Coinbase Partners With Shift To Launch New Bitcoin Debit Card

By November 21, 2015Bitcoin Business

On November 20th Coinbase CT r: 1 announced the launch of the Shift Card; a bitcoin CT r: 6 debit card which seeks to provide an everyday solution for those looking to spend their bitcoin. Shifting Gears By combining the universal recognition of Visa with the security of Coinbase’s wallet , users will now be able to spend the bitcoins stored in their Coinbase accounts anywhere that Visa is accepted. The Shift Card will allow users to spend their bitcoin as though it were a regular debit card, which has raised some concerns from Rik Willard, Founder and Managing Director at Agentic Group. Willard commented: “I don’t know the inner workings of the Shift Card, but it would make sense that Coinbase may be converting BTC to fiat on the fly with some sort of internal reserve that can cover an estimated number of purchases based on card issuances and limits, but that’s not the important thing. What is likely important is that it may it defeat the purpose for many Bitcoin purists who want to use actual BTC as a currency to pay for goods. So the question is ‘who is their market?’” While metered in his skepticism towards the card’s adoption by more traditional users, Willard continued: “I’m not sure that Bitcoin pioneers will be running to get the Shift Card but I can see that – if positioned correctly – it may let new consumers feel safe about trying something new. But there’s a big red flag in the way — with a $10 activation fee that must be paid in bitcoin, they are either forcing newbies to get bitcoin in order to play, or asking veterans to join in the party for a couple of satoshi. That’s a schizophrenic strategy that smells a bit like […]

Leave a Reply

All Today's Crypto News In One Place