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Coinbase Issues Bitcoin-Based Debit Card (coinbase.com)
An anonymous reader writes: Coinbase, one of the largest bitcoin exchanges, introduced a "Shift Card" today, which is a Visa debit card that allows users to spend bitcoin wherever Visa is accepted within 24 U.S. states (other states are blocked by regulations for now). The card acts as a currency exchanger, debiting your Coinbase-controlled bitcoin wallet for an appropriate amount of bitcoins, based on market rates, while sending U.S. dollars to the merchant at the other end of the transaction. It represents a very simple way for bitcoin holders to spend it on real-world goods. That said, it'll be interesting to see how much adoption there is. If you prefer to keep full control of your bitcoin wallet, or prefer to keep your name from being attached to it, then the card probably won't work for you. It seems likely that most people who actually own bitcoins would fall into one or both of those categories.
Step 1: Integrate with existing payment technology
Step 2: Replace existing payment technology.
Bitcoin is perhaps the wrong horse to be riding, but as a proof of concept this is sill interesting.
Nothing evolves faster than the word of god in the minds of men who think themselves divinely inspired.
Actually I think these news prove that debit cards are getting better, rather than saying anything about Bitcoin.
I have a similar debit card (not Coinbase) which lets me spend out of my Bitcoin wallet, converting on-the-fly to target currency. The Bitcoin side of this is quite straightforward, but I am rather impressed that VISA allows this sort of automation.
careful, your bias is showing.
From https://support.coinbase.com/c...
Eligible States
Alabama
Arizona
California*
Delaware
District of Columbia
Georgia
Idaho
Iowa
Kansas
Maine
Mississippi
Nebraska
Nevada
New Jersey
North Carolina
North Dakota
Oklahoma
Pennsylvania
Puerto Rico
South Dakota
Texas
Vermont
Washington
West Virginia
It seems likely that most people who actually own bitcoins would fall into one or both of those categories.
I don't need to keep absolute control of all my bitcoins all the time (I'll transfer some spending coin to Coinbase periodically), and I'm perfectly fine with my identity being know. I know plenty of people with similar needs.
I'll probably go get myself one of these cards soon.
... aaaaaand it's gone!
That's what I say about cash!
Guns don't kill people; Physics kills people! - John Lithgow as Dick Solomon on Third Rock From The Sun
Outside U.S., there are plenty of options available. bit-x does optional on-the-fly Bitcoin to fiat conversion and has a neat system, but others may have better fees and whatnot.
Within (almost half of) U.S. I suspect Coinbase might actually be the first, but I didn't look too deep.
"Actually given that bitcoin is based on a public ledger that documents each and every transfer of coins, the blockchain, tracing the transfers between accounts and creating a network of relationships is quite trivial. If a transaction touches the real world, a live visit to a merchant, a delivery to an address, a payment for a service, etc there is no anonymity. Any single member of a network who touches the real world can expose the network."
So why is it that when ransomware attackers are paid in bitcoin, the transactions are not traceable?
Convenience. Easiest way to convert between real currencies and transfer money around the world. Rock solid verification of the transfer in a very short amount of time. And the likelihood that law enforcement in their jurisdiction will not care about a petty financial crime in the jurisdiction of the victim.