Credit Business

Start-up company, The Bitcoin Card, launched its MasterCard-branded prepaid solution with great fanfare from within the Bitcoin community. Many Bitcoin users have long been searching for more traditional outlets through which Bitcoins can be spent. While Bitcoins cannot be directly traded via the card, it does allow users an easy option for cashing out their virtual currency into a tangible, real-life spending solution.

Users can sign-up for The Bitcoin Card via the company’s website, filling in just a few details before a prepaid card can be purchased and shipped. Bitcoins are then transferred into the account and converted into Euros or Dollars, upon which the card is shipped to its owner. Arrival times for The Bitcoin Card average about one week. Users have the option of checking their balances via the online management system, and can access ATMs and any point of sale where MasterCard is accepted.

Activating the card is the one caveat: as of right now, a one-time fee of 0.8 Bitcoins (which currently is equivalent to around $80) is required. This makes acquiring The Bitcoin Card much less appealing for casual users of the currency, making it mainly a choice for those significantly invested in Bitcoins.

While the company itself has only existed for the past few months, key developers were part of several prepaid credit card solutions over the past few years. Providing further reassurance is the generally positive feedback observed from many of The Bitcoin Card’s first customers. Quick shipping times and no impediments to spending with the prepaid card are being observed with its unveiling, with virtually no complaints seen regarding fraud, lost or stolen cards.

Still, the future seems bright for this currency and its relationship with prepaid credit cards. As stability and the level of acceptance of Bitcoins increases, more prepaid solutions ultimately will follow.
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