Visa Launches An Exclusive “No Limit” Bitcoin Card

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

So the press release has been deleted from PRNewswire
https://www.prnewswire.com/news-releases/the-worlds-most-exclusive-no-limit-global-crypto-visa-black-card-bitcoinblack-officially-launches-in-uae-301580074.html

The previous webpage has been modified and only left the request invitation now:
https://web.archive.org/web/20220407062046/https://www.bitcoinblackcreditcard.com/

After posting twice or thrice a day, the Fb and other pages are dead silent:
https://www.facebook.com/btcblackcard
https://twitter.com/btc_blackcard

The token page is dead:
https://www.spendtoken.com/

It looked like a scam, it sounded like a scam, guess what it turned out to be?

Rikafip

legendary

Activity: 1722

Merit: 5937

Quote from: dragonvslinux on July 14, 2022, 04:54:12 AM

Of course this card provides no technical benefits to other Visa-based cards, but to me that's never been the benefit of having these cards.

The main benefit is that you can spend your crypto in an easy way. Another big advantage is that majority of them have cashback program so if you use your card regularly, it adds up.

Quote from: dragonvslinux on July 14, 2022, 04:54:12 AM

In many European countries BTC purchases via these cards leads to 0% tax (as it's for a purchase), as opposed to simply selling to fiat and buying what you want. So clearly there is an enormous tax-based benefit in being able to purchase something with 0% tax as opposed to up to 40%.

That is maybe for now, but all this will eventually change (my guess is very soon, within year or two) and Binance will start sending reports to tax offices across Europe countries and then we will have to pay the taxes. Theoretically, we should already report all our crypto debit card spending, but I don't know anyone that is doing that.

dragonvslinux

legendary

Activity: 1722

Merit: 2213

Quote from: nullama on July 07, 2022, 12:00:43 PM

Quote from: CryptoFuturistic on July 07, 2022, 10:44:22 AM

This morning I read this article https://markettimes.co.uk/cryptocurrencies/visa-launches-an-exclusive-no-limit-bitcoin-card/ what are your opinions about it?

Useless.

You can always sell a portion of your BTC to buy whatever in fiat.

Of course this card provides no technical benefits to other Visa-based cards, but to me that's never been the benefit of having these cards. In many European countries BTC purchases via these cards leads to 0% tax (as it's for a purchase), as opposed to simply selling to fiat and buying what you want. So clearly there is an enormous tax-based benefit in being able to purchase something with 0% tax as opposed to up to 40%. If you are based in the US, then probably these cards are indeed useless, but to others it could save a tonne of money if used wisely, even if the benefit for Bitcoin is effectively 0.

Quote from: nullama on July 07, 2022, 12:00:43 PM

And also the fact that this is just an invitation only thing makes the whole thing a bit suspicious. I mean how are they going to know who to invite in the first place?

This is quite common to be honest, it's similar to Coinbase and others. In order to avoid being inundated with potential customers. Not that suspicious in reality.

Quote from: nullama on July 07, 2022, 12:00:43 PM

Seems like some country wants their taxes paid.

Just sounds like Visa wanted a % of the profits from Visa-based cards, because they have been missing out until now.

Rikafip

legendary

Activity: 1722

Merit: 5937

Quote from: nullama on July 13, 2022, 03:04:33 PM

And if this is invitation only, how can they know? I can understand if it's an application started from the person itself, but invitation? How can they know?

From what I can see on their website (https://www.bitcoinblackcreditcard.com/) people can request the access to bitcoinblack card so its not like they will randomly send invites around. The big difference compared to some other cards like Binance Visa is that not everyone will get accepted, meaning you will have to prove that you are wealthy enough + some other factors (they didn't disclose that).

nullama

hero member

Activity: 1008

Merit: 960

Quote from: Rikafip on July 11, 2022, 05:04:56 AM

If you bothered to read the article you would notice that his "no limit" card will be available only to those super rich people and not to average Joe. After all, for an average user standard crypto debit cards are more than enough, or you think that there are millions of crypto users that can afford spending tends of thousands of dollars worth of crypto on the daily basis so they need this special card?

As for limiting to only 10k users, its nothing but a marketing technique in order to attract people.

Yeah, absolutely right.

But I'm not sure how they will manage to know who to contact.

I mean, they say ten thousand people, but how they even know who is the owner of Bitcoin? Isn't it supposed to be a private matter?

And if this is invitation only, how can they know? I can understand if it's an application started from the person itself, but invitation? How can they know?

Afterclap

newbie

Activity: 18

Merit: 0

Digital currencies are now spreading all over the world. Developed countries are finding ways to incorporate them into their national economical system. This news is also a part of this revolution.

Rikafip

legendary

Activity: 1722

Merit: 5937

Quote from: CryptoHeadlineNews on July 11, 2022, 04:57:49 AM

Making an exclusive card to be available to only 10,000 persons worldwide, i think it's not fair at all, because looking at the crypto community worldwide, there are more 1million crypto enthusiast who will also love to have this No limit card access to Bitcoin, because as the day goes by so is the community increasing in numbers.

If you bothered to read the article you would notice that his "no limit" card will be available only to those super rich people and not to average Joe. After all, for an average user standard crypto debit cards are more than enough, or you think that there are millions of crypto users that can afford spending tends of thousands of dollars worth of crypto on the daily basis so they need this special card?

As for limiting to only 10k users, its nothing but a marketing technique in order to attract people.

CryptoHeadlineNews

hero member

Activity: 1176

Merit: 785

Quote from: CryptoFuturistic on July 07, 2022, 10:44:22 AM

This morning I read this article https://markettimes.co.uk/cryptocurrencies/visa-launches-an-exclusive-no-limit-bitcoin-card/ what are your opinions about it?

Making an exclusive card to be available to only 10,000 persons worldwide, i think it's not fair at all, because looking at the crypto community worldwide, there are more 1million crypto enthusiast who will also love to have this No limit card access to Bitcoin, because as the day goes by so is the community increasing in numbers. so for me, i see this as a medium VISA is trying to expand the coast of its business to crypto wealthy men and women who wishes to easily purchase items with bitcoin through the use of its no limit exclusive card called ''Bitcoinblack''... because here is a statement by it's CEO below

Quote

Thus, this elite card allows its owners to spend compensation on different extravagance things in the bitcoinblack Haute Living Luxury Market, “an organized web-based store that incorporates extravagance watches, wallets, vehicles, sanction fly arrangements, confidential access to the house from there, the sky is the limit”, and as it would be considered normal to be sent soon.

Commenting on this turn of events, bitcoinblack CEO Prakash Chand made sense:

“Individuals with a fantastic wealth in crypto required a method to effectively spend their crypto and be compensated for it. (…) bitcoinblack is impeccable for people with high purchasing power who need to use their crypto for their businesses or to enjoy themselves anywhere on the planet, including the more than 140 nations in which Visa is recognized.”

NotATether

legendary

Activity: 1568

Merit: 6660

bitcoincleanup.com / bitmixlist.org

Quote from: Husires on July 07, 2022, 12:07:33 PM

Quote

as well as remunerations of up to 10% return in elite tokens

Has anyone heard of this token before?

Tokens are useless garbage as we all know, why should VISA give themselves an unnecessary legal headache in implementing them with SEC compliance, when they could've just used the tried-and-tested points system instead?

Bambozled

newbie

Activity: 23

Merit: 1

This is really sceptical for me. I don’t think this is real. Better to stay away from such scams.

ChrisPop

legendary

Activity: 2324

Merit: 1035

Not your Keys, Not your Bitcoins

“Individuals must basically stack their crypto through the soon-coming bitcoinblack secure wallet app or web app, and are instantly committed to spending their crypto with the best conversion rates and high breakpoints.”

Even if a card is emitted in partnership with VISA, that is no reason to automatically define it as legit and safe. Also it remains to be seen what "best conversion rates" actually mean. Visa is not that good when it comes exchange rates. For example even at fx rates you need to pay something like 3.5%.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: darkv0rt3x on July 07, 2022, 04:27:56 PM

That seems more like a scam. IT looks like to have some token/shitcoin behind it. I wouldn't believe that. Very suspicious as the company seems to be Canadian, if I'm not mistaken, Gotta watch out peeps!

Yeah, scam sensor is going though the roof with this one

So, it's not VISA who is doing this, it's a company :
https://www.prnewswire.com/news-releases/the-worlds-most-exclusive-no-limit-global-crypto-visa-black-card-bitcoinblack-officially-launches-in-uae-301580074.html

This is how their website looked before:
https://web.archive.org/web/20220407062046/https://www.bitcoinblackcreditcard.com/

Quote

Our BitcoinBlack Visa® Card holders get access to our 6 exclusive yearly private events.
Our Visa® Card holders get exclusive access to the luxurious BitcoinBlack Mansion in Turks and Caicos.
BitcoinBlack is also in the process of building out their own exclusive Bitcoin Boeing BBJ to launch in early 2023.

Back in 2021 there were claiming only 1000 cards and:

Quote

Call our 24 hour concierge to get priority access with our exclusive restaurant partners, private jet carriers, yacht charters, 5* hotels, private events and more.

No number, no company info, no address, no info on who is behind them , no nothing

Oh, and of course, there is a token sale..
https://www.spendtoken.com/

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

Well, how things have changed in only a few years.... :

A while back.... Banks blocked people's credit cards, when they linked any transactions to "Bitcoin"..... now they give "No Limit" credit cards to encourage "Super Rich" people to covert their Bitcoin to Fiat. Roll Eyes

Still a sleazy Bank trick to get super rich people not to hold Bitcoin..... by making the "instant Fiat" conversion possible on a credit card. Roll Eyes

fiulpro

hero member

Activity: 1890

Merit: 831

What I usually do is:
Add bitcoins in my wallet and encash that amount in the local currency, the wallet does not charge a lot and at the same time I have choice to choose which currency I do wanna withdraw ofcourse you do need KYC and everything for that but at the end of the day is it not all worth it ?
At the end of the day I do believe that, The bitcoin card would have a lot of fee, it would also be weird converting every second considering how volatility would have an adverse effect on the money that you thought you had in Bitcoins. It is not a good idea to use the card for every small transaction.

Don Pedro Dinero

legendary

Activity: 1358

Merit: 1565

The first decentralized crypto betting platform

Quote from: ?? on ??

Any move that pays the alert is good, having “No Limit” Bitcoin Card will facilitate the way for people who have a lot of bitcoin to spend it easily although I think that these rich people will prefer paying with cash instead of selling bitcoin, which may increase in value in the future.

I believe the same. I think this card is a way of joining the trend, but I doubt very much that it will be widely used. I don't think the rich will carry the card with what is basically an investment to spend. The rich tend to have good sources of cash-flow, and that's what they spend.

Loading the card with bitcoin would be like selling a valuable painting to spend or a house.

slaman29

legendary

Activity: 2674

Merit: 1226

Livecasino, 20% cashback, no fuss payouts.

Hm just read the actual main press release and you see this is a misreported news. This is NOT Visa launching.

This is a shitcoin launching.

As pointed out it's quite easy to be just one of those shitcoin crypto debit cards like Monaco oops, like Crypto.com. As far as I know only Coinbase has a real direct Visa partnership with them. Everyone else is using through a third party.

Bitcoin credit cards just don't work, if you want a real one, only Coinbase has it. And if you are not American or UK person like me, you can't have it.

so98nn

hero member

Activity: 2114

Merit: 603

Quote from: hatshepsut93 on July 07, 2022, 04:22:41 PM

If you read your article carefully, you should understand that this is a luxury product for rich people to show off, so it has zero impact on adoption. A more mass-oriented product would be more interesting, but something tells me it will always be cheaper to sell Bitcoin, withdraw fiat to your bank and use your regular payment card. Not to mention that using centralized proxies defeats the whole purpose of Bitcoin.

Yup, the purpose still remains unsolved here! Moreover, there is no point VISA getting involved into something like bitcoin as long as they are not going with the data integrity principles of the blockchain. VISA already has its huge set up across the world followed by MasterCard. Its become so easy these days, any small finance company can launch the visa cards and process the money. However, spending bitcoin just like fiat on open channel is invitation to the intruder, crumbled policies of anonymous nature and what not. Im also not much triggered with the news. Better off they should launch their own tokenomics and challenge the existing projects.

2stout

hero member

Activity: 2562

Merit: 607

Great, so now it seems they want to launder again: fiat->crypto-->fiat or fiat-->crypto and relieve folks of their crypto in the process. Sounds like a backend crypto play to me.

dansus021

copper member

Activity: 2156

Merit: 983

Part of AOBT - English Translator to Indonesia

Visa always become the pro to cryptocurrency but after i see the article and watch your guys opinion, this bit suspicious and after all the fiture only available in united arab emirates "the world’s largest payment network, which shipped a restrictive VIP cryptocurrency charge card called ‘bitcoinblack’ in the United Arab Emirates, according to a public statement on July 3."

I mean its always simply WD to your bank and boom its done, you can be member priority in your local bank

darkv0rt3x

hero member

Activity: 1274

Merit: 681

I rather die on my feet than to live on my knees

That seems more like a scam. IT looks like to have some token/shitcoin behind it. I wouldn't believe that. Very suspicious as the company seems to be Canadian, if I'm not mistaken, Gotta watch out peeps!

Topic: Visa Launches An Exclusive “No Limit” Bitcoin Card (Read 443 times)