Bitcoin debit cards?

The One Doctor

Hi all,

I'm currently researching bitcoin debit cards and there are quite a few out there. More often than not the reviews are just shilling. Does anyone here actually use a bitcoin debit card on a regular basis? The best one I've seen the s the Coinbase Shift card, which would be great as I'm on GDAX, but it's only available in the US. Next is Bitpay which looks good too and works in Europe. The rest seem to be mediocre.

Does anyone have any actual experience with any bitcoin debit card?

Kenny Logins

Coinbase card is not quite the same as buying with Bitcoin though as they just convert some of your BTC to dollars at the current rate. Revolut have been promising BTC for months now, so potentially you could put all of your balance into BTC and flip some back to euros with a simple button press when you want to spend it.

pro_gnostic_8

Yeah, I have a XAPO card, and was using it regularly -- pubs, filling stations etc -- up to a couple of months ago. Then gave up on it when the bitcoin price started spiralling ............... I thought it foolish of me to be spending an asset that was increasing in value rather than just spending depreciating fiat.
Anyway, XAPO works wonderfully from the smartphone. The tech behind it is amazing.
One major drawback with all these bitcoin credit cards is that you do get hurt by their high bitcoin-to-fiat conversion rates. You lose about 5% on the spot bitcoin price per transaction.

jobless

pro_gnostic_8 wrote: »

Yeah, I have a XAPO card, and was using it regularly -- pubs, filling stations etc -- up to a couple of months ago. Then gave up on it when the bitcoin price started spiralling ............... I thought it foolish of me to be spending an asset that was increasing in value rather than just spending depreciating fiat.
Anyway, XAPO works wonderfully from the smartphone. The tech behind it is amazing.
One major drawback with all these bitcoin credit cards is that you do get hurt by their high bitcoin-to-fiat conversion rates. You lose about 5% on the spot bitcoin price per transaction.

What sort of details do you need to provide to get a xapo card ?

ZeroThreat

pro_gnostic_8 wrote: »

Yeah, I have a XAPO card, and was using it regularly -- pubs, filling stations etc -- up to a couple of months ago. Then gave up on it when the bitcoin price started spiralling ............... I thought it foolish of me to be spending an asset that was increasing in value rather than just spending depreciating fiat.
Anyway, XAPO works wonderfully from the smartphone. The tech behind it is amazing.
One major drawback with all these bitcoin credit cards is that you do get hurt by their high bitcoin-to-fiat conversion rates. You lose about 5% on the spot bitcoin price per transaction.

lol that plays into the hands of Bitcoin's critics claiming it's merely speculative asset.

pro_gnostic_8

jobless wrote: »

What sort of details do you need to provide to get a xapo card ?

If I remember correctly -- it is 18 months ago -- I had to supply photo ID (driving licence), and proof of address. I also had to pay a once-off €20 for the card.
I waited 10dys for delivery of card.

pro_gnostic_8

ZeroThreat wrote: »

that plays into the hands of Bitcoin's critics claiming it's merely speculative asset.

Lol, yeah. But hey, the honeybadger don't care whether you save him or spend him. Just look at this morning's price.

However, as I mentioned a couple of weeks ago, I do try to buy back whatever Bitcoin I spend. Its's good for the ecosystem, but it does have its hidden cost.

pro_gnostic_8

correct horse battery staple wrote: »

Bitwala's one works fine in Ireland, they are German company (not some dodgy outfit),
https://www.bitwala.com/card/

XAPO is most certainly not a "dodgy outfit" !
It is incorporated in Switzerland -- operating HQ in Singapore.

The One Doctor

Thanks guys, all good info.

Shauny2010

The NAGA coin is going to have a Credit card linked to it. It will allow you to spend any crypto from it. But thats only a small part of what the coin is about. Its presale at the moment with a 30% bonus till the end of today.

https://www.nagaico.com/

The One Doctor

Shauny2010 wrote: »

The NAGA coin is going to have a Credit card linked to it. It will allow you to spend any crypto from it. But thats only a small part of what the coin is about. Its presale at the moment with a 30% bonus till the end of today.

https://www.nagaico.com/?refcode=s9h3cs

Do you have any confidence in it? It's yet another token in a very long line.

QuietMan2010

Shauny2010 wrote: »

The NAGA coin is going to have a Credit card linked to it. It will allow you to spend any crypto from it. But thats only a small part of what the coin is about. Its presale at the moment with a 30% bonus till the end of today.

https://www.nagaico.com/?refcode=s9h3cs

The One Doctor wrote: »

Do you have any confidence in it? It's yet another token in a very long line.

Some very 'interesting' articles and comments around about the NAGA ICO. As always, do your research.

Shauny2010

The One Doctor wrote: »

Do you have any confidence in it? It's yet another token in a very long line.

Yes another one in a long line of ICOs. The NAGA is a German FinTech company listed on the German Stock Exchange, on the road since 2015 and currently has a market cap of €200million.
They have lots of plans for the coin from debit cards to stockmarket to gaming.
TBH i havent looked that hard into them, I haven`t even invested a whole bitcoin with them but it does look more promising than most of those ****e coins out there but maybe the market has had its full of them by now

jobless

pro_gnostic_8 wrote: »

If I remember correctly -- it is 18 months ago -- I had to supply photo ID (driving licence), and proof of address. I also had to pay a once-off €20 for the card.
I waited 10dys for delivery of card.

How does the spending of crypto on debit cards work tax wise I wonder?

wannabecraig

There is also TenX, only support BTC for now though. https://www.tenx.tech/

SkySter

wannabecraig wrote: »

There is also TenX, only support BTC for now though. https://www.tenx.tech/

Order my Tenx card on Sep 10 and it still has not arrived. The website says they've sorted out the backlog now in Europe. I just looked at the app and it says its on the way so hopefully I'll have it soon.

I'll post on here if/when I'm able to use it.

annie.t

only ordered today, well im on a waiting list

The One Doctor

jobless wrote: »

How does the spending of crypto on debit cards work tax wise I wonder?

Everyone makes appropriate arrangements for CGT.

ZeroThreat

The One Doctor wrote: »

Everyone makes appropriate arrangements for CGT.

If anyone cashes crypto out before Friday, they'll have to pay CGT on gains by 15th December.

If you wait till the 1st December at least, then you have until 31st January 2018 to pay up.

If you wait until the new year, you have until 15th December 2018 to pay.

You have to fill the return by 31st October of the year following the year of gain.

The One Doctor

ZeroThreat wrote: »

If anyone cashes crypto out before Friday, they'll have to pay CGT on gains by 15th December.

If you wait till the 1st December at least, then you have until 31st January 2018 to pay up.

If you wait until the new year, you have until 15th December 2018 to pay.

You have to fill the return by 31st October of the year following the year of gain.

Exactly. Appropriate arrangements. Good idea to detail them though.

lawred2

ZeroThreat wrote: »

lol that plays into the hands of Bitcoin's critics claiming it's merely speculative asset.

What else would you call it?

The One Doctor

lawred2 wrote: »

What else would you call it?

It's designed to be a digital decentralised currency, not a speculative investment. That said, there's very little chance of Bitcoin getting adopted as a viable currency. Way too valuable, like bring a bar of gold to the shops and shaving bits off to buy a Picnic bar.

discombobulate

Monaco is another one that still seems to be in the pipeline. Registered for one but they haven't started issuing yet

Selik

But Mitchell Goldberg of ClientFirst Strategy says the bitcoin craze is a sign that "we've entered the final and stupidest part of the bull market."

https://www.cnbc.com/2017/11/27/buy-bitcoin-with-credit-card-is-on-the-rise-on-google-and-sparking-bubble-fears.html

boardie100

The One Doctor wrote: »

Everyone makes appropriate arrangements for CGT.

yeah im sure everyone is going that alright.... if i make a couple grand from buying bitcoin the first place ill be going it to local bitcoins to sell it...i pay enough tax