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Coinbase Debit Card

223 点作者 agrinman大约 6 年前

32 条评论

ilaksh大约 6 年前
In a way this is great but in another way it&#x27;s the worst. It&#x27;s nice to have a practical way to use Bitcoin (or other cryptocurrencies) to buy things in the vast majority of places that don&#x27;t take Bitcoin.<p>On the other hand, I have always considered one of the main concepts with cryptocurrency to be the potential ability to avoid third parties taking a cut of all of your digital transactions. This turns it into just another way for big companies like Visa or Coinbase to get rich just on the basis that people need to exchange money.<p>The basic idea for me with cryptocurrency is that since it&#x27;s our money we shouldn&#x27;t have to give control of it to third parties just for basic usage. We have math, the internet, and plenty of computers. We should not need Visa or Coinbase.
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kbody大约 6 年前
This is one of the worst crypto-debit cards I&#x27;ve seen. Coinbase&#x27;s card has a &quot;Crypto Liquidation Fee&quot;: 2.49% of transaction. (Even Gemini, the most expensive cryptoexchange has 1% exchange fees, while the median is probably around 0.2%)<p>You are better off selling manually on an exchange (0.1-0.25% fees) and transferring to a sane bank with debit cards and minimal fees like N26(EU) or Charles Schwab(US).<p>Have a fiat buffer, but control your holdings and don&#x27;t get milk by fee-vampires like Coinbase.
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londons_explore大约 6 年前
The general pattern here is &quot;Keep the balance of your current account &#x27;invested&#x27; in bitcoin until the moment you spend it&quot;.<p>Can&#x27;t that model be expanded to include any tradable commodity? Why can&#x27;t I get a &#x27;Gold debit card&#x27; or a &#x27;Nasdaq Debit card&#x27;?<p>Would there be a market for this?
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berberous大约 6 年前
This seems like a nightmare if every purchase is a capital gain&#x2F;loss that needs to be scheduled for tax purposes.
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seattle_spring大约 6 年前
So I can take my currency, trade it for crypto, then spend it at stores?<p>Do you know what would be even more crazy and innovative? If I could skip the middle part and just exchange my dollars directly for goods and services!
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djpilot大约 6 年前
I&#x27;ve been piloting this program and I&#x27;ve got to say it&#x27;s been a convenient way to pay without draining my real bank account. IMO this is a killer product compared to everything else I&#x27;ve experienced with Bitcoin and cryptocurrency this far, it really bridges the gap.<p>Heck, I even used it to pay my back taxes to the IRS.
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jfk13大约 6 年前
Seems like this would introduce an unwelcome element of pricing uncertainty into every transaction. Instead of knowing at the point of purchase that my latte will cost me $3.95, it&#x27;s going to cost me some unknown amount of bitcoin depending on the rate Coinbase happens to use at the moment it processes the transaction.<p>I accept this kind of uncertainty when I use my existing card abroad (although in some cases, the POS terminal offers to do the currency conversion up front); but I don&#x27;t much care for the idea of introducing such price volatility into all my everyday purchases.
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sdfsdfsdfsdf3大约 6 年前
Isn&#x27;t paysafecard the point-and-click-and-become-a-card-provider of the pay card industry along with Wirecard? Used by loads of dodgy no credit check providers, card providers going bust every other week, apparently its harder to spin up an AWS EC2 instance than it is to become a card provider with these jokers.<p>At a functional level - No 3DSecure support, unexplained failures, little insight from the vendor into paysafe infrastructure. I&#x27;m very surprised Coinbase launched on this mickey mouse platform. It&#x27;s like launching a clothing brand with cafepress.com as your product provider<p>Ill stick with Monzo thanks
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dalbasal大约 6 年前
The fact that this is being introduced <i>now</i>, is kind of telling if this crypto&#x2F;bitcoin story this far.<p>High valuations has been a double edged sword. On one hand, it brought attention, interest and such. OTOH, it sucked all the energy into trading&#x2F;speculation and all but forced the like of coinbase to specialise in it, neglecting everything else.<p>I have to say, crypto has been (and still is) an interesting look into what money is and how it might evolve. It seems that possibly inevitably, getting paid for work and paying for goods and services is &quot;naturally&quot; an extreme iceberg... The tiny piece of the whole that&#x27;s visible. Below the surface is most of the &quot;ice,&quot; the enormous volume of currency trading and other high finance uses.
zelly大约 6 年前
The idea is to preferentially spend cryptocurrency over dollars. This only works on the assumption that dollars are ``better money&#x27;&#x27;[1] than cryptocurrencies. People spend worse money before their good money. Coinbase is making a bet that there will be a lot of people sitting on piles of depreciating cryptocurrency that they don&#x27;t mind liquidating. They&#x27;re making a very bearish bet, or maybe just hedging their business model to survive a little longer.<p>[1] <a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Gresham%27s_law" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Gresham%27s_law</a>
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hellllllllooo大约 6 年前
Bitcoin at this point is purely speculative and this is almost like hooking up a debit card to my Robinhood account and selling stock to pay for it every time I buy something.<p>Seems to completely work around the reasons why Bitcoin etc. were interesting in the first place as a technology.
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apo大约 6 年前
Read the fine print, for example:<p>&gt; Crypto Liquidation Fees: 2.49%<p><a href="https:&#x2F;&#x2F;support.coinbase.com&#x2F;customer&#x2F;portal&#x2F;articles&#x2F;2969910-coinbase-card-faq" rel="nofollow">https:&#x2F;&#x2F;support.coinbase.com&#x2F;customer&#x2F;portal&#x2F;articles&#x2F;296991...</a>
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dead_mall大约 6 年前
This is great news! I&#x27;ve literally been living off my Bitpay debit card for the past 2 years, they come in clutch as f, but only have 2 pairs (BTC &amp; BCHABC). But Coinbase has a variety coins, especially XLM &amp; XRP which have ridiculous fast sending speeds (like ~3min), and now finally, you can spend them without the whole withdraw coin-to-fiat process.<p>Though, i&#x27;m curious about the fees&#x2F;tax side, and I&#x27;m wondering if they will be implementing some sort of rewards program in the future
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guessmyname大约 6 年前
Apple Card [1] and now Coinbase Card [2] hmmm…<p>I have thought about this many times in the past: How are big companies able to steal these ideas so fast?<p>Actually, “steal” may not be the correct word, but I don’t think this was a coincidence. Knowing how secretive Apple is, I am surprised that Coinbase was able to work on this project <i>(also in secret?)</i> without them noticing. Or maybe they noticed but didn’t care? Which is even more bizarre considering how sensitive Apple lawyers are with their unreleased projects. There must be some underground market of corporate secrets that I am not aware of because I cannot explain how two companies can work in the same project more or less at the same time without it being the product of a stolen idea.<p>I had the same train of thought just a few weeks ago when Google announced project Stadia [3] and then Apple announced Arcade [4]. I know what you are going to say, <i>“These two projects are very different”</i>, well yes, they are, but they seem to have the same ingredients: big-4 creates platform for games. Maybe these are really simple coincidences, and I’m just paranoid.<p>[1] <a href="https:&#x2F;&#x2F;www.apple.com&#x2F;apple-card&#x2F;" rel="nofollow">https:&#x2F;&#x2F;www.apple.com&#x2F;apple-card&#x2F;</a><p>[2] <a href="https:&#x2F;&#x2F;www.coinbase.com&#x2F;card" rel="nofollow">https:&#x2F;&#x2F;www.coinbase.com&#x2F;card</a><p>[3] <a href="https:&#x2F;&#x2F;stadia.dev&#x2F;" rel="nofollow">https:&#x2F;&#x2F;stadia.dev&#x2F;</a><p>[4] <a href="https:&#x2F;&#x2F;www.apple.com&#x2F;apple-arcade&#x2F;" rel="nofollow">https:&#x2F;&#x2F;www.apple.com&#x2F;apple-arcade&#x2F;</a>
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londons_explore大约 6 年前
It seems this encourages users to keep all their money sitting in a coinbase wallet... That doesn&#x27;t seem great when coinbase gets hacked... What happened to the advice of &quot;don&#x27;t leave your money in an exchange&quot;
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dawhizkid大约 6 年前
Isn&#x27;t it a tax event every time you spend crypto?<p>I&#x27;m guessing that&#x27;s a reason why something like this won&#x27;t arrive in the U.S. anytime soon...at least one blessed by U.S. regulators.
gregoryrueda大约 6 年前
How is this different than the Coinbase Shift card? I had a shift card and the fees on purchases made it prohibitively expensive so I stopped using it after a few purchases.
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wiggler00m大约 6 年前
Backwards compatibility is a good thing for a technology with (a) potential to dramatically improve an industry and (b) insufficient adoption.<p>For example: Square.
edpichler大约 6 年前
Really cool! The barrier to me to adopt it is the high floating prices of bitcoins. I already use it to do transactions overseas, to receive payments, etc., but I never let bitcoins on my wallet for more than some hours.<p>A hedge strategy could help me on this, but this is more work. It&#x27;s easy to transform it into a more stable currency.
atarian大约 6 年前
As some people have already mentioned, spending crypto in the US is classified as a taxable event. So I think it&#x27;s questionable to market crypto as a replacement for traditional spending when you have additional overhead that is not being accounted for and would definitely come up in the event of an audit.
platz大约 6 年前
To even get bitcoins you have to pay a 1.5% fee.<p>Credit cards don&#x27;t even charge you that
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formalsystem大约 6 年前
How does this work exactly? I notice it&#x27;s a partnership with Visa, are payments converted to dollars or is the payment in Bitcoin directly?<p>Also does Visa or Coinbase then make a server side log of all the transactions?
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jeletonskelly大约 6 年前
So, Coinbase&#x27;s market makers (possibly itself) are seemingly providing the liquidity for this product. How do they avoid over-exposure if this debit card is successful?
LAMike大约 6 年前
Not available in the US?
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Nanocurrency大约 6 年前
The greatest thing about it is that it will be like the ThenX card had been, while it worked. Cryptocurrency will be converted in the last moment, when the spending is made.
xrd大约 6 年前
When I go to Google Play to install the app it says &quot;not available in your country.&quot; I&#x27;m in the US.<p>Isn&#x27;t Coinbase only for US citizens?<p>Who is the target of this card?
ccjnsn大约 6 年前
How does capital gains tax work with this?<p>For example you&#x27;ve been sitting on a pile of bitcoin with massive gains and spend it straight out of the account.
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amingilani大约 6 年前
6.9 MB on the play store? I&#x27;m impressed. Although I can&#x27;t really what&#x27;s going on in there because of Geo restrictions.
anthony_barker大约 6 年前
There has been cards doing this for at least 5 years.. Revolut allows you to trade at midpoint with no fees.<p>Not innovative.
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ancymon大约 6 年前
So, it basicaly makes easier to avoid taxes? For example you earn in bitcoin and you now have easy way to spend it. That&#x27;s probably not applicable for US citzens, but would IRSes around the world be able to get your data from coinbase?
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mtw大约 6 年前
How much is this ?
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NoblePublius大约 6 年前
It’s like a checking account except your balance is subject to the whims of the Chinese mafia. I’ll take two!
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