Bitpay is one of the big fish in the Bitcoin payments industry, and we’re going to look at their Bitcoin debit card. Bitpay is big on guiding their customers to give them a great experience. They’re a well-known company and have a good reputation. The Bitpay card is powered by Visa and works everywhere Visa is accepted. Most of Bitpay’s fees are identical to other cards like XAPO. Unfortunately, Bitpay doesn’t come with as many bells and whistles as their competition. They are limited to US residents only, and exclusively holds Bitcoin. That said, there are cards that don’t cater to the US citizens, so Bitpay is a good choice for Americans.
Advantages of the Bitpay Bitcoin debit card
The company behind the card is quite well-known and reputable. That’s always a good sign, because it means they have a reputation to maintain.
Bitpay provides you with a secure online wallet when you create an account.
You can get the prepaid Visa card if you’re located in the United States.
The fact that it’s prepaid is useful for managing your spendings.
The card is accepted all over the world, which is practical.
There are also no transaction fees when using the card domestically.
Finally, Bitpay provides solutions to businesses as well as private persons.
Disadvantages of the Bitpay Bitcoin debit card
Bitpay only caters to Bitcoin users. That’s is a shame because there is a big market for altcoin.
The card is furthermore only available to citizens of the United States, which leaves the rest of us out in the cold.
Even if you do get your hands on the card, you’ll soon discover that it doesn’t have a chip and pin. That is hopefully something Bitpay will change in the future.
There is a stringent verification process. Bitpay wants to see your Social Security number, your address, and your government-issued ID. That is good for security, but not for privacy. Bitpay is more strict when it comes to verification than other cards we’ve looked at.
Lastly, Bitpay charges maintenance fees that a five times higher than their competition. This makes it a very pricey choice.
Bitpay Bitcoin debit card fees
It only costs you $9.95 to order the card, which arrives in the mail within a week.
One of the big selling points of Bitpay is that there are no transaction fees.
However, you will need to pay a 3% conversion rate if you use the card outside of the United States.
Bitpay charges you $2 for withdrawing money from an ATM. When you withdraw money from an ATM abroad it costs you $3.
When you use Bitpays free package, you will be able to make 30 transactions per month. Business users enjoy unlimited transactions, but have to pay a 1% transaction fee.
Finally, Bitpay charges a maintenance fee of $5 per month.
Summary of the Bitpay Bitcoin debit card
- Card type: Visa
- Virtual card: Yes
- Physical card: Yes (US only)
- Mobile app: Yes
- Supported fiat currencies: USD
- Supported cryptocurrencies: Bitcoin (BTC)
- Anonymous: No
Bitpay is a solid choice if you’re based in the United States and are looking for a reputable company. They seem to care about their reputation as a reliable service provider. The card is cheap and fast to receive, but is only available to US citizens. It’s also a bit limiting that it only handles Bitcoin transactions. Furthermore, it might annoy some users to have to preload the card. The security Bitpay provides is excellent, but the verification process is more challenging than their competitors. Finally, Bitpay charges $5 per month in maintenance fees compared to the $1 most other companies charge.