Wednesday, April 9, 2014

Cryptex announces new Bitcoin debit card

Cryptex announces new Bitcoin debit card - Charlotte Libertarian news | Examiner.com - Matthew Reece:

April 8, 2014 -  "On April 7, Hong Kong-based company Cryptex announced that it is launching a new Bitcoin-compatible debit card that can be used at existing ATMs in 80 different countries, including 90 percent of the ATMs in the United States. This will make Bitcoin far easier to use by dramatically increasing the number of points of exchange around the world, making it simpler to convert Bitcoins into local currencies after receiving them.

"Customers will order a Cryptex Card online and put Bitcoins on it, which is then shipped to the customer like any other credit or debit card. Once shipped to the customer, the card can be loaded online by sending Bitcoins to a Cryptex address assigned to the card. A specified amount of Bitcoins can then be converted into local currencies, which can be withdrawn from ATMs. The customer does not make direct currency exchanges via the card, but rather online through Cryptex."

"Cryptex Card is not the first such card; a similar card was released by Bitplastic last year. It charges $1.50 per ATM transaction with a daily limit of $200 and an annual limit of $3,500, which at current exchange rates is less than 0.5 Bitcoins per day and 8 Bitcoins per year. The card also costs 0.25 BTC (about $110 at current exchange rates). Cryptex has yet to reveal a fee or limit structure. There have also been dedicated bitcoin ATMs, but these require new infrastructure rather than relying on existing systems."

Read more: http://www.examiner.com/article/cryptex-announces-new-bitcoin-debit-card
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