Coinbase rolls out their crypto debit card (only UK currently)

[agnostixxx]

Great news concerning long-awaited adoption!

https://blog.coinbase.com/spend-your...d-4c840e59a8d8https://blog.coinbase.com/spend-your...d-4c840e59a8d8

A lot of issues and bugs with this app atm, but I like it as a first step!

[lally106]

Amazing. i'm always worrying about selling and withdrawing to my bank as i know they don't like cryptos. This will solve that.

[Sunspot144]

HAHA! Cant beat em, join em.

[Sunspot144]

Next are new registers for businesses that accept them.

But that's really promising for the future.

[phaz0rz]

Originally Posted by Sunspot144

Next are new registers for businesses that accept them.

But that's really promising for the future.

They're standard Visa Debit cards so they can be used anywhere that currently accepts card payments. The article says Coinbase converts the BTC to GPB at the time of the transaction so this is just more of the same. Crypto being converted to Fiat and then being spent. Just a little faster.

I was surprised to hear they were able to work out an agreement with Visa considering how many crypto companies have already tried this and were eventually shut down by the card networks.

[Sunspot144]

Originally Posted by phaz0rz

They're standard Visa Debit cards so they can be used anywhere that currently accepts card payments. The article says Coinbase converts the BTC to GPB at the time of the transaction so this is just more of the same. Crypto being converted to Fiat and then being spent. Just a little faster.

I was surprised to hear they were able to work out an agreement with Visa considering how many crypto companies have already tried this and were eventually shut down by the card networks.

Ha, yea, Visa would be accepted. Store owners need to accept the payments and idk how they update registers to swipe coinbase visas. Crypto needed a new hook for prices to go up. Not what I had hoped for but getting it into the checkout process is a huge leap.

[dan_ebay]

Great so I can buy a card for 5 pound and then I get charged 2.5% on every transaction.

Hmm think I'll stick with my bank and it's free cards and free transactions but glad to see more crypto innovation.

[phaz0rz]

Originally Posted by Sunspot144

Ha, yea, Visa would be accepted. Store owners need to accept the payments and idk how they update registers to swipe coinbase visas. Crypto needed a new hook for prices to go up. Not what I had hoped for but getting it into the checkout process is a huge leap.

Store owners won't have to do anything at all. Why would they need to update anything when it's just another variety of Visa card? Any stores taking cards is already on the Visa network. That's like saying every store in the world has to update their point of sale systems every time a new bank or credit union is formed that issues debit cards.

Customer is told their total -> customer swipes/inserts CB Visa card -> Coinbase converts the BTC to GPB -> payment goes into merchant account

[Sunspot144]

Originally Posted by phaz0rz

Store owners won't have to do anything at all. Why would they need to update anything when it's just another variety of Visa card? Any stores taking cards is already on the Visa network. That's like saying every store in the world has to update their point of sale systems every time a new bank or credit union is formed that issues debit cards.

Customer is told their total -> customer swipes/inserts CB Visa card -> Coinbase converts the BTC to GPB -> payment goes into merchant account

Even better.

[agnostixxx]

2.5% for every transaction is ridiculous, but I guess it’s only for the first time, coz of the lack of good competition

We got already one and the worst one - Wirex, but not only coinbase tests their crypto cards atm, I guess till the end of 2019 there will be a bunch of new crypto visas.

So as a step forward, I recognize this news as good promising ones

[covscott1981]

That sounds VERY promising!.. thanks for the heads up!