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Why you should get a Bitcoin debit card

As a Bitcoiner holding over 90% of my savings in crypto-currency, a Bitcoin debit card is a welcome convenience that enables me to get quick access to money without ridiculous fees that are typical of credit cards.


US dollar based card

As an Australian I used to use my Australian credit card for online shopping and get stung with unpredictable fees.

A practical example

For example when using my Australian credit card for a USD denominated purchase my bank wants me to believe I only paid $1.03 AUD in fees.

bank fees

To work out the true fees I compared the amount taken in Aussie dollars with the XE exchange rate for the same day, multiplied by the US dollar amount.

XE spot rate

Amount taken in AUD / (XE rate * US dollar amount)

$35.37/(1.35465*$25)

which equals 1.0444, so minus 1 to get just the fees and it works out to around 4.44%!!

WageCan

I recently started working for WageCan because they have an innovative product, a Bitcoin debit card which lets me cash out my bitcoins at an ATM in whichever country I may be in or make online purchases, with minimal fees.

Just today I worked out the fees for withdrawing cash at an ATM in Taiwan to be under 1% and that’s including the ATM operator fee!

I’ve yet to make an online purchase with the WageCan debit card, but will update this post when I do.