Bitcoin Debit Card to Launch This Month
The much anticipated Bitcoin debit card from Xapo is set to launch sometime this month. The card will be accepted anywhere major debit or credit cards are accepted, though Xapo has not released the name of the card network it is working with at this time.
Until now, Bitcoins have mainly been a product of the tech savvy individuals of the web who wanted to send money to one another. Products like this will allow “regular” consumers to get a feel of Bitcoins power because their Bitcoins are instantly converted to local currency when they are swiped. The card maintains interchange fees just like any other card would. The only difference is the unique source of its funds.
True Bitcoin fundamentalists are on the fence about the new debit card.
“While some Bitcoin enthusiasts may want to see the cryptocurrency go mainstream, many others feel that routing Bitcoin transactions through a credit card network defeats the purpose of using Bitcoin,” said Nathalie Reinelt, retail banking analyst at the Aite Group.
Nevertheless, the launch of this product could bridge the gap between cryptocurrency and the real world.
Similar cards are already on the market, but most of them require consumers to convert their money before spending it on the card. Xapo’s version eliminates the need for that conversion, making it more consumer friendly.