The Bitcoin Company, SpectroCoin has been in the news from the past few months for launching a new bitcoin to cash payment and wallet services. The company is back in news again with their newly launched Bitcoin debit card.
Launched earlier this week, the SpectroCoin debit card can be linked to the user’s SpectroCoin account and used across 150 countries. According to the London based company, users can pay with their SpectroCoin debit cards at merchants who accept major debit and credit cards. It can be used to withdraw cash from ATMs as well.
The company, true to its commitment of quick, flexible and frictionless financing has made it easier for people to pay with Bitcoin. Currently focused on the Eastern European region, the company has its presence in Latvia, Lithuania and Estonia. The Eastern European region presents itself as an attractive opportunity for SpectroCoin as they do not have many bitcoin players operating from there.
SpectroCoin customers can easily order their debit card from their dashboard on the website. All they have to do is click on “Order Debit Card” and fill in their details. Once filled, they will receive it within a week. A small amount of 7 euros will be charged for issuing the card. In order to use the card, it has to be loaded with Bitcoin. SpectroCoin card users can easily load it from their dashboard.
Some of the other players offering Bitcoin debit cards include Xapo and BitStamp. Xapo’s bitcoin debit cards are directly linked to the user’s Bitcoin wallet and it can be used across the world on Visa’s network. SpectroCoin’s cards come with a loading and withdrawal limit – A maximum of 10,000 euros worth in Bitcoin can be loaded on a card while the maximum cash withdrawal limit on these cards are pegged at 1000 euros.
Unlike traditional debit cards, there will be no transaction charges on SpectroCoin cards while transacting on POS terminals, but there is a transaction fee ranging between 2.25 to 2.75 euros for ATM withdrawals.
With these Bitcoin powered debit cards, paying for things with Bitcoin has become easy. One doesn’t have to worry about converting Bitcoin into fiat currency before being able to use it. It will make things a lot easier for the unbanked, as they will get all the goodness of conventional banking combined with Bitcoin advantage without having to open an account. In case of foreign remittance or tourism, these cards will save a lot of money in terms of forex and service charges.