My Experience Using the Bitpay Debit Card for a Few Months

in #bitcoin7 years ago

A few months ago I finally decided to check into getting a bitcoin debit card, mostly because the price had gone up, I was looking to pay off a little extra in college loans and pulling out in tradional ways was becoming worrysome and semi expensive. I saw the Bitpay debit card as a way to bypass many of these issues and ultimately im glad I picked it up. If you want a too long didn’t read version of this article, if you want to spend some of your gains and no worry about having to deal with banking institutions, the debit card is completely worth it. However, here is the long answer.

With banks still not being exactly crypto friendly and me not wanting to pull out multiple amounts from coinbase in a month and trigger some sort of account closure, the Bitpay debit card was a great solution. At the time I was pulling out money from coinbase into paypal and using their debit card/withdrawal system so the banks didn’t think anything was suspicious, which was costing me a bit of money since they take like a 5% cut. With the Bitpay card things were much easier, its around a $15 startup cost and the amounts on a transaction are very minimal. You send your bitcoin to the card one time, it automatically converts it on the spot and you can spend it at any store in person or the vast majority online.

I have never had a problem with the debit card in stores, but there are a small amount of times where online credit card recognition systems don’t recognize it as a card. This is usually unfortunate, but if you are looking for a certain item you can find it elsewhere at a site that will recognize it, or worst case scenario you can call up the company and give them the card. The daily limits on the card are in the thousands so I don’t think most people will hit it just doing daily stuff. I am still putting hundreds towards my college loans as much as I can and I have never had a problem with limits.

The best part about the card is just convenience overall and it does a good job branching the old world financial system with the new. While crypto is awesome and revolutionary, it will still take some time for most merchants to accept it, especially with certain companies that oversee bills like utilities, rent, ect. For a minimal amount of fees, the Bitpay debit card fixes most of these problems. I know many people got into crypto because they don’t want to work with the old legacy finance system with credit card companies and banks, but if you want to live on crypto it can be very hard to do so without at least one or two connections.

Overall if you spend a decent amount of crypto on bills or other payments a month and worry about getting a bank account flagged or shut down because of the payments and simply just don’t want to risk it, then the Bitpay debit card is a very good investment. It makes one less time I have to make my payments through a bank and lets me spend my crypto earnings as I please without any fear of them taking my money. While I know not everyone has had a great experience with Bitpay, I personally have found that for what I do with the card, it works very well. Even if you just take out cash via an ATM the charges end up being relatively small. You can check out the fee structure on their website, but I think they are very reasonable and offering the card not as a way to make lots of money, but to better connect crypto with the existing world.

-Calaber24p

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It's a shame a SSN is required :(

I agree, just want to pay some bills. I think they may be outside their legal right to ask for it. But they're covering themselves. Interesting that IRS settled for 20K or more transactions or more. Maybe it's a can of worms for the IRS, but really all they have to do is send out a blanket letter and flag your ass; you'll be doing the rest of the homework to prove otherwise.

I too am very happy with the BitPay card.

The. Card looks very useful

Awesome and Userful card. Its can help save lots of stress. I recommend anyone to just please get it. Kindly follow me @bewajijohnson

Thanks for sharing. I always wanted to get one but never pulled the trigger, Maybe I will now..

Also, any researching that monaco visa card? I wonder how itl compare to this..

the monaco card seems to have a few more perks than bitpay. also uses ETH. and fees may be higher. check out a review i read here: https://steemit.com/cryptocurrency/@sirwinchester/monaco-the-cryptocurrency-visa-card-for-btc-and-eth

Monaco does look very sexy... will be ordering one when it goes live.

More fee on monaco unfortunately :/ 1% on every transaction.
But you can spend ETH
Tenx looks also promising !

no tenx in united states!

check out Bitplastic !

will do!

I agree - Monaco looks great!! Just love how only the amount you need for your current purchase is actually converted. This should "hopefully" keep you bitcoin/eth increase over time :)

what about token card?

I don't think you can get a monaco card in the US can you?
Plus monaco is geared towards eth?

I talked to them. they told me the US and a few other countries cannot participate in the crowdfunding ICO but CAN buy a card once its available. I think aug or sept

Thank you so much!

I think you can participate in the US. You just have to select that you're a not in the US.

I didn't know bitpay has that card. Probably will get one soon.

This post received a 2.3% upvote from @randowhale thanks to @codebreaker! For more information, click here!

Seems quite promising. Want to get one myself but not sure whether it gets delivered in India or not. Above that another problem which i fell would occur is using it. Dont think that our system is capable enough to let me use this card in India ( if at all i get one ).

Another issue which i am not sure about is that how much fee will i be charged upon using one. Gotta surf about that now.

If you wanna see and enjoy my work over steemit then please follow me at @honeychum

Bitpay it's adding more countries to their list. Check the website, and since it's a Visa card can work almost everywhere. I got it myself, I love it, the fees are very reasonable.

Sounds like a great solution - if you have the crypto funds to spend that is!

"but there are a small amount of times where online credit card recognition systems don’t recognize it as a card."

I have biolife visa card and I think the problems are the save. I was told the reason that it dose not allways work is that some POS (point of sale) systems look for a bank name when you scan the card. If there is no bank then it is not recognize. So I can't use this card at 'pay at the pump' at a gas station, but I can go in to the store and prepay for my gas.

Nice information. Thanks

Thanks for sharing, this is very timely!

i got the shiftpay card from coinbase, seems legit af, linked it to my ltc wallet and can buy weed at the dispensary and get cash back at grocery store with it. no need to load anything, just make sure there are coins in my wallet on coinbase. so far i love it!

I only have one thing against Coinbase...it's currently being targeted by the IRS. It's good enough to use as an exchange when needed...otherwise, that wallet is empty.

Others will be targeted in short order. They'll be no escaping that.

I too have a Shift Visa. Unlike Bitpay (et.al.), you're not actually topping off a prepay card with fiat, and they charge for that top off. There are no fees on the Shift.
I recently re-linked my Shift card from BTC to LTC. Nice feature to be able to link it to BTC, ETH, LTC, or USD wallet. If Coinbase adds others cryptos, it will be the debit card to have. I just wish Shift would have branded the card as a BTC or crypto-card.

Thanks for sharing your experience calaber24p.I am looking for a good bitcoin debit card too and I hope it is available for my country. I will check the details soon. I wish one day we will use Steemit debit card.

As restrictions are looking to become tighter and coinbase having so many issues as of late this is starting to look like a great option. I am not planning on pulling any of my crypto out in the near future, but I always like to have back up plans in place in case it does not go as planned. Do you know if it is available to all states in the US? Also, what Walette do you use to transfer to Bitpay? If so do you have a code we could enter to earn you some referral $? Thanks for the great article and info!

I have been using a Bitpay card for several months now. I have used in at local grocery stores including Walmart. I also use it online. Liked so much i just got one for my wife. Great post!

Look these crypto currencies are needed, you cannot have it monopolized just by bitcoin, people will need other currencies to be more secured and to have more chances to win from fluctuation.

I myself believe that this is the time of the internet millionaires/billionaries. We just have to use it and i am not meaning the ones that are CEOs of these ideas. I mean us the little people who can benefit from them.

** Apprecited Your Work **

Hey @calaber24p

I would like to request you please keep posting this type of valueable content for the community of steemit as this platform is growing up day by day .. I would request you that you must support new steemer like me and other .

I am in love with one of my post as a senior steemer I need your Honest feedback regadding that . If you get time from your busy life and write your comment upon it . It will be really apprecited ..

If I missed I do Apoligize for that ...

Lots Of Love For Future Posts

Bitcoin Secrate

Regards Sophia Olive

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Hi; Wirex community manager here!

Great review; I just wanted to ask if you've tried any other providers or have you even tried Wirex?

Bitcoin debit cards are not something new; we've been around since 2013 and we have over 850,000 customers that have transacted over $1Bn.

We are working on a new card provider and are hoping to get it online as soon as possible available worldwide:
https://wirexapp.com/introducing-new-contactless-wirex-payment-cards/

Unlike all these new comers, we've been around since 2013, we have our own inhouse dev team (our biggest overhead) who've created an amazing blockchain that links banking to Bitcoin; ensuring the lowest possible rates: (https://themerkle.com/what-is-w-pay/)

We are also one of the first to offer a SegWit enabled Bitcoin Wallet with a mobile app; that would allow you to convert your Bitcoin (or 45 other Crypto's) into $,£ or Euros instantly.

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Wirex Community Manager

Thanks! I can't wait to get one!

Thank you @calaber24p... I think I will to acquire one of these. Not a bad idea at all for the college loans. I have plenty of those pilling up :/

I advise to buy APX and GAM
thanks me later

I've got my eye on the Coinbase card, but I want to read a few more reviews first to see which one will best suit me.

The Shift Visa is Great. You can link it to your BTC, ETH, LTC, or USD wallet.
No more selling crypto to top off the debit. At POS it comes right out of the wallet.
I've been very happy with mine.

Nice, Thanks. I'll have to check it out :) Hopefully it's available in the Uk.

Sounds like a great deal to me, is it available to all countries and does the VISA logo mean that its accepted wherever the sign is stated? Thanks for the post and keep us updated @calaber24p please share some of your college loan experience, right now I got university fees, cutting my throat, one of the reasons I turn to crypto, it would be nice to hear your experience and possible give me some ideas how I can address mines...thanking you in advance

Thanks for sharing this another option of utilizing crypto funds. Does the card works internationally?

Not 100% sure but I would think that it does because it is a visa card. Probably has some sort of exchange fee tied to it though.

Thanks. I'll check it out.

Yes it does, but they charge you fees, same as the regular cards, but fees are reasonable.

Thanks for the info

Great advice @calaber24p ! Gonna look into this more now.

Interesting. Look forward to the day when we don't need to use anything but our own Bitcoin wallet :D

Thanks I was wondering about that card and its good in the US? Have you had any blocks trying to make purchases? So whatever is in the wallet I can spend just like a normal debit? Thanks for posting @calaber24p

You have to transfer Bitcoin from your bitpay wallet to the card and it takes only 3 confirmations to be able to use your money with the card, once you transfer the Bitcoin to the card there is no way back, they take your Bitcoin at the market price. I have this card myself, but I do use the coinbase shift card as well, I like both. Shift card do not freeze your Bitcoin at market price, you don't need to transfer the BTC to the card, the card it is linked to your coin base wallet, what ever you spend with the card they just substract it from your wallet no matter what's the Bitcoin price at the time of the purchase.

No blocks yet, there have been a few online services though that dont recognize it as a valid card for some reason. Probably has something to do with the database they pull from. But I can easily use another site.

Thanks for you reply much appreciated :)

Look into Shift Visa Debit. It ties to a Coinbase wallet (BTC, LTC, Eth) and debits directly from it at POS. No topping off, or topping off fees. Available in the US - most if not all states now.

great thanks, I was going to look into the bitpay one too. But I will look into the Shift one. Would you happen to have a link? knowing me if I google it Ill sign up for a shift card belonging to Chase haha.
Thanks

https://www.shiftpayments.com/card/
US Only:
AK, AL, AR, AZ, CA, CO, DC, DE, FL, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MO, MS, MT, NC, NE, NH, NJ, NM, NV, NY, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV

The card is $10. They need to verify you (KYC). Once they send the card, link it to your coinbase account. TADA!
You can link it to a Dwolla account, but Dwolla doesn't do bitcoin anymore.
The Shift Visa Debit Card is issued by Metropolitan Commercial Bank

Thank you FL and NJ Yesssss lol
Thanks so much for talking the time to post this I am on this right now :))

have you heard of mona.co?

I have, but admittedly I dont know the specifics, I should look into it more. Maybe ill do a compare and contrast.

It's like Bitpay. It's still on ICO. Thanks for sharing your experiences with Bitpay card.

yes!! the Bitpay card is amazing! We've had ours for about 2 weeks & haven't had any issues. ^_^ thanks for sharing your post!

great piece! I'm waiting 2 weeks already for my Xapo debit card in mail. How long did you wait? I wonder how the 2 cards compare..

Is this Card accepted at all major retailer brick and motar stores like walmart. Ho about in Canada? Thanks great idea and where would one get this card?

I dont know if bitpay's card is usable in canada, but there should be other cards that are. But yes any brick and mortar store takes the card like a regular credit card. Anywhere you can swipe, they will accept it.

thanks for the info, but what is the limit of deposit for bitpay? I heard you can only deposit up to certain amount is this true??

There is a limit for depositing, but realistically I dont think most people will hit it. I think it is like 10k-15k a day.

oh cool! that's good to know and it's $15 for each deposit?

Thanks for this! Very helpful.. I plan on getting one of these cards

really informative post, thanks for sharing, now you've gotten me interested in getting bitpay card.

I have been curious about bitcoin credit/debit cards. Thanks for the good info on Bitpay @calaber24p

and it does a good job branching the old world financial system with the new

I hope for more services like this. They add real value and help cryptocurrencies get adopted by more and more people.

Great information I was wondering if I would be able to transfer to my paypal to keep my bank account out of it. But a debit card is even better.

Be careful with this card. I had an ATM withdrawl malfunction where the ATM didn't give me the cash but the money was taken from my BitPay account and it's been over 70 days and they still haven't refunded the money. What's worse is calling them because everyone seems to have an attitude about YOUR money. Keeping notes, will post when they decide if they will return my money.

I didn't know this existed, isn't it the same as that Monaco card?

I believe the Monaco cards are limited, but I could be wrong I know about the project but havent delved too far into it.

nice info...keep it up and coming @calaber24p
is it only for north america...can those of us living in africa use it?

I dont think Africa is currently supported. Most cards that are around at the moment are really specific in the countries you use them. If you are a US citizen though you can buy one in the states and possible use it overseas, but I think there are additional fees for that type of use case.

similar thinking, got mine last week and see this as a whole lot of easy, make my coin slap it on the bitpay and spend till my hearts desire, easy peasy, there is one thing about it though it feels a little fake not like my other cards and the numbers are not pressed in they are printed so that kind of throws me off a little but it is the best solution, also there is the ability to setup direct deposit to the card also

Yes indeed! I love mine! Works like a charm....crypto RULES!

if anything it will show crypto can still meet middle ground once the world catches up ;)

Hi im @dakashin, real name is Donald Gray and thank you so much for sharing. I am going to check that site out and apply for a card. I have a PayPal debit card so far but not that card. Going to sign up for it then wait for it to arrive. I will follow you for updates and upvote

I've been using this card for 10 months now and love it. It was the first item I bought from my Steem earnings.

Now I live in Mexico and still use it to withdraw cash which it charges $3 for because I'm outside of the US.
Does anyone know of another option for people living in Mexico? I have heard of Bitso but they want all your personal info like a bank does. Anyone know another option in Mexico that would avoid the fee?

Yes try Shakepay! You can deposit Ether and Dash on that one besides Bitcoin, I got my mom in México one of those and she use it with no problem there, it even comes with the chip. If I want to send some money to her not using Bitso, I use the card instead. You will have to verify your identity anyways in order to rise your amount limits. I will definitely get one for myself as well.
shakepay.co

Wow, crypto debit cards? Is that really what the card looks like (other than the name and number) I mean VISA is dealing with crypto for real?

Yep looks exactly like the picture.

Hurry up and get yours!

I recently heard of this card and was wondering if it was a legit way to move my cryptocurrencies without crazy fees. I enjoyed the read and will consider getting this card now.

The first day I received my Bitpay card I was so anxious to withdraw money from an ATM to tell people that I was spending Bitcoin cash. haha. However, I hadn't discovered that you need to load the card with the Bitcoin that are in your wallet. Frustrated, I ordered a Shift debit card. So now I own both and couldn't be happier. I've bought Amazon gift cards, food, clothes, drinks, etc. It's as simple as having a regular debit card from the bank. It's similar to a bank account, but its always fluctuating. I'm so excited for the future of cryptocurrencies.

Thanks for the write up, will you be comparing it to https://tokencard.io/ which is the same concept but with Ethereum ERC20 Tokens

I just barely got my bitpay card in the mail. It's activated but I haven't used it yet but I'm very excited! Thanks for sharing your experience. :)

I also wanted have a one..but not sure how to get it from Neapal..No Idea..Great post..sharing with us..upvoted

That will probably be a bit tough, there might be some sort of other solution better available to you though.

Oh..can you suggest me...

Thats cool i might get one if they start using other coins, but why do you think th banks wont notice you use paypal lol youll probably still have to claim that or be at risk

he wasn't talking about taxes. he was referring to coinbase closing his account if the bank started getting too curious about his selling btc with coinbase. some people have said that this has happened with some banks.

So the banks get curious when coinbase send them usd and coinbase will close your account? Becareful Paypal are not shy of freezing accounts either all the have to do is cry suspious activity

exactly the case, however... I have heard from people that there is a monetary limit on paypal and transaction amounts up until that point are not sent to the IRS. Mostly I hear that from people who do ebay sales, not necessarily in the crypto world.

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