launch an anonymous debit card.

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No cryto debit card is ever actually handled by a crypto company. They're all operated by third party Visa issuers. The reason there used to be so many is that almost all of them were issued by the same company who glued a different label on each one.

This is what happened to that company - https://ftalphaville.ft.com/2018/12/10/1544439535000/Gibraltar-slaps--250k-fine-on-WaveCrest--CEO-stands-down-/

The handful of issuers that are trickling back will be much, much more interested in staying in Visa's good books than some crypto company. It's always going to be at their mercy. Visa/Mastercard will always be the gatekeepers of that area no matter what.

It's convenient for me as otherwise I might risk my bank shutting me down but I don't really see much of a future for them.

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Quote from: o_e_l_e_o on April 21, 2019, 04:38:12 AM

Quote from: bitbunnny on April 21, 2019, 03:19:22 AM

Now I think that only Wirex has a properly working card.

Coinbase have recently announced they are releasing a card in the UK, so I would expect that to expand to other countries soon enough. As with everything to do with Coinbase, the fees are ridiculous and I'll be staying well away from it, but at a minimum I would expect it to be a reliable card to use, as long as you don't mind spending 2.5% or more as a fee on every transaction - https://support.coinbase.com/customer/portal/articles/2969910-coinbase-card-faq.

My biggest hatred of all these existing bitcoin cards is the amount of KYC required to be allowed to own and use one. I want to use bitcoin to move away from some company having a complete log of everything I spend and what I spend it on, like they currently do with fiat debit and credit cards. If someone released a truly private bitcoin debit card, I would probably accept a couple of percent in fees as a price to use it.

It isn't really possible to launch a BTC card full anonymous and the reason is quite simple. You have to use Visa/Mastercard/Amex/Discover/... and these companies won't work with you if you can't follow their guidelines. Otherwise, you will have to create a new credit card company (compatible with terminals and ATMs) and good luck with that.

Too many of the previous providers were relying only on upon Wavecrest and they didn't think about alternatives while their whole business was dependent from WC. The new trend should be to use a truly BaaS but almost no company seems interested. Only Bitwala so far with its partnership with SolarBank.

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Quote from: bitbunnny on April 21, 2019, 05:14:25 AM

Quote from: CodyAlfaridzi on April 21, 2019, 04:41:07 AM

Quote from: bitbunnny on April 21, 2019, 03:19:22 AM

What do you think that is reason for that and will that change in the future?

I'm guessing it's due to Bitcoin's legality and regulation. Every country has its own regulation and most of them aren't even crypto friendly. Will that change in the future? Once governments have solid rules about crypto I'm sure a lot of vendors will start issuing crypto debit card again. But that step isn't going to happen soon, I predict. It'll take more years. Bitcoin is already 10 years old and most govts still don't have a set of fixed regulation for cryptocurrency.

I guess that regulation is one of the keys to solve this. Legal obligations are getting more strict for everyone involved in financial industry and cryptocurrencies are especially sensitive. Still I hope the situation will improve soon because I would really like to see more crypto debit card providers. For me that is one of the services that is really convenient and enables me to spend Bitcoin in real world very easy and without issues.

In my opinion, crypto-sector is competing with the traditional financial sector. So, the growing interest in cryptocurrencies weakens the interest in the traditional financial sector. Thus, the institutions are trying everything to prevent this rise. On the other hand, cryptocurrencies are still popular for money laundering and the laws are in this regard still lax. It would be an outrage if a company is being associated with money laundering. Of course, there are companies like Western Union where money laundering may occur but they have some guidelines to follow to prevent such cases. A solution to that is setting clear laws for the debit cards or having more vendors who accept cryptocurrencies.

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Quote from: CodyAlfaridzi on April 21, 2019, 04:41:07 AM

Quote from: bitbunnny on April 21, 2019, 03:19:22 AM

What do you think that is reason for that and will that change in the future?

I'm guessing it's due to Bitcoin's legality and regulation. Every country has its own regulation and most of them aren't even crypto friendly. Will that change in the future? Once governments have solid rules about crypto I'm sure a lot of vendors will start issuing crypto debit card again. But that step isn't going to happen soon, I predict. It'll take more years. Bitcoin is already 10 years old and most govts still don't have a set of fixed regulation for cryptocurrency.

I guess that regulation is one of the keys to solve this. Legal obligations are getting more strict for everyone involved in financial industry and cryptocurrencies are especially sensitive. Still I hope the situation will improve soon because I would really like to see more crypto debit card providers. For me that is one of the services that is really convenient and enables me to spend Bitcoin in real world very easy and without issues.

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Quote from: bitbunnny on April 21, 2019, 03:19:22 AM

What do you think that is reason for that and will that change in the future?

I'm guessing it's due to Bitcoin's legality and regulation. Every country has its own regulation and most of them aren't even crypto friendly. Will that change in the future? Once governments have solid rules about crypto I'm sure a lot of vendors will start issuing crypto debit card again. But that step isn't going to happen soon, I predict. It'll take more years. Bitcoin is already 10 years old and most govts still don't have a set of fixed regulation for cryptocurrency.

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Quote from: bitbunnny on April 21, 2019, 03:19:22 AM

Now I think that only Wirex has a properly working card.

Coinbase have recently announced they are releasing a card in the UK, so I would expect that to expand to other countries soon enough. As with everything to do with Coinbase, the fees are ridiculous and I'll be staying well away from it, but at a minimum I would expect it to be a reliable card to use, as long as you don't mind spending 2.5% or more as a fee on every transaction - https://support.coinbase.com/customer/portal/articles/2969910-coinbase-card-faq.

My biggest hatred of all these existing bitcoin cards is the amount of KYC required to be allowed to own and use one. I want to use bitcoin to move away from some company having a complete log of everything I spend and what I spend it on, like they currently do with fiat debit and credit cards. If someone released a truly private bitcoin debit card, I would probably accept a couple of percent in fees as a price to use it.

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Your observation is correct to some extent because there are some debit cards that will allow you to deposit funds using btc but it shall immediately be converted to USD or any fiat of the country where there bank is located.

We can not have bitcoin debit card because bitcoin value is dynamic and not static like fiats.

The best we can have is bitcoin debit cards that operates like a wallet whose holders will have to spend based on the current btc exchnage rates

bitbunnny

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I don't know if you use Bitcoin debit cards but to my opinion there is serious lack of their providers in the market. In one moment we had a flood of such cards that appeared (Xapo, Advcash, Mistertango, Wirex) and when Visa pulled back their services many gave up permanently.
Now I think that only Wirex has a properly working card.

To my opinion there are many users interested in crypto debit cards services but still there are no new providers appearing at the market. What do you think that is reason for that and will that change in the future?

Topic: Lack of Bitcoin debit card providers - page 3. (Read 515 times)