Cut Off? Here Are 7 Different Bitcoin Debit Card Services and Fees
Just recently we reported on European bitcoin users having issues with their loadable bitcoin debit cards. Even though some of these businesses are having a few issues, there are many cryptocurrency debit cards available all around the world.
Also read: Visa Veto Leaves Several European Cryptocurrency Cards Locked Out
Since 2015 Bitcoin-Based Debit Cards Have Grown Very Popular
These days cryptocurrency enthusiasts have a lot more infrastructure than the early days when bitcoin was just getting started. One of the biggest trends of 2015-2017 was the rise of loadable cryptocurrency debit cards backed by Visa, Mastercard, and other financial institutions. Some of the cards like the Coinbase Shift card uses cryptocurrency funds directly while other cards like the Bitpay Visa users sell their bitcoin for a balance of fiat reserves. Depending on where the crypto-enthusiast lives they can order multiple types of cards and some cards also process digital assets like ethereum and bitcoin cash. Today we’re going to discuss the wide range of digital currency loadable debit cards that are available in many different countries.
Keep in mind that we previously reported this past week that Wavecrest Holdings Ltd. have been giving some cryptocurrency card companies issues. At the moment European issued bitcoin debit cards such as Cryptopay, Tenx, Bitwala, Bitpay (EUR), and Xapo are out of service.
“Once we are able to service Xapo Cards in your country again, we will offer you a new card free of charge — We are hard at work to find alternative card solutions for you,” explains Xapo’s announcement on January 5, 2018.
Bitwala Prepaid Debit Card
The Bitwala Visa card is a popular choice among European bitcoiners that offers prepaid balances in euro (EUR). The card is issued by a firm called Mychoice and a bank called Wavecrest Holdings Ltd. There is a single card load fee of 0.5 percent, and the company offers both virtual and physical cards. ATM fees cost 2.25 EUR, and all point-of-sale (PoS) transactions have no fees. Physical Bitwala debit cards can be used wherever Visa is accepted and cost €8.00, while virtual cards cost €2.00 per issuance.
Spectrocoin Visa
The company Spectrocoin and its card service citizens living in the Baltic region. Balances can be loaded in USD, EUR, GBP with physical cards starting at €8.00 and virtual cards are sold for €0.50. There are no top-up fees, but Spectrocoin’s card charges €1.00 per month for service charges. If a resident from the Baltic States wants to use an ATM within the region or internationally prices can vary between $3.50/€2.75/£2.25 per withdrawal. Spectrocoin cards are also issued by the Mychoice company.
The Bitpay Visa
Bitpay offers a Visa card for both U.S. and European residents. Loading fees are free except when applying international currencies, and the top up also charges a bitcoin network fee. The card costs $10 USD to purchase, and the card is issued by Metropolitan Commercial Bank in the U.S. and Wavecrest Holdings for European cards. Bitpay loads are a direct sale for fiat, and the BTC spot rate is based on multiple price indexes. Bitpay’s ATM fees are $2 per withdrawal, and PoS transactions are free.
Xapo Debit Cards
Xapo offers a popular debit card that can be loaded with BTC, and the physical card costs roughly €18.00. The company charges €2.25 for ATM withdrawals, and PoS transactions are free. Xapo transfers have real-time conversion and users only pay bitcoin network fees for the card that’s also issued by the firm Mychoice. Xapo cards have no annual fees, and a 3 percent foreign exchange fee is applied for those types of purchase. Xapo cards are not available in the U.S.
Coinbase Shift Card
The Coinbase Shift card is a popular card in the U.S. which deducts balances directly from BTC, LTC, BCH, and ETH wallets. Only one cryptocurrency wallet can be tethered to the Shift card that’s accepted by over 38 million Visa-accepting merchants worldwide. The card costs $10.00 to order and has a 0 percent BTC to USD conversion fee. Domestic ATM withdrawals are $2.50 while international ATM withdrawals are $3.50. Shift cards can be connected directly with Coinbase but also can be tethered to a Dwolla account as well.
Coinsbank
The Coinsbank card offers both bitcoin and litecoin denominated loads offering both physical and virtual cards. The service also used to sell a “No Name” card, but the feature is temporarily unavailable. Otherwise, payments and withdrawals are only available for verified users with a card level 3. This allows cash withdrawals for verified users which is up to a 1000 EUR limit per 30 days. ATM withdrawals cost $4.95, and domestic transactions are free. There is a monthly fee of $0.95, and inactive users will be charged 4.95 if they don’t use the card after the second year. Coinsbank cards are not available in the U.S.
Wirex Card
The company Wirex offers both virtual (free) and physical debit cards ($17) that can be loaded with a Wirex account. There is a $2.50 ATM fee for the card, and a $1 monthly service fee as well. Exchanging bitcoin to fiat is free except for the miner’s fee. The Wirex Visa card works by first funding the Wirex account and adding money in a local currency (such as USD or EUR). The physical card requires verification but the Wirex virtual card no identification is required. Wirex cards are not available for U.S. users.
29 Different Crypto-Cards Available Worldwide
There are many more cards available from various companies like Advcash, ANX, Mobi, and Worldcore.eu that offer different fees and can only be used in certain countries. At the moment, there are roughly 29 different debit card services that can be used with cryptocurrencies. So the idea that paying for real-world items with cryptocurrencies is difficult is kind of far-fetched.
What cryptocurrency debit card do you use? Are there any cards that we didn’t mention above that you prefer? Let us know about it in the comments below.
Disclaimer: Bitcoin.com does not endorse nor support these products/services.
Readers should do their own due diligence before taking any actions related to the mentioned companies or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Images via Shutterstock, Bitpay, Shift, Bitwala, Spectrocoin, Coinsbank, Wirex, and Xapo.
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After The Rise of its Controversial ”Digital USD” Tether Releases EURTs
Tether, creator of a USDT token claimed to be backed by the U.S. dollar, has been a hot topic of conversation lately to say the least. The company has been very successful so far issuing tokens to individuals and exchanges, but many skeptics are worried the digital currency is not backed by real fiat. Skeptics aside, just recently the company has announced the issuance of a new fiat backed tether called EURT that will represent euros with ERC20 standard compatibility.
Also read: French Entrepreneur’s Case to Overturn the Bitlicense Dismissed
Tether Issues Digital Fiat
Meet the ‘EURT’
Meanwhile, Tether Limited is now creating a euro tether (EURT) that is issued over the Ethereum blockchain and will be compatible with the ERC20 standard.
“As the first platform to facilitate the transfer of fiat backed currencies over a blockchain network, Tether has made headway by giving customers the ability to transfer value across the blockchain without the inherent volatility and complexity typically associated with a digital currency,” explains Tether Limited.
Following the widespread success of our Bitcoin-based USD Tether, issued via the Omni Layer Protocol, we have today launched and issued both US Dollars and Euros as Ethereum-based Tether, compatible with the ERC20 standard.
Several of Tether Limited’s Partner Exchanges Are Working to Integrate EURTs
The new system allows for the transfer of both tokenized USD and EUR says the firm. Additionally, the company explains that the protocol will be interoperable with Ethereum network applications and pegged assets.
Another reason for the ERC20 compatible tethers means transactions will have “much lower network fees and much faster confirmation times.” Tether Limited believes this will create far more liquidity and exchange arbitrage.
“Several partner exchanges are already working to integrate the new tokens,” reveals the firm.
EURT Contracts Get Two Codebase Audits
Alongside this, the company says it has completed two audits of the codebase and contracts using Zeppelin Audits and Phil Daian as third-party auditors. The inspections say there were no critical or high severity issues found and recommended some medium severity solutions. Zeppelin had updated the report and stated:
The Tether team has followed our recommendations and updated the Tether token contract.
Phil Daian’s audit is 20 pages long and concludes that if the company follows the recommendations, the ERC20 Tether contracts “will launch in a well tested, secure state.”
What do you think about Tether Limited creating a euro token? Let us know your thoughts on this subject in the comments below.
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Crypto Card Issuers Seek Solutions in the Wake of a European Ban
Intervention by Visa spelled an end to European crypto debit cards for the majority of customers on Thursday. Around a dozen crypto companies were affected by the shutdown, which instantly wiped out their services across Europe. Issuers such as Bitwala, Tenx, Bitpay, and Xapo were left high and dry after a Visa subsidiary stopped processing payments. Two of the companies affected have since spoken to news.Bitcoin.com, revealing their plans to find an alternative solution.
Also read: Visa Veto Leaves Several European Cryptocurrency Cards Locked Out
Crypto Card Holders Are Locked Out
On Thursday, news.Bitcoin.com reported on a sudden crackdown on crypto cards within Europe, orchestrated by Visa subsidiary Wavecrest. The report explained how “the prepaid cards, which have become extremely popular in the crypto community, provide a means of indirectly paying for goods and services using cryptocurrency.”
Bridging the gap between fiat and crypto is one of the biggest challenges cryptocurrency platforms face. Hybrid cards, which allow a debit card to be funded with crypto and then used to make purchases in the local fiat currency, were seen as a smart solution. That all changed this week when hundreds of thousands of European crypto-holders found their cards had been rendered useless.
Tenx was one of those companies affected by the ban. The company’s co-founder, Dr. Julian Hosp, told news.Bitcoin.com that around 200,000 customers had been impacted, but signaled that a resolution is on the horizon:
Tenx was prepared for this, as the company has recently entered partnership with a new card issuing partner and is in the process of getting the new cards live to replace the old ones as soon as possible. Meanwhile, Tenx customers will be able to withdraw their funds from their accounts as of Monday evening (January 8), while they await developments.
Dr Hosp also appeared on a live Hangout on Saturday to explain more about the current situation. The company’s co-founder seems upbeat, telling news.Bitcoin.com of plans to introduce a “live virtual currencies card” and obtain a banking licence for better fiat currency integration.
The Hunt for a New Issuer
Wirex is another crypto card firm that finds itself without a payment processing partner after Visa slammed the door. The company claims to be Wavecrest’s largest client, with over one million customers – most of whom don’t use crypto cards, it should be noted. Nevertheless, the effects of the Visa veto were still dramatic: around 600,000 Wirex plastic or virtual card holders were left without service after the ban.
Like Tenx, Wirex is confident the situation won’t leave its European customers serviceless. Pavel says they have four alternative issuers to choose from, one of which is based in Europe. “For us,” he said, “it’s a question of switching issuer and re-issuing cards, so it’s just a temporary problem; but for a lot of companies it’s the end of their business – they don’t have an alternative issuer and finding one plus integration might take anyway from 6 to 18 months”.
Who’s to Blame?
It seems likely that the majority of European card issuers will be able to resume service in the near future. Customers will be wary, though, of putting all their faith in one crypto card, in the knowledge that a repeat of the Wavecrest incident could see service suspended at any time.
Do you think Visa are culpable, or was this matter none of their doing? Let us know in the comments section below.
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Cryptocurrency Hedge Fund Headed by Ex-Goldman Sachs VP Raises $140 Million
It looks as if Silicon Valley and Wall Street are coming together just to see who can shower cryptocurrency ventures with more money.
Also Read: Strong Cryptocurrency CFD Volumes Bring Record Revenues for Plus 500
Blocktower Capital Crypto Hedge Fund
Investors in Blocktower reportedly include family offices and other entities such as venture capital firms such as Union Square Ventures LLC and Andreessen Horowitz.
Some of the raised funds were apparently redirected towards boosting the company’s staff, now estimated to sport eight executives. On Thursday Blocktower issued a statement that it hired Michael Bucella, who was also with Goldman Sachs since 2008. Bucella’s last role at the bank was related to multi-asset sales in Canada, where he headed strategic partnerships and business development.
Alpha Potential Is Abundant
However, CEO Goetz, described what is the opportunity the fund can capitalize on: “It’s a wildly inefficient market where alpha potential is abundant — more than anything we’ve seen in our careers. We think it’s a rare opportunity for investors. It’s not often there’s a new capital market being born in front of you.”
This sentiment appears to be shared among more and more investors in both the finance and the venture capital worlds. A few notable examples include legendary value investor Bill Miller who now holds half of his hedge fund in bitcoin, TechCrunch and CrunchFund founder Michael Arrington‘s $100 million XRP hedge fund, billionaire investor Michael Novogratz and most recently Peter Thiel’s Founders Fund.
Would you invest in a cryptocurrency hedge fund run by former ex-Goldman Sachs executives? Tell us what you think in the comments section below.
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People Selling ‘Fully Verified’ Crypto-Exchange Accounts On the Rise
Over the past few months, cryptocurrency exchanges across the globe have been swamped with new customers looking to trade or acquire digital assets. Trading platforms have been having a hard time keeping up with the new registrants. Users are complaining that identity verifications are now required and take weeks to process, while some exchanges are not accepting new customers at all. This has led to rise of individuals selling “fully verified” accounts for a variety of popular digital currency platforms.
Also Read: Several Bitcoin Exchanges Are Closing Their Doors to New Traders
As Exchanges Stop Accepting New Registrants and Require More Identity Verification — A Great Number of Fully Verified Accounts Are Being Sold for Bitcoin
Just recently news.Bitcoin.com reported on how some exchanges like Bittrex, and Cex.io have temporarily stopped accepting new customers due to the heavy influx of registrants these days. Further, we reported on how one of the leading trading platforms, Binance, disabled new user accounts a few days ago. Meanwhile, in December Poloniex announced it required legacy accounts to verify their identity or the accounts would be closed. All of these issues has led to significant verification delays, and people finding it more difficult to trade cryptocurrencies. However, some individuals are selling “fully verified” cryptocurrency exchange accounts for bitcoin and other digital assets.
Verified Accounts Lead to Much Larger Withdrawal Limits
For instance, there are many examples of people selling accounts on forums over the past few months. On Bitcointalk.org one user is selling a Poloniex Verified Account (Level 3 Verified) that comes with a $25,000 daily withdrawal limit for $12. The same person is also selling a Bittrex enhanced account for $10. Verified accounts have been for sale for years, but these days the amount of people selling them has increased significantly. Just last week another individual was selling a Bittrex account with “proof” on the Selly platform, and announced the sale multiple times on forums stating;
Hello guys, I’m selling a Bittrex verified account with a daily withdrawal limit 100 BTC.
The Frustrating Verification Process Has Led to the Blowback of Underground Sales
Having your identity verified on exchanges is pretty much a requirement for over 90 percent of the trading platforms online, no matter which country you live in. Even exchanges that used to have very little verification requirements, like BTC-e, have changed to fully regulated platforms requiring KYC/AML. In order to get verified, users often have to upload a state-issued license, verify their phone number, and even submit various papers that show your residential address. With all these requirements many users get frustrated and won’t even sign up for an exchange. If they do register their identity, they wind up waiting a long time and even weeks on end.
In addition to these posts found on forums account dealers are also selling verified accounts on messenger apps like Telegram. Cryptocurrency groups on Telegram in particular have various individuals selling accounts to Poloniex, Bitstamp, Bittrex, GDAX, Binance, and many more exchanges. With governments making it more difficult for exchanges to operate without abiding by KYC/AML background checks comes with some blowback — The rise of underground verified cryptocurrency exchange account sales.
It’s safe to say purchasing one of these accounts is really not the smartest move, as the seller could easily hold some credentials to the account and unload the user’s funds when the person least expects it.
What do you think about the number of people selling fully verified accounts for cryptocurrency exchanges? Let us know in the comments below.
Disclaimer: Bitcoin.com does not endorse nor support the product or service where people are selling verified accounts. The links provided in this article are for source purposes only and news.Bitcoin.com does not recommend or consider these account vendors trustworthy.
Readers should do their own due diligence before taking any actions related to the mentioned links or any of the vendor’s services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Images via Shutterstock, Bitcointalk, Selly, and Telegram.
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Chinese Authorities Ask Local Miners to Submit Monthly Status Reports
Xinjiang Province regulators have issued an official document informing local bitcoin miners to submit status reports on a specific schedule.
Also Read: Japanese ‘Virtual Currency Girls’ Spreading Cryptocurrency Knowledge
An Orderly Exit
Bitcoin mining companies were told to write a status report before Jan. 5, according to a government notice signed by a Xinjiang committee in charge of overseeing internet finance risks (The Committee) that was circulated online and verified by people familiar with the matter. The document reads that:
Xinjiang is home to multiple bitcoin miners, which are both energy-intensive and highly speculative. To curb financial risks and encourage real economy, approaches must be taken to guide miners toward an “orderly” exit from the business.
The document detailed that the Xinjiang Commission of Economy and Information Technology shall update the operation and exit status of mining companies before the 5th of every month and submit relative materials to The Committee.
Which Approaches Be Taken?
Many of the world’s largest miners have set up in remote and mountainous Sichuan and Yunnan provinces for cheap electricity. But Chinese authorities proposed restrictions on power consumption to curb the industry.
Based on another document signed by the Financial Market of the PBOC, the authorities plan to limit the industry’s power use. It says that:
Local governments shall coordinate with multiple departments to take actions concerning electricity price, land use, tax and environmental protection in an effort to guide miners orderly exit .
Compared with China’s ICO ban in September, these proposed restrictions on mining failed to cause panic among the Chinese community. A Sichuan miner told news.bitcoin.com that he is confident that Chinese mining companies will remain in the leading position in the mining industry. “It’s too late for regulators to take moves. I feel that people are immune to regulations now.”
What do you think of the restrictions? Do you think the cryptocurrency industry will be reshaped? Leave your comments below.
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Source: https://news.bitcoin.com/