BitStamp, a well-known bitcoin exchange, launched its prepaid bitcoin debit card for the European market. These can be used anywhere major credit or debit cards are accepted. In addition, the bitcoin balance loaded on the card can be converted to U.S. dollars, British pounds, or euros.
The most basic version of the bitcoin debit card does not involve any identification verification but it also comes with the lowest annual spending limit of 2,500 EUR. The highest level of the card requires the submission of a government ID, proof of residence, and proof of income for the user to avail of the highest possible spending limit of 125,000 EUR yearly.
Bitcoin Debit Card Fees
This bitcoin debit card is available for European citizens only. They can be able to submit their application online through BitStamp’s website. A $10 issuing fee for the card must be paid for those who want a physical card that can be swiped on terminals, unless you’re one of the first 100 users to sign up. Customers should be able to receive their cards through the mail within 10 to 15 business days.
For now, this product is not yet available in the United States or for American citizens. According to BitStamp CEO Nejc Kodrič, the company has plans to expand its market to the U.S. and other nations in the future but no details or time frame has been disclosed yet.
Other bitcoin debit card products are already in existence through Xapo or CoinKite. Xapo’s product is unique in that consumers can make payments and withdraw money straight from their bitcoin wallets, rather than needing to load the card first.
However, Xapo has encountered some delays and messaging issues with its product, spurring outrage from some of its consumers. The company has since rolled out several improvements on the product, which still enjoys strong demand.