Has the lack of being able to use Bitcoin at your local retailer held you back from investing into the cryptocurrency? That may soon change, as a Bitcoin debit card is in the works.
Xapo, a financial services and security company based in Palo Alto, CA is the company behind creating the first-ever Bitcoin debit card. Their goal is to help streamline the use of Bitcoin as viable form of currency with the new debit card they have in the works. The card aims to act just like any other card in your wallet, except its balance holds Bitcoin instead of money. According to the Xapo blog, the debit card will be available in approximately two months.
Xapo is working with banks in the United States and Europe to help make their debit card work around the world. All transactions made from the card will appear as either Visa or MasterCard charges, therefore, the card will be accepted anywhere Visa or MasterCard is accepted. A Xapo spokeswoman stated, “We are partnering with banks in the U.S. and Europe that use both MasterCard and Visa networks. We anticipate it’s very likely that the banks will in many cases be using the MasterCard network. But this will be made final at the time of issue.”
Strides to make Bitcoin more accepted in society have grown significantly in recent months. CNET reported that Yelp currently lists businesses that accept Bitcoin, and job fairs, which focus on jobs that offer salaries with Bitcoin, are now being held.
Xapo’s debit card is another innovation that will allow Bitcoin advocates to treat the cryptocurrency more seriously.
The Xapo debit card explained
When using this debit card, a user can allocate Bitcoins on the card to use as currency anywhere Visa or MasterCard is accepted (depending on who Xapo finalizes their deal with). Xapo will then automatically convert the Bitcoin balance on the card.
For instance, if you buy something at a store for $10, the Xapo debit card will automatically subtract that amount from your card balance, which is actually taken from your overall Bitcoin balance. Failing to have a high enough balance of Bitcoin on your debt card will result in a declined transaction.
Learn more here:
Xapo provides additional Bitcoin services
A big controversy surrounding Bitcoin has to do with its security. Hackers and thieves are constantly on the prowl for online vulnerability which makes it easy for them to steal Bitcoin. Just last year $1.2 million in Bitcoin was hacked.
Xapo aims at helping people find a secure place to store their Bitcoins. Currently, the company offers an easy-access wallet to help people secure their money. They also offer a fully-insured vault to help provide people with a greater sense of security that their investment in Bitcoin is safe.
Use this hack to get cash with your Xapo debit card
At this time there is no physical way draw cash from the Xapo Debit Card. Luckily, Bitcoin ATMs are growing in popularity in the U.S. and abroad. If you need to convert Bitcoins to cash, look for one of these ATMs to take out money. What if there are no Bitcoin ATMs around?
Tip: take out cash while making a purchase at a store (like the grocery store or drugstore). For instance, if you are spending $25 at CVS and want $20 cash, you will be charged $45.