Today I received my first BTC debit card. I chose to go with Bitpay. I activated my card. I then pulled $40 on my bank debit card by using Coinbase. Coinbase charged me $2.00. It seems high but it was immediate. Plus, I would have paid more at the Quicktrip ATM. I think they charge $2.50. Anyway, my bank is too far to drive for a quick cash withdrawal. I'd spend more in gas for the trip for sure.
So I was saying...
I want to use my new Bitpay card. So in order to load BTC into your Bitpay wallet that is attached to your card, you must tell it how much you are sending. This seemed odd. Then, Bitpay puts an invoice on your screen and gives a timeframe of 15 minutes. Well guess what. My transaction did not confirm in 15 minutes. So now what! OMG! This is so rediculous. Now the funds are not in my Bitpay account and they are not in my Coinbase account. Cmon guys! This is the one part of the transaction that you should understand. Bitcoin is slow. Freaking SLOW. So Bitpay should not put a time limit on the exchange. And what do you care how much BTC is coming your way. Just accept it and report it! Jeez!
I'm already shopping for another BTC debit card.
I'll keep you posted.
REVISION 11 MINUTES LATER:
My bitcoin showed up in my Bitpay wallet. Finally. They are forgiven!
REVISIONS 23 MINUTES LATER:
It appears that your Bitcoin is turned into US Dollars upon arriving at Bitpay. I now hold a USD balance. So, I guess If the BTC price goes up, my balance will remain the same. Hmmm? I'm gonna have to think about that one. I guess since it's a prepaid card and not a savings account, I see no harm in that. If you're not gonna spend it, then don't send it! Ha! It's obvious how Visa got their greedy hands involved. My payments from this card will travel along their normal routes, paying their normal rates.
REVISION 1 DAY LATER:
I have used the card three times. I swiped it once. The other two times were at restaurants where I signed receipts. The one time I swiped it was for an amount less than $10 so my PIN was not required. The card comes with its own PIN. I have not had to use it yet. I am very pleased with my new BTC debit card.
