Topic: We're developing a card for you to spend BTC like cash, would you use it? (Read 1753 times)

Hey everyone,

We are developing an all in one payment card that replaces your entire physical wallet and allows you to spend your BTC just like cash at any merchant.

We are hoping to get some good feedback from users as we finish development of the system, would you use it? What features do you want to make sure we incorporate to make it useful?
 
You can also check us out at www.gobitstripe.com

Brief overview:
*1-The card itself is powered by a small microcontroller and has Bluetooth connectivity. It communicates with our app on your smartphone to dynamically update its magstripe to emulate whichever of your cards it needs to. We have security features in place that block attempts to add cards not assigned to you.

*2-Your BTC stay exactly where you have them now, basically when you want to add cash to your card the application gives you an address and once the BTC are received we automatically authorize the funds to be spent on your card. The timeframe for this is dependent on the BTC transaction confirmation time, otherwise it's essentially done in real time. This allows you to time your, say BTC-USD per the market s
Whenever you need cash.

*3-magnetic stripes are pretty low security and can be cloned with $10 of equipment if your wallet was ever lost or stolen. Going to a dynamic card actually greatly increases your security by requiring authenticating via either checking to see if your phone is near (and so are you hopefully) or by needing to enter a PIN on the card itself.

Beta still includes those pricing? I would love to test out your card!

Our beta test will be US only but we will be rolling out world wide, yes

Great! You beat coin kite in pricing.

There is the option to make the transfer automatic. We know that some people value keeping the services separate so this is not mandatory.

As for fees, the dynamic card will likely be sold for around $50 and the load fees will be in the range of 1-2%

Yeah, seems to work like that:

Does this work kind of like a debit card or is a special kind of card?

Basically what is happening behind the scenes is our system is issuing a one time use Visa / MC for a specified amount to be spent at the merchant. In parallel, the system calculates the BTC required to fund the equivalent in say USD and gives you an address to send that amount of BTC to. Once the transfer is confirmed then the card is ready to go!

This means that you get to keep your wallet however you'd like, your funds stay in BTC until you need them, and the merchant doesn't need to accept BTC as he is accepting fiat for the transaction. Hope this makes sense?

I'm not sure if this is what you had in mind, but a card that was connected to my btc wallet and I could then automatically convert it it's USD and spend it like a credit card, now that would be awesome.  If it's what I think it is though, wouldn't the merchant have to accept BTC?  and there aren't many who accept it.

My major issue is I can't convert BTC in fiat and then withdraw the fiat.  If I could spend it like cash then I wouldn't have to withdraw it, so I'd be more willing to hold onto BTC for a long time.

Is the BTC converted instantly into USD at the time of purchase?

I really hate ignorant people like this, NO, we will not support scammers like you.

I would never use or support a system that was built from anonymous just so idiots like this guy can easily rob people.

Only if the card can be bought and loaded anonymously.