Using bitpay creditcard for paying everything in BTC without fiat-money? - page 2.

tyz

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Quote from: BTCtalker3000 on March 29, 2019, 07:34:56 AM

is it right that I can use bitpay as creditcard?

It's not a credit card. It's a debit card issued by Visa. There are clear differences. Also you will not pay fiat-money free using such cards. Because the debit card works as follows: You deposit Bitcoin or another crypto currency on Bitpay. The crypto currencies are then sold directly and the fiat money is credited to your card. You then go shopping with the fiat money. Thus it is only a conversion and no money-less payment as suggested.

alisafidel58

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Quote from: kryptqnick on March 29, 2019, 01:45:48 PM

Okay, I can see now that there are various kinds of fees, expecially for people outside US. But still, though, one can really just pay for goods in, say, Aldi, with this card, and perform virtually any online payments? Is there anything I am missing here?

It is not just for online payment you do even do an offline transaction with the card. You can even withdraw money from an ATM.

Quote from: kryptqnick on March 29, 2019, 01:45:48 PM

Oh, and is the money fixed in fiat once you load it on the card or does one hold it in btc and a certain amount is converted into fiat when one is trying to pay? Basically, would a cardholder benefit/lose from bitcoin fluctuations, just like everyone else?

As far as I know, after you transfer a certain amount on bitpay you will have to convert it into cash so that you can use the debit card.

STT

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VISA issues both debit and credit cards or is part of those networks and appears on the front, easily the two are confused. The catch would not be the straight fees but in the percentages and the exchange rates, same as any Forex type transaction. Many companies make a profit over taking 1% out of everything you spend so that'd be $100 if you spent 10k and 1% is a low fee I'd guess so check what they are shaving off or at least buy the same thing twice with the BTC route and conventionally I guess

What you will likely find is that manually selling BTC back to FIAT and then using the normal bank card would be cheaper. Doesnt have to be true but quite probably. I've also heard of a card similar to this with a gold link, in that case they sell the gold at month end to pay off the credit card bill I believe

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Quote from: BitHodler on March 29, 2019, 05:41:27 PM

I see some utility in Bitcoin based debit cards, but the main point here is that you aren't spending Bitcoin, but still fiat with high fees. If you already own a non Bitcoin debit card and it works just fine, then use that one instead.

In this case you're using an intermediary service on top of another intermediary service. You ask permission from BitPay to execute payments, and BitPay asks permission from Visa or whatever other base financial institution.

If we do think thoroughly it is really just still the same the only difference is the convenience that it gives when using Bitpay yet you can load some funds using up Bitcoin just like on what we are doing
with our traditional debit cards.

BitHodler

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I see some utility in Bitcoin based debit cards, but the main point here is that you aren't spending Bitcoin, but still fiat with high fees. If you already own a non Bitcoin debit card and it works just fine, then use that one instead.

In this case you're using an intermediary service on top of another intermediary service. You ask permission from BitPay to execute payments, and BitPay asks permission from Visa or whatever other base financial institution.

kryptqnick

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I noticed that people often call any cards credit cards even when they actually mean debit cards. Anyway, it seems like a card costs only 10 dollars, and there one can convert Bitcoin into USD and use it anywhere where Visa is accepted. That sounds to good to be true, honestly. I feel like there should be a catch. Is it, say, only for online payments, and one actually cannot use it to pay in a random not bitcoin-friendly supermarket or cafe? Are there some high regular fees or terrible exchange rates? Is it working only for people living in the US, because it only converts the money into dollars and not into any kind of fiat? The website says it works in 240 countries, and that the fee is 1%.
Okay, I can see now that there are various kinds of fees, expecially for people outside US. But still, though, one can really just pay for goods in, say, Aldi, with this card, and perform virtually any online payments? Is there anything I am missing here?
Oh, and is the money fixed in fiat once you load it on the card or does one hold it in btc and a certain amount is converted into fiat when one is trying to pay? Basically, would a cardholder benefit/lose from bitcoin fluctuations, just like everyone else?

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Quote from: BTCtalker3000 on March 29, 2019, 07:34:56 AM

One question about bitpay: is it right that I can use bitpay as creditcard? So I could pay nearly everything in bitcoin directly from my bitypay wallet, did I understand that correctly?

You got it perfectly, except that such cards aren't called 'credit cards' because they don't come in pre-loaded or you don't necessarily take a loan from them but rather a 'debit card' because you load your card every time you want to use it. I'm yet to find another legitimate debit card service that I can use for my bitcoin but I haven't found one out yet. Take the card while it's there and get the experience of spending your bitcoins (indirectly) on your favorite shops and stores.

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Quote from: BTCtalker3000 on March 29, 2019, 07:34:56 AM

One question about bitpay: is it right that I can use bitpay as creditcard? So I could pay nearly everything in bitcoin directly from my bitypay wallet, did I understand that correctly?

The question should be in service discussion but anyhow

It's a debit card not a credit card!
You need to load the funds to your card from your bitpay wallet.

Seriously, not that hard to find the info:
https://bitpay.com/card

BTCtalker3000

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One question about bitpay: is it right that I can use bitpay as creditcard? So I could pay nearly everything in bitcoin directly from my bitypay wallet, did I understand that correctly?

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