Bitcoin credit card to let users withdraw cash

Bitcoin credit card to let users withdraw cash

www.newscientist.com

Those with funds in the online peer-to-peer currency Bitcoin may soon be able to withdraw real-world cash directly from an ATM. Charlie Shrem, the co-founder of BitInstant, which lets users convert Bitcoins (BTC) into cash, appears to have confirmed today that a standard credit or debit card will be made available to Bitcoin users at some point in the next two months.

(visit the link for the full news article)

BitCoin may be safe heaven for grocery money today, but maybe the altruistic ideology paves way for something bigger. The theme here seems more to be "issuing the control", as the credit card requires identification etc. Perhaps this is just a way for the corrupt world to linger into free underworld - and render it serve the same rules?



www.newscientist.com
(visit the link for the full news article)

A big plus with Bitcoin is the anonymity factor of it all.

With this, that takes it away.

Cool idea, but kind of not marketed to the primary users of bitcoin.

reply to post by benrl


my thoughts exactly

The biggest isssue Bitcoin faces at the moment is that of security.

Many, many people have lost money using this 'currency' and as it stands theres no regulation (a selling point promoters of Bitcoin push) so if you lose your coins or have them stolen as has happened many times since its inception (some people have lost tens of thousands of coins through theft) you have absolutely no legal recourse.

Bitcoin is an interesting concept but far too risky to use at the moment.

Originally posted by Nonchalant
The biggest isssue Bitcoin faces at the moment is that of security.

Many, many people have lost money using this 'currency' and as it stands theres no regulation (a selling point promoters of Bitcoin push) so if you lose your coins or have them stolen as has happened many times since its inception (some people have lost tens of thousands of coins through theft) you have absolutely no legal recourse.

Bitcoin is an interesting concept but far too risky to use at the moment.

edit on 21-8-2012 by Nonchalant because: (no reason given)

I... know someone that used bitcoin for a time, was able to make several hundred off simply investing in them when they where low and selling them when the price rose.

How specifically did people have them stolen? was it in the course of another transaction to purchase goods? or was it through account hacking of some kind?

here comes the crackdown...

There is currently a half a million dollar lawsuit against one of the biggest bitcoin exchanges due to missing funds. I would not in anyway convert my pounds sterling into this imaginary internet currency under any circumstance, unless I was criminal of course selling drugs and laundering the bitcoins through an MMO, perfect for that.

Though I dare say it probably is the future of currencies in general until money is abolished.

are bitcoins ever used for a legit purpose?
they seem dodgy as hell

reply to post by haven123


Yes they are used to buy drugs.

Legit.

Originally posted by haven123
are bitcoins ever used for a legit purpose?
they seem dodgy as hell

I used bitcoins to buy my new kidney!

Seriously people, before saying Bitcoin is used mainly for drugs and illegal things, please, just please , stop a second and THINK and spare us the cliche about how "bitcoins are for drugs" .

Instead go and read more articles about the subject, thank you

reply to post by AnonyWarp


I have to agree with you; I can't claim to know much about Bitcoin but according to Wikipedia:

Because transactions are broadcast to the entire network, they are inherently public

and this:

Jeff Garzik, one of the Bitcoin developers, explained as much in an interview and concluded that "attempting major illicit transactions with bitcoin, given existing statistical analysis techniques deployed in the field by law enforcement, is pretty damned dumb."

Seriously people, before saying Bitcoin is used mainly for drugs and illegal things, please, just please , stop a second and THINK and spare us the cliche about how "bitcoins are for drugs" . Instead go and read more articles about the subject, thank you

reply to post by AnonyWarp


Considering roughly just over a qaurter of all bitcoins in existence get channeled through the Silk Road, you should probably practice what you preach.

Originally posted by AnonyWarp
Seriously people, before saying Bitcoin is used mainly for drugs and illegal things, please, just please , stop a second and THINK and spare us the cliche about how "bitcoins are for drugs" .

Instead go and read more articles about the subject, thank you

I did and have a question.

Can Bitcoin be used for alimony?

The problem with bitcoin mining or generating is that you need a high end graphic card or multiple with over 1000 watt power supply running steady for a month night and day. the cost of hydro superceeds at times the amount you can generate in bitcoins.

reply to post by Shadow Herder


You realize a 1000 watt power supply running for an average of 700 hours a month would cost less than a dollar a month right?

Its a nonsense anyway, its a complete nightmare trying to mine anything of intrinsic value, anyone who does make real profit from it will be using a botnet or there companys network and more often than not, using them to hack exhanges lol.

reply to post by deckdel


Huh? I've had a bitcoin card for 7 months, these diff are not new.

Originally posted by AnonyWarp
Seriously people, before saying Bitcoin is used mainly for drugs and illegal things, please, just please , stop a second and THINK and spare us the cliche about how "bitcoins are for drugs" .

Instead go and read more articles about the subject, thank you

Where do I get some bitcoins?

Payment processing company MasterCard has denied that it is working with BitInstant to create an officially certified BitCoin credit card. This follows an unconfirmed report that claimed the virtual currency exchange could release a BitCoin credit card as early as October.

However, this morning MasterCard has come forward to quash the rumours, saying that it hasn’t been approached by BitInstant in any way.
...
Before being able to issue a card with a MasterCard logo on it, both the issuer and its banking partners need to go through a rigorous screening process, a MasterCard spokesperson told TechWeekEurope.

At the moment, BitInstant has submitted no documents to MasterCard, and is not even present on their system. Furthermore, MasterCard has never worked on any projects involving the virtual currency. This means that the future of the BitCoin credit card, if there ever was any, is unclear.

“MasterCard has no relationship with BitInstant. There are issuers who allow the conversion of Bitcoins to US dollars and other currencies, delivered on prepaid cards. However, we’re not aware of this particular programme from BitInstant.”

www.techweekeurope.co.uk...

Just part of the game to get the spike in value?