RE: BlackCoin virtual/real Visa and Mastercard
tl;dr this will never happen.
Preface: I'm not saying this to hurt BlackCoin. I believe in it, am invested in it, and put my company into it.
Content: That said, there's a lot of naivete going around here, from buyers who haven't been around the crypto community very long, and I think it needs to be set right. There is no point in people getting their expectations up about this.
This card will never exist. There have been a couple attempts since 2011 to do this with Bitcoin. The closest anyone got I'm pretty sure was Charlie Shrem. Visa/MC declined to give him permission after rounds of legal back and forth. At the time that was not V/MC policy because they had no policy on it. Now it is.
Visa and Mastercard have the ultimate say over whether a certain card will be issued, and they have a lot to lose from virtual currencies. They are not going to allow a direct route for withdrawal from crypto to fiat through an ATM. It's not going to happen.
I'm not saying this to burst anyone's bubble, I'm saying it so that a bubble will not form around this idea. Because those of us who've been transacting in crypto/fiat for a long time now understand that this is completely blocked by the card companies and is not going to get off the ground.
I completely appreciate what the OP is trying to do here and applaud his enthusiasm, but prior to a conversation with the card companies this is nothing.
Thank you for your comments.
First read this if you haven't:
https://bt.irlbtc.com/view/469640.msg5955668#msg5955668With all do respect but that is your opinion and you are entitled to it. There are already dedicated Bitcoin ATM machines in the US, and Canada has decided to allow customers to withdraw Bitcoin funds from standard ATM machines. You can already move your cryptocurrencies to a debit card with a few extra steps. I am just eliminating the few extra steps to make it easier for everyone. As I pointed out in my post it will not be called a credit card, but a rewards card. I am not attempting to be a financial institution issuing credit cards, or even PayPal, that is an entirely different thing. People will just be redeeming their BlackCoins for a branded BlackCoin debit card. To say something will
never happen is simply ignorant, just as ignorant as me saying it will definitely happen. I rather try my best and be denied, than not try at all because of someone else being denied in the past, or because someone doesn't believe it can happen. And for the record,
the representative I spoke with this morning said I have more than a 50% chance getting this approved with the wording and implementation I illustrated. PS: I remember the naysayers who said no major retail store would ever accept Bitcoin, how did that prediction pan out?The Bitcoin ATMs operate by doing BTC<>USD conversion on an exchange before they spit out the money and they are NOT using Visa/MC or any other fiat payment gateways to run the transactions. The whole reason they are "bitcoin atms" is because they are stand-alone machines, like a soda machine, operated by a private owner, who chooses to release BTC for a certain price against the inbound transaction.
There is no way that cirrus or visa or other networks will allow a card that withdraws a crypto directly to fiat.
I'm not trying to shoot down your idea, but I remember when Charlie and a lot of people were really optimistic about it. They started the project when we were at about $30 and they got rejected by MC sometime around the $200 level (for Bitcoin). Because technically, there's nothing illegal or wrong about this. Trust me, it will not fly. Do the research first with V & MC so you don't waste a lot of money before you find out they won't let you do this.
Also Charlie is under house arrest now. In theory that doesn't have anything to do with this but in practice it's probably just not something you want to lean on real hard.
