Shift allows Bitcoin to be spent as USD
Shift, by Coinbase, allows one to spend Bitcoin as USD with a debit card.
Bitcoin is becoming more prevalent in the media as its popularity increases. Coinbase has partnered with Shift Payments so that you can get a VISA card for just $10 and pay everywhere with your ititcoins. Shift Card enables users to spend funds from any store of value they controls, in this instance that store of value is represented by bitcoins in your account. They attempting to allow users to connect everything from bank, airline mile, and alternative currency accounts to this Shift Card. This isn’t the first bitcoin debit card in the world, but this is the first one that works with your Coinbase account. The Shift Card is a VISA card. It works everywhere VISA is accepted.
Coinbase – Shift Bitcoin Debit Card
CoinBase recently announced the beta launch of a new feature that will handle the purchase of bitcoin instantly with US-based debit cards. The feature is already available for European users of CoinBase who can purchase bitcoin through credit and debit cards. This feature is not yet live but being rolled out after Beta testing is complete presumably.
“That’s good news for this decidedly democratic money system…The more people who use bitcoin, the more useful it becomes…”
Automatic Conversion and Fees
They have a daily limit of $1,000 USD of use on the card for now. You may be able to increase the limit as you continue to build reputation on your account. The ATM withdrawal limit is $200 from your CoinBase account. Using a Dwolla account, the daily ATM withdrawal limit is $500. The Shift Card is a VISA card. It works everywhere VISA is accepted. It works offline, online, and internationally. You can use the Card for everyday purchases at all your favorite merchants and at ATMs for cash withdrawals.
A prevalent threat worldwide is cyberspace is cyber crime / cyber theft. We’ve written some posts in the past on how to better safeguard your Bitcoins from theft. Cybersecurity is crucial in any endeavor, I cannot stress this enough. You must continue to do everything to safeguard your personal information, and accounts. In this instance its the integrity of your bitcoins in CoinBase connected to the VISA Shift Card.
Shift claims they do not save or store your Social Security Number, Date of Birth or Home Address to disk. They state that Passwords and OAuth tokens are stored using bank level AES-256 encryption on their servers. In addition, all traffic goes over SSL to prevent third parties from eavesdropping on your connection. Employee access is heavily restricted and we require background checks on all their employees.
Low Fees Currently
The greatest part of Coinbase’s Shift debit card are the fees. Here they are, upfront and center. No annual fee is my favorite part, but it has to be linked to a Coinbase account. Although this shouldn’t be a problem for na advanced user. We recommend moving Bitcoin to Coinbase as necessary to load the card. This prevents Bitcoin from sitting in a centralized location for too long.
|Card Issuance / Replacement||$10.00|
|Domestic Transactions||$0.00||0% BTC to USD conversion fee (for now…)|
|Domestic ATM Withdrawals||$2.50||ATM operators may apply an additional fee|
|International ATM Withdrawals||$3.50||ATM operators may apply an additional fee|
Shift is the Future of Bitcoin
Important statement and quote on the future of bitcoin, debt cards and virtual currency.
It’s making more and more sense to buy bitcoin, regardless of what they will be used for. Being at the forefront of a revolutionary economic instrument, commodity, currency, whatever you call it. It’s the beginning of a new era, get used to it. Whether or not this debit card is widely used remains to be seen, its brand new. One thing is for sure however, everyday the amount of services, products, and various applications built around relating to bitcoin appear to be on the rise. As the cryptocurrency ecology evolves with new products to fit users needs, the Cryptocrooks are here with you each step of the way to guide you through the ins and outs on these various inventions.