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Amrith

Coinbase Card - A card from Coinbase allowing you to spend crypto anywhere

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stoic.
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Coinbase Card enables you to instantly spend and track your bitcoin, ethereum, litecoin and more. You can use it in millions of locations, all over the world using contactless, PIN and by withdrawing from any ATM.

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Ryan Hoover
There's a battle among many of the biggest tech companies to own the card. A few weeks ago Apple Card was announced. In January Square Card launched. Last year Venmo Card hit the market. Who's next? Robinhood?
Justin Mitchell
@rrhoover Ha funny you should say that. I started working on a concept YEARS ago which let you sell stocks in real time via a debit card.
Cruz
@rrhoover I'd like to see a tech-centric nonprofit card operator that donates their revenue (sans operating costs) from card fees to your charity(s) of choice. a card to feel good about. 1-4 years ago I would have been stoked on a Coinbase card, now it's just the product line all fintech companies get into at some point.
Max Grigoryev
@rrhoover Robinhood announced their card in December, but now news since that. Moreover, they've already changed the name from Checking + Savings to Cash Management. So I guess they still have to overcome some legal barriers.
Curtis Smith
Chad Piatek
@rrhoover But who's is going to own the mobile wallet! If a platform is created there is still a ton of space for improvement especially in the social POS space. its alot of features where a platform can be created and lets talk about the ability for the elimination of the interchange fee! Thoughts!
Sida
Nice work! How is tax handled?
Julian Keenaghan
@dsofter My understanding is all conversion of crypto to fiat are a capital gains taxable event.
Han Yoon
@dsofter @themire In the United States :) This card is only available for UK for now it seems.
Julian Keenaghan
@dsofter @hanyoon Yes I mean in the UK! They're classified as capital gains. Expect you'd need good accounting tools to manage it.
Sida
@themire that will make my tax return so complicated lol
Han Yoon
@dsofter @themire Oh wow, I thought it was only us Americans that had to deal with that. Just finished taxes for 2018 and it only took me 10 days thanks to crypto! /s
Guillaume Bardet
Very interesting move from Coinbase! I was looking into something like this last year, most solutions didn't seem very practical in the long term. I am curious to dig into the details for this one. Is there an ETA for the US?
Sven van der Zee
Goes in the right direction, but be honest who would actually spend his crypto?
Mat Silva
@svenvdz I'd start putting a % of my expenses on this.
Mat Silva
@svenvdz then work my way up from there.
Mark 'Rizzn' Hopkins
What country is this supposed to be available in? Texas here, says not available.
Phillip
@rizzn only in UK for now
Jarod Stewart
@rizzn I love that Texas is a country :D I feel the same way ;P
Mark 'Rizzn' Hopkins
@stewartjarod on my level. :D
Jarrod Cugley
"A card from Coinbase allowing you to spend crypto *anywhere" *anywhere in the UK
Tony Virelli
@jarrod exactly! I want my Swift card back!
Mandeep
Few critical problems with this card. 1) The payment fees. Domestic transactions are free, but to send transactions within the EU, the fee is 0.2%. Outside of EU, the fee is 3%. If the UK leaves the EU, I suspect fees within EU will also be 3%. 3% is quite the fee to make card payments online. Every other card issuer is 0%, 0% is kinda the standard. 2) The chargeback fee. If you use your card, and it is stolen (either physically, or the details online) and you wish to make a chargeback, the fee *to you* is £20. I confirmed this with Coinbase over the phone. I suppose I get this since the transactions are irreversible with it being Bitcoin and all, but it's not very fraud friendly. So basically, if there's fraud on your card, there's no point charging back on transactions under £20. If the person makes a ton of £15 transactions, instead of one bigger transaction, it's more costly to chargeback than not. So if someone steals your wallet, they could just buy a bunch of Visa gift cards w/ contactless and you're pretty much defenceless. I not sure if 3D Secure is supported on these cards, but if not then online fraud protection with the card is not great either. 3) "Crypto liquidation fee" - 2.49% of transaction I suppose this is a fee added on top of any payment regardless of the location, but not entirely sure what this represents. If I'm correct, then you're paying 2.49% for domestic transactions, even, and almost 6% for international payments (online) using your card. And you're not getting too much for your money imho. It's cheaper to just sell some of your Bitcoin using a method that doesn't result in too many fees, withdraw to bank, and use your bank card for spending. It's slightly more long winded and takes longer, but it saves you a fair percent on any purchases which makes it worth it. That said, the clear pro: Bitcoin acceptance isn't great. But with this, you can spend your crypto anywhere where Visa cards are accepted, which is pretty cool, although it will be at a 2.5-5.5% fee.
Andrew Tye
Incompatible with all my devices
Mat Silva
@awt Same here... 😢
Anna Filou
@awt That just means it’s not available in your country
Abdullahi Ahmed
ok
Abdullahi Ahmed
i not fuchyou
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