Those of you who have been around the Bitcoin block a time or two have probably heard of, and even used, BitInstant. BitInstant is a service that provides the ability to transfer funds between Bitcoin and governmental currencies much more quickly than would otherwise be possible. They’re also well known for certain transaction types not offered anywhere else, such as the ability to buy BTC with cash at thousands of locations across the United States, and the similarly unprecedented ability to withdraw bitcoins to scam-laden PayPal. A few hours ago, Charlie Shrem confirmed in a conversation on IRC that they’re 6 to 8 weeks away from launching the biggest Bitcoin breakthrough in recent history: A bitcoin-funded international debit/credit card.
I’ll paste the entire contents of the IRC conversation at the end of this post, but here’s the basic breakdown so far:
- The card will function as a standard debit/credit card and should be accepted anywhere that accepts MasterCard, even internationally.
- The first 1,000 or so will be given away for free, subsequent cards will cost an unknown, but fairly low, amount of money – Mr. Shrem thinks about $10.
- Funding the card will cost roughly a 1% fee.
- Each card will bear a QR code on the front and a printed address on the back for funding.
- There will be an option to hold your card balance in BTC until the card is used to make a payment or withdrawal.
- Transactions under $1,000 will be funded after the first confirmation, not the standard 6. Transactions over $1,000 were not discussed.
- The cards themselves will be issued by “a major international bank” that BitInstant has teamed up with. This of course means that the traditional AML or other local laws & regulations for obtaining a bank account, such as proof of identity, will apply as per your jurisdiction.
- You own the address on the card, though BitInstant has not yet determined the best way to hand over your private keys, or whether they should even offer such an option.
- Update: There is now a signup form for the first cards going out. I assume there will be something more official on BitInstant’s site in time, but for now this Google form has been made available by Mr. Shrem in the meantime.
<bitinstant> We're launching our debit card in a few weeks
<bitinstant> Who wants to see a pic ;-)
<nrb-btc> ive been looking into that
<Plat33> bitinstant: what brand?
<bitinstant> Worlwide card
<CodeLion> I thought you meant you could buy with paypal... :D
<nrb-btc> who are you using on the backend?
<dissipate> bitinstant, i'll try to get you the order #, but my friend may not give it. he already transferred the BTC he bought out because he was afraid of the transaction being reversed.
<bitinstant> 2 banks, 1 for domestic, and 1 for intebratnational
<bitinstant> dissipate, we will not reverse it
<nrb-btc> i saw someone using bancorp bank but the fees are murderous
<bitinstant> nrb-btc, we arent using any middlemen which most people do
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<CodeLion> Nrb-btc: So you were not refering to the ability to use paypal to purchase bitcoins?
<nrb-btc> Codelion: cashing out bitcoins for USD
<bitinstant> So costs will be like $10 to buy the card, and only 1% to put Bicoins on it
<nrb-btc> bitinstant: interesting that you've found banks willing to work so close to BTC
<nio_> What can we do?
<bitinstant> Your Bitcoin Address will be embossed on the card
<bitinstant> as well as a QR code
<bitinstant> so you can send your own coins to the card
<CodeLion> Thanks nrb-btc... hehe I was so excited for a moment
<nrb-btc> im assuming you keep a healthy account there for them to be willing to take on that relationship
<bitinstant> or someone can pay you
<bitinstant> directly onto the card
<TomFyuri> bitcoincard.org ?
<Plat33> bitinstant: sorry, didn't catch it what card house will you be using?
<gribble> Best bid: 8.02002, Best ask: 8.16965, Bid-ask spread: 0.14963, Last trade: 8.19568, 24 hour volume: 210477, 24 hour low: 7.58, 24 hour high: 12
<sunshinehappy> that's so cool, PHYSICAL bitcoins
<bitinstant> Plat33, we are not releasing that information until its launched
<cbeast> Only 1% for exchanging BTC to USD on a debit card? Nice.
<bitinstant> + we are working with a bank directly
<sharpfocus> bitinstant, have you got a picture of it?
<TomFyuri> we love picturez, purr
<bitinstant> 1 sec
<faraday__> bitinstant: do you offer any services for people in the UK?
<sharpfocus> mastercard, I presume
<dissipate> bitinstant, i just texted my friend to get the order #. i told him you are trying to fix a bug. but like i said he may not give the order #.
<nrb-btc> bitinstant's position for fast deposits along with this debit card
<bitinstant> dissipate, I found it
<nrb-btc> is the killer app bitcoin needs
<bitinstant> no probelm
<bitinstant> SO basically, this is what we are thinking
<bitinstant> You keep your Bitcoins on your blockchain or Bitcoin Spinner apps
<dissipate> bitinstant, you found it from the database logs?
<bitinstant> and then you wanna buy something in a store
<bitinstant> right ?
<bitinstant> why would you have to send so much money and pay 6%+
<bitinstant> With our card, you scan the QR code printed on your card
<bitinstant> send 3 BTC to it, only get charged like 1%
<bitinstant> buy your lunch
<bitinstant> and have a nice day
<bitinstant> all happens instantly
<bitinstant> and this card can be used worldwide
<nrb-btc> will you guys be setting up
<nrb-btc> instant debit -> BTC as well?
<bitinstant> so goodbye to border controls
<bitinstant> nrb-btc, if you have USD on the card already, or funded your debit account, you can use it
<bitinstant> only our cards
<nrb-btc> right. that's the killer app
<nrb-btc> depositing cash with you that's still extremely accessable
<nrb-btc> that can you also use to instantly get bitcoins
<nrb-btc> you will do well with that
<JimN> is the debit balance denominated in usd or btc
<nrb-btc> either one based on market price
<JimN> if usd, then you still have a conversion loss to the local currency (?)
<bitinstant> JimN, the card is denominated in USD, EUR, GBP so far
<bitinstant> you can deide
<geosmin> hi guys
<sharpfocus> bitinstant, what's the eta on this?
<nrb-btc> then the issuer will do their own currency conversion if needed
<bitinstant> We are at the last steps, so maybe 6-8 weeks
<puweqrhjksdfmbn> bitinstant, and where the promised picture of the card? ;)
<bitinstant> we hare printing 10k cards
<nrb-btc> bitinstant: do you have a full fee schedule? ATM withdrawals, monthlys?
<TomFyuri> maybe not enough
<bitinstant> looking for the pic
<bitinstant> Picture: https://www.dropbox.com/s/zhwf9babml82qx5/Layout_BitInstant_Card.png?m
<sharpfocus> that's some snazzy looking stuff
<puweqrhjksdfmbn> looking good!
<TomFyuri> Ferroh: hahahha
<nrb-btc> im in
<EmanuelDeOrtego> "This card is property of BitInstant LLC"
<EmanuelDeOrtego> Fuck that shit
<TomFyuri> mystery began and was solved at channel already
<TomFyuri> at this channel
<nrb-btc> EmanuelDeOrtego: that's an issuer requirement
<bitinstant> EmanuelDeOrtego, yup we ghave to legally say that
<bitinstant> I dont care if you keep the card lol
<EmanuelDeOrtego> : )
<geosmin> anybosy willing to sell 20BTC for 150CAD etm?
<dissipate> bitinstant, so it sells the BTC to cover the transaction instantly?
<nrb-btc> if the fee schedule isn't ridiculous for things like ATM withdrawals
<puweqrhjksdfmbn> bitinstant, will you ship cards internationally?
<nrb-btc> that card could disrupt the entire pre-paid debit industry
<cbeast> where on the BitInstant website is your exchange rate?
<BCBot2> chare: Error: "ticker" is not a valid command.
<gribble> Best bid: 8.005, Best ask: 8.1, Bid-ask spread: 0.09500, Last trade: 8.005, 24 hour volume: 212335, 24 hour low: 7.58, 24 hour high: 12
<chare> wtf happened to the price
<sharpfocus> I like the "alea iacta est" :)
<TomFyuri> chare: morning :D
<nio_> Bitcoin will raise again
<ThomasV_> bitinstant: is there a link on your site?
<puweqrhjksdfmbn> another one
<nrb-btc> more people want to sell it than people who want to buy it?
<bitinstant> Yes, we had to get an international bank on board but unlike other companies this is NOT just USA
<chare> how long did that selling go on for?
<gribble> Best bid: 8.0135, Best ask: 8.09998, Bid-ask spread: 0.08648, Last trade: 8.09999, 24 hour volume: 212359, 24 hour low: 7.58, 24 hour high: 12
<bitinstant> You can be from any country
<bitinstant> nrb-btc, ATm withdrawals will be about $1.50
<nrb-btc> what are you document requirements?
<bitinstant> maybe $3
<eb3fu> giant giant trades right now
<bitinstant> Every country is different
<chare> wtf the selling is still going on?
<puweqrhjksdfmbn> too good to be true lol
<nrb-btc> 1.50-2 is acceptable for prepaid cards
<bitinstant> there will be like 4 options of docs you can send us
<nrb-btc> i hope it all works out, im definitely signing up
<nrb-btc> insanely convenient
<beezlbud> bitinstant, do you have to meet AML documentation requirements in the US?
<nrb-btc> obviously :p
<bitinstant> No link yet
<bitinstant> you guys are the first to know
<bitinstant> I probably wont mention it again until its launched
<nrb-btc> moreso than most considering he's going through a card network
<bitinstant> one of those right place at the right time, type of things
<nrb-btc> can't wait. thanks for sharing :)
<bitinstant> As per AML, we will require the standrad
<bitinstant> scanned docs, or social
<bitinstant> if your from Europe, ect.
<bitinstant> Its whatevr they requoire
<bitinstant> I think Russia doesent even require anything lol
<opticbit> Bitinstant what are the fees and minimum for the card?
<chare> NRB-BTC LINK
<cbeast> What is the exchange rate for the card?
<EmanuelDeOrtego> cbeast: A nickel a Bitcoin.
<BCBot2> graingert: Error: "ticker" is not a valid command.
<gribble> Best bid: 8.09999, Best ask: 8.1, Bid-ask spread: 0.00001, Last trade: 8.1, 24 hour volume: 214285, 24 hour low: 7.58, 24 hour high: 12
<nrb-btc> he mentioned up above, 1% for loading (not sure if thats on top of an exchange perentage too)
<sharpfocus> you can get prepaid mastercards in the eu with basic ID
<bitinstant> cbeast, 1-1.49% BTC to USD
<geosmin> so bitinstant is going to work in canada? :D
<bitinstant> no exchange %
<Mad7Scientist> You can get prepaid AMerican Express in the US with no ID
<bitinstant> geosim, we are laucnhing Moneygram canada in 13 days
<Mad7Scientist> and call up India to register the card
<bitinstant> cash deposits
<nrb-btc> that's definitely the cheapest way to get USD into a mastercard/visa now then
<cbeast> Is the exchange rate the immediate price or a rolling average?
<geosmin> this is good news
<Mad7Scientist> (not valid at ATMs or outside the USA)
<duckxx> bitinstant, u guys do ur meetup yet ?
<bitinstant> As soon as you scan the QR code on your card, and there is 1 confirmation (under $1000) we INSTANTLY add the USD to the card)
<bitinstant> Were called BitINSTANT not BitLATER
<Frankablu> cbeast: http://www.bitcoincharts.com/
<cbeast> thanks Frankablu
<Frankablu> cbeast: 8.09 currently
<bitinstant> duckxx, Wensday!
<bitinstant> Gavin is coming, ect.
<Frankablu> The average is 10.5 but that is a useless figure right now
<bitinstant> 30+ ppl rsvp
<faraday__> can the card hold currencys other than usd?
<bitinstant> You coming ?
<bitinstant> faraday, yes
<bitinstant> there inti'l card, and USA card
<geosmin> i think the bubble should pop down to 6
<duckxx> quite possible.. ur guys came to my shop last week! xcubicle.
<ThomasV_> bitinstant: is there an option to keep the deposit as BTC until the card is used to make a payment or withdrawal?
<bitinstant> Awesome meetup!!
<bitinstant> ThomasV, yes
<duckxx> yea was a really great turn out and very interesting
<bitinstant> The Bitcoin Address on the card, is YOUR address we give you
<bitinstant> you can see balance on blockcgain
<puweqrhjksdfmbn> that cards will be huge success
<puweqrhjksdfmbn> good luck you guys
<bitinstant> I hope so
<bitinstant> Itll be like $10 to buy it
<bitinstant> But Im thinking
<sharpfocus> so the card can have fiat and btc on it concurrently presumably
<bitinstant> We will give first 1000 cards for free
<puweqrhjksdfmbn> that's what the community is lacking atm
<bitinstant> sharpfocus, yes precisly
<NickRaize> Is BitInstant publicly traded?
<ThomasV_> bitinstant: why is there no smart card chip on the card?
<bitinstant> ThomasV, I believe the EU version of the cards will have it
<bitinstant> US cards dot have it
<ThomasV_> (credit cards in europe have one)
<sharpfocus> yes, it will have it
<bitinstant> but I could be wrong
<bitinstant> The bank prints the cards
<bitinstant> Ah I forgot the best part
<bitinstant> if you get a USA card, denom in USD
<gribble> Best bid: 7.96762, Best ask: 7.96763, Bid-ask spread: 0.00001, Last trade: 7.96763, 24 hour volume: 215733, 24 hour low: 7.58, 24 hour high: 12
<bitinstant> and you want to use it in Europe
<bitinstant> The currency conversion is only 0.80%
<bitinstant> so if you wanna send BTC's to a card in europe its like 2.3%
<bitinstant> total fee
<opticbit> Bitinstant referral program?
<bitinstant> opticbit, we just built one
<Joric> someone register QUICKITCOINSBTCPANTRY.COM and put meatspin on it
<nrb-btc> that's pretty nice
<nrb-btc> gotta love taking advantage of card issuer exchange rates
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<sharpfocus> well, you'll definitely have a customer here
<bitinstant> good to hear
<bitinstant> It cost us alot of money to get this set up and approved, so you guys better buy it :-P
<geosmin> bitinstant, mind if i post that picture of the card on reddit?
<cbeast> This will be great for remittances overseas.
<bitinstant> geosmin, if you say its from a n unconfirmed source
<bitinstant> I will deny its official
<sharpfocus> and perhaps don't include irc log
<geosmin> good thing i asked, i was going to source
<bitinstant> cbeast, we plan on conquering Western Union with Bitcoin
<bitinstant> Now, you have family in Mexico
<JimN> they deserve to be conquered
<bitinstant> you can send them this card
<bitinstant> and easily fund it
<goodbtc> http://www.youtube.com/watch?v=K4ml1QRGPEg run in panic!!!
<mrSprinkles> hi bitinstant, any idea on when you will be supporting canada?
<bitinstant> without paying 10% WU fees
<nrb-btc> good because Western Union is a racket
<bitinstant> mrSprinkles, more sepcifically ?
<mrSprinkles> when will it possible to convert canadian->btc with bitinstant?
<bitinstant> I think I mentioned it earelier
<bitinstant> Moneygram canada is going online in 13 days
<dissipate> bitinstant, what about the volatility of BTC?
<mrSprinkles> oh i'm sorry, my bad
<mrSprinkles> thank you
<bitinstant> fee will be 0.5% cheaper than US moneygram
<nrb-btc> have you guys looked into selling pre-loaded bitinstant cards that are redeemable for BTC are market rate
<puweqrhjksdfmbn> market cap of WU is like 10 billion
<puweqrhjksdfmbn> and we have like 10M bitcoins now
<bitinstant> nrb-btc, we are going a step further and trying to get them into stores
<nrb-btc> that's what I mean
<nrb-btc> at 7-Eleven, etc
<JimN> WU may want to buy out bitinstant. they'll make you an offer you can't refuse
<mrSprinkles> it will be nice to have an alternative to cavirtex, who are raising their fees
<bitinstant> How would you guys like to be able to pick up cash at any Moneygram locations ?
<bitinstant> Sell su your coins, instantly pick up cash
<bitinstant> no middlemen
<nrb-btc> being able to fund these debit cards with pre-paid cards circles around the entire prepaid card industry
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<nrb-btc> who are borderline criminal in their fees
<BCBot2> qazwed: Error: "ticker" is not a valid command.
<gribble> Best bid: 8.09998, Best ask: 8.09999, Bid-ask spread: 0.00001, Last trade: 8.09999, 24 hour volume: 215805, 24 hour low: 7.58, 24 hour high: 12
<nrb-btc> lots of cool things you can do once you have the infrastructure and demand
<ThomasV_> bitinstant: will you communicate the private key to the cardholder?
<bitinstant> geosmin, you posted it ?
<cbeast> JimN BitInstant are fanatic bitcoiners
<bitinstant> ThomasV_, Im not sure about that part
<bitinstant> Were figuring out the best way
<ThomasV_> neither am I
<bitinstant> Without comprimising security
<bitinstant> If you have any tips or suggestions PLEASE email us
<aethero> bitinstant what kind of rates
<bitinstant> we just went over this lol
<nrb-btc> time to set up a faq bitinstant ;P
<aethero> Must have missed it
<dissipate> bitinstant, is there a short writeup on how this card works? i'm confused.
<bitinstant> Not yet not yet
<bitinstant> Everything will come, in time
<JimN> cbeast: perhaps. everyone has their price, but I'm sure we'd all like to believe it's not for sale.
<bitinstant> dont worry
<bitinstant> I just wnated to get some focus group feedback
<nrb-btc> he's just giving us a taste right now
<cbeast> BitInstant, have you looked into Philippine National Bank or Bank of China? They have USA branches
<bitinstant> Peoples Bank of China
<nrb-btc> i was just looking into why nobody is pushing toward this earlier today
<nio_> Bitcoin markets are also opened on sunday. There is no black sunday with real stock market
<nrb-btc> most companies are not in a position to
<ThomasV_> bitinstant: btw, you picked a bad timing. today the attention is focused on pirate :)
<bitinstant> wanted to me sign a form 'if they deem me an enemy of communist party'
<bitinstant> they take all my money
<chare> WHAT IS PIRATE DOING NOW
<chare> I WANT LINK TO UPTODATE NEWS
<TomFyuri> chare: playing Legend of Zelda
<goodbtc> the price looks stuck around 8
<JimN> chare: search the internets
<nrb-btc> nothing new to report
<nrb-btc> hold your coins
<Tiraspol> so um
<Tiraspol> how the fuck does
<Tiraspol> bitcoins go from 15 to 7
<nrb-btc> the sky will stop falling later this week
<Tiraspol> in 2 days
<nrb-btc> someone sells about 100k in coins
<chare> so you retards didn't sell your coins yesterday when you had the chance
<nrb-btc> without the matching demand
<JimN> chare: exactly.
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<chare> you mad now?
<JimN> there's still an opportunity to sell now. ;)
<nrb-btc> me? im glad
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<nrb-btc> im short BTC
<nrb-btc> im double my money right now
<bitinstant> DONRT sell
<bitinstant> Buy buy buy
<ThomasV_> Tiraspol: sell!
<bitinstant> Our volume is crazy this weekend
<bitinstant> everyone is putting in buy orders
<nrb-btc> i only wish i was MORE short
<bitinstant> thats some insider info right there
<nrb-btc> i love that pirate is doing this on a weekend
<bitinstant> some of our investors are planning big buys tomorrow
<bitinstant> when bank opens
<nrb-btc> so many people RUSHING to the banks on monday to deposit to bitinstant
<bitinstant> even today
<chare> bitinstant how do you know your info
<geosmin> bitinstant are these cards going to be available in canada?
<dissipate> those damn banks. :D
<mrSprinkles> i wish i could sell my coins, but they've been tied up with pirate. it's like watching all the life jackets get taken on a sinking ship, meanwhile i'm last in line.
<TomFyuri> hello titanic passenger
<ThomasV_> mrSprinkles: don't worry, your coins are not really tied up. they don't exist :D
<bitinstant> Why do you think all 7-11 and Walmarts are busy today ;-P
<nrb-btc> ... hes bitinstant
<bitinstant> People lining up buying Bitcoins
<bitinstant> geosmin, WORLDWIDE
<chare> what is bitinstant
<nrb-btc> "bitinstant, how do you know about the inner workings of bitinstant!?!?"
<bitinstant> Besides for Netspend and 1 other company, we will be the ONLY company based in USA to offer Intenrational debit cards
<Plat33> overall more people will benefit if the rally continues
<bitinstant> chare, BitInstant.com
<cbeast> I am thinking of making a second run for a BitInstant deposit today
<nrb-btc> chare: currency exchanger
<JimN> mrsprinkles: maybe someone will lend you some btc to sell (short)
<BCBot2> t3a: Error: "ticker" is not a valid command.
<gribble> Best bid: 8.09799, Best ask: 8.098, Bid-ask spread: 0.00001, Last trade: 8.098, 24 hour volume: 216675, 24 hour low: 7.58, 24 hour high: 12
<nrb-btc> LOL :)
<nrb-btc> i shouldn't even be laughing at that
<Plat33> mrSprinkles: please don't get offended (just curious) didin't you thing 7% interest was impossibly high?
<cbeast> Is anyone having delays getting Bitcoin withdrawls from MtGox today?
<JimN> curious. mrsprinkles if you could sell at current market price, would you be up or down on your btcs&t investment
<mrSprinkles> yes, but I noticed that it had been running for 8 months, bitcoin was doing well, i mean what could go wrong? EVERYTHING. everything went wrong.
<Plat33> 385% interest
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<nrb-btc> "wow guys that ponzi sure is getting big! i better get in on it before i have a chance to lose all my cash"
<nrb-btc> lose my chance*
<bitinstant> cbeast, go for it
<Plat33> mrSprinkles: that rate could be the biggest in the history of interest (probably some historian could prove this wrong with some crazy obscure example)
<bitinstant> Ill throw you some extra coins
<mrSprinkles> i thought i'll just hold on for 11 weeks or so until i get my initial investment back
<Codelion> BitInstant: what will be involved in getting one of those cards?
<keyeh> cbeast: i just took out 10 btc no poblems
<bitinstant> geosmin, did you post it ?
<nrb-btc> Codelion: he explained up above
<bitinstant> Codelion, filling out a form
<nrb-btc> $10 for card issuance, documentation requirements for AML
<bitinstant> and waiting eagerly by the mail
<Codelion> sorry, just got back
<foggyb> Plat33: who got 385% interest?
<ThomasV_> people who knowingly take part in a ponzi are scammers
<Joric_> pirate parser - http://pastebin.com/GbWQgP4s
<nrb-btc> they are gamblers
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<JimN> interesting that some pass-throughs already returned btc to investors. those investors probably sold and the pass-through manager gets screwed being tied up in btc
<Codelion> I'll probabally get one
<cbeast> I've been waiting several hours for a 12 BTC withdraw from MtGox to show up.
<geosmin> bitinstant: http://www.reddit.com/r/Bitcoin/comments/yhl0p/well_this_should_be_interesting/