Bitcoin Debit Cards

Bitcoin is virtual money or e-coins, used to pay for a variety of online purchases, including anonymous services such as providers of VPN, Casinos, Adult sites and much more. The beauty of Bitcoin is that purchasers retain anonymity buying goods or services and the virtual money bank is soaring in 2015.

Chinese exchanges and Microsoft’s partnership with Ethereum Company are just some reasons the Bitcoin flag is flying high in 2015. Consumers looking for Bitcoin debit cards will find around five major providers of debit cards which can exchange this virtual currency into cash in the wallet. These are Xapo, BitPlastic, ANX and Wagecan. A UK-based company has just launched E-coin.io (October 2015), in partnership with Bitfinex, the largest trading Bitcoin exchanges.

Bitcoin Debit Cards Frequent Questions and Answers

Internet users wanting to register for Bitcoin use initially need to download the Bitcoin interface and spend time experimenting with the virtual coinage prior to making decisions about registering for a debit card. Users can load Bitcoin accounts and maintain virtual wallets of e-coins. Transmitting Bitcoin cross borders is easy and it’s also possible to trade Forex markets worldwide. Not every online vendor accepts Bitcoin at this moment as the e-coin is still in experimental stage, however prices for coinage have been consistently rising for some time, with a number of Bitcoin start ups funded by Wall Street. Bitcoin for Business becomes more and more popular.

Consumers will find the majority of Bitcoin debit cards need pre-loading with currency, meaning the user has to sell Bitcoin prior to raising funding. This can cause delays and be problematic when users need immediate cash. Fees for card replacement, transactions, currency exchange rates and ATM use can also be fairly high with card providers. The recent debit card issue from Bitfinex and Blade Payments, the E-coin.io is the lowest cost card currently on the market, working by linking Bitfinex holdings direct to the card so enabling consumers to pay exact amounts for purchases and transfers without any need for sales of holdings or pre-loading funding to the debit card.

There have already been a small number of Bitcoin debit cards on the market which have folded. Consumers should be aware of the volatility of new markets, however, the factor that Wall Street is funding new business start ups within this exciting new marketplace is an indicator that the virtual currency is set to grow. Paypal is still the dominant financial provider on the Internet, competitor growth is healthy for all Internet browsers.

Benefits of Bitcoin Debit Cards

Bitcoin debit cards give customers the benefits of e-coins or electronic cash, with ready access to a range of different currencies and sales and purchases online and with retailers and service providers in permitted countries.

A typical Bitcoin debit card allows management of Bitcoins and other currencies with ease, trading, spending or sending cash anywhere in the world is simple and speedy. Linking a Bitcoin debit card and bank account, gives global access for purchases and cash withdrawals anywhere in the world that the relevant Bitcoin debit card is accepted.

Users will not be charged for transmitting Bitcoin via the Bitcoin network, card providers levy their own charges, depending upon chosen provider. Traders often find low fees when trades are conducted via the Bitcoin network or Bitcoin debit card provider, again dependent upon provider. Customers can trade currencies such as AUD, EUR, Pound Sterling or American Dollars in addition to Bitcoin, while providers offering hedged accounts give users confidence that Bitcoin values are retained despite any currency fluctuations. The Bitcoin electronic currency was only invented in 2008 and trading the currency can be extremely volatile, although potential gains can be high. Some of the top retailers accepting Bitcoin payments for goods include Microsoft, Dell, Overstock and Time Inc.

Customers will find the major Bitcoin debit card providers offer security for Bitcoin store in private wallet systems as well as traditional debit card services expected by discerning customers.

Bitcoin credit card managers allow recharging of credit cards using Bitcoinage and other cryptocurrencies. It’s possible to load a variety of credit cards with Bitcoins using companies that allow recharging with this electronic currency.

It’s estimated there will be around 12 million Bitcoin wallets by December 2015, Sub Saharan Africa being one major area of growth.

BTC Bitcoin Debit Card Advantages

  1. Consumers receive several advantages from Bitcoin debit cards: including security of currencies; ability to trade Bitcoin; hedge funds against drops in price; fund debit cards with a variety of currencies; and, most importantly, use cards to access cash or make purchases globally. Providers assure the security of deposits within secure vaults and wallet systems. Bitcoin debit cards can be linked to traditional bank accounts and other cards, to enable simplicity of use. Customers have the ability to download apps to enable quick and easy mobile payments or Bitcoin trading at any time, in any place.

    There are a variety of Bitcoin debit cards on the market, with numbers increasing all the time. The security of Bitcoin is based upon the peer-to-peer management of the electronic currency’s block chain. Bitcoin is a new currency, it was only created in 2008 and this digital currency has had several ups and downs as it has developed. There have been several start up ventures recently ($335m in 2014) that have been fully funded by Bitcoin venture capital and the e-coin is receiving more attention from bankers and retailers. Some of the top companies accepting Bitcoin payments include Microsoft, Dell and Time Inc., however debit card users will find no problems using their cards to take cash from ATMs in relevant country locations or to make payments for purchases. Trading Bitcoin currency and other cryptocurrencies using Bitcoin debit card providers is an easy matter, with transactions locked into confirmed sales or purchases within a matter of seconds. Transmitting Bitcoin globally is also simple using recognised debit card providers.

  2. Ordering a Bitcoin debit card is merely a case of registering an account with any of the debit card providers and providing all necessary documentation. Some providers require a good deal of identity detail and may also need funding to pass through up to six block chain updates prior to customers using their capital for purchases or trades. It’s possible to obtain an e-debit card alone, if required, and some providers initially issue e-debit cards before issuing plastic cards that can be used in ATMs or for purchases. Some providers charge a one-off fee for issue of debit cards, as well as fees for replacement cards and annual charges. It’s not possible to order Bitcoin debit cards from some providers in certain parts of the world. The Bitcoin e-currency has become very popular in Sub Saharan Africa, doubtless down to problems experienced transmitting and receiving funding in some of the less developed areas of the world. It is forecast that there will be around 12 million Bitcoin wallets by the end of 2015.
  3. Security and privacy with Bitcoin is guaranteed by private key holding. There have been occasions where fraud, theft and hacking have been reported by Bitcoin users however this is generally when private keys have been compromised in some way. When it comes to the debit card system, once Bitcoins are on deposit with the providers they are maintained within secure vaults, giving owners the knowledge that their Bitcoin holdings will be retained. The providers of Bitcoin debit cards have security credentials and experience within the Bitcoin network, so are aware of the problems that can be experienced.
  4. The fees of each Bitcoin debit card provider vary. Some card providers charge a flat one percent fee on all sales or purchases, although European sites state that any retrospective VAT liability falling due will be claimed from debit card holders at a later date if they should receive VAT invoices at later dates. Other providers levy charges for any currency loaded to Bitcoin debit cards, other than Bitcoin transfers themselves. Charges are also levied for ATM transactions as these are classified as local bank transfers. It’s also possible that local or international bankers could levy additional charges, so customers need to check all relevant details prior to conducting financial transactions with some providers. One of the provider of Bitcoin credit card loadings pays all outgoing transaction fees, while the customer pays the incoming Bitcoin mining arranged fee only.
  5. Consumers need to consult Bitcoin debit card provider terms of use to ascertain exact daily or weekly spending limits on issued cards. Some providers limit customers to fairly small sums, no more than approximately AUD $500 per 24 hours, with a AUD $2 fee at ATMs. Other providers limit Bitcoin withdrawals to 100 per day, with $20,000/EUR 15,000/£10,000 daily limits operational on some of the other currencies.
  6. The market for Bitcoin and cryptocurrency debit card and credit card providers is young, it’s likely new cards will be issued by a host more suppliers over the next few years, while the e-coin market develops and hones its regulatory powers and becomes more acceptable to members of the general public.