Bitcoin Debit Card
Bitcoin widthrawal card is a common myth in the crypto industry. At the moment there is no universal stable solution or a site where you issue a card for your crypto. Also, no bank will issue the card directly tied to a crypto wallet due to international banking sector regulation requirements. In other words, the profit of banks from such activities is less than the possible risks of revoking a banking license and fines from financial regulators.
Bitcoin card is a key issue for crypto market and its popularization throughout the world. Some Internet services provide virtual bitcoin cards services or issue a user card with post delivery. The only thing iis a very limited amount of withdrawal and replenishment, a limited countries list where the card works of such a card.
Until recently, the leader in the issuance of cards for crypto currency was Gibraltar with its main card issuer company - Wavecrest. It was used by industry leaders including all well-known crypto-exchanges, processing centers, and currency exchange services.
The scheme looked like this:
It seems that everyone is happy. All users even accepts high commission and the client is satisfied.
But at one point all this was cut. Problems began from VISA. In one day they said that they were breaking off cooperation with WaveCrest. Nobody worried that millions of cards issued to users of many Internet exchangers would be locked. This was due to poor monitoring of its customers, the issuance of cards without user identification, the tougher KYC policy from the US and European countries and, accordingly, the VISA fines paid for all this. They considered that the risks exceed the possible profits and severed all relations with this kind of services. Nevertheless, WaveCrest did not close their activities, but found a partner in the face of MasterCard. But in MasterCard, seeing what happened to their main rival decided to reinsure and greatly curtailed the functionality of the services offered, increased requirements for cards issuing, reduced limits on operations and limited the list of countries where bitcoin cards can be used. These services became not interesting for crypto-exchangers and their users.
At the moment, several services provide the services of issuing anonymous bank cards to withdraw money from Bitcoin, but all these decisions are not stable, limits are very limited, and commission is unreasonably high.
After the increased demand for this direction, number of scam projects, ICO startups, manipulating their relationships with banking sector and linking it with crypto market started their activities. Companies pumped price of certain coins, pumping and dumping the market of certain altcoins.
While there is no bank license issued by the bank, we strongly do not recommend using cards of unknown offshore companies, storing your money on them, as at any moment this service can be closed together with all cards of its customers. Most likely it will be very difficult to return your money from an offshore company. Remind Liberty Reserve, whose users lost a lot of money without returning any cent.
Our advice is bitcoins withdrawal directly to your card, opened in your favorite bank. In case of force majeure, your funds are always protected by the current legislation and the limit which will be covered in case of bank closure depending on your country.
We follow crypto market development, and hope there will be created universal solution for such crypto and fiat money intersection with no widthdrawal limits and total safety of your funds.
For the moment you can sell your bitcoins with such typical transfer systems as western union and RIA, as well as sending your bitcoins directly to your bank account.
go to articles list
Bitcoin card is a key issue for crypto market and its popularization throughout the world. Some Internet services provide virtual bitcoin cards services or issue a user card with post delivery. The only thing iis a very limited amount of withdrawal and replenishment, a limited countries list where the card works of such a card.
Until recently, the leader in the issuance of cards for crypto currency was Gibraltar with its main card issuer company - Wavecrest. It was used by industry leaders including all well-known crypto-exchanges, processing centers, and currency exchange services.
The scheme looked like this:
- Company signs a contract with WaveCrest
- Wavecrest allocates a personal account, which the company can use for wholesale and withdraw money.
- Company replenish its account and issue a request for the production of bitcoin cards to its users
- Upon request, company can withdraw a certain amount from the main account to the client's card from the company's online access.
It seems that everyone is happy. All users even accepts high commission and the client is satisfied.
But at one point all this was cut. Problems began from VISA. In one day they said that they were breaking off cooperation with WaveCrest. Nobody worried that millions of cards issued to users of many Internet exchangers would be locked. This was due to poor monitoring of its customers, the issuance of cards without user identification, the tougher KYC policy from the US and European countries and, accordingly, the VISA fines paid for all this. They considered that the risks exceed the possible profits and severed all relations with this kind of services. Nevertheless, WaveCrest did not close their activities, but found a partner in the face of MasterCard. But in MasterCard, seeing what happened to their main rival decided to reinsure and greatly curtailed the functionality of the services offered, increased requirements for cards issuing, reduced limits on operations and limited the list of countries where bitcoin cards can be used. These services became not interesting for crypto-exchangers and their users.
At the moment, several services provide the services of issuing anonymous bank cards to withdraw money from Bitcoin, but all these decisions are not stable, limits are very limited, and commission is unreasonably high.
After the increased demand for this direction, number of scam projects, ICO startups, manipulating their relationships with banking sector and linking it with crypto market started their activities. Companies pumped price of certain coins, pumping and dumping the market of certain altcoins.
While there is no bank license issued by the bank, we strongly do not recommend using cards of unknown offshore companies, storing your money on them, as at any moment this service can be closed together with all cards of its customers. Most likely it will be very difficult to return your money from an offshore company. Remind Liberty Reserve, whose users lost a lot of money without returning any cent.
Our advice is bitcoins withdrawal directly to your card, opened in your favorite bank. In case of force majeure, your funds are always protected by the current legislation and the limit which will be covered in case of bank closure depending on your country.
We follow crypto market development, and hope there will be created universal solution for such crypto and fiat money intersection with no widthdrawal limits and total safety of your funds.
For the moment you can sell your bitcoins with such typical transfer systems as western union and RIA, as well as sending your bitcoins directly to your bank account.