Xapo Card: World's First Bitcoin Debit Card

#Money

Fri, Apr 25th, 2014 12:00 by capnasty NEWS

Wired brings to attention the Xapo Card, a debit-like card that allows users to "spend your bitcoins at any place that takes Visa or MasterCard," without the hassle of having "to scan a QR code with your phone or email a long bitcoin address to the seller."

Here’s how it works. Xapo, a bitcoin wallet provider, is in the process of becoming a debit card issuer on one of the major credit card networks. That means that, like your bank, Xapo, can issue you a debit card number and expiration date. You get the card number for free. If you want them to send you some plastic so you can gas up or buy beer at a corner store with your bitcoins, then they’ll charge you $15.

When you use the Xapo card, the credit card number checks in with Xapo, which approves or declines the transaction, depending on how much bitcoin you have in your wallet. It then sells the bitcoin on the Bitstamp exchange and pays out the merchants just like any other card issuer.

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