SoylentNews

jdavidb [soylentnews.org] writes:

Bitcoin holders rejoice! Now you can use Bitcoin to make a purchase anywhere Visa is accepted. Coinbase [coinbase.com] has partnered with Shift Payments [shiftpayments.com] to issue the Shift Card [coinbase.com], a Bitcoin-backed Visa-branded debit card. Make a payment anywhere Visa is accepted, and Coinbase debits an appropriate amount of Bitcoin from your account. For a limited time there is no transaction fee, which is nice; typically selling Bitcoin on Coinbase will cost you 15 cents plus a 1% fee. Getting a Shift Card does cost an initial $10 fee.

The Shift Card FAQ [shiftpayments.com] seems to have a lot more information. Apparently Shift Cards can also connect to a Dwolla [dwolla.com] account, and they hope to connect to more alternative funding sources in the future. Coinbase-backed Shift Cards are only available to residents of 24 states. You can use a Shift Card at an ATM for $2.50.

Wired also has coverage. [wired.com] According to Wired, Coinbase is hoping that this will encourage its users to spend Bitcoin rather than just speculating. Of course, for those of us who are speculating, we don't mind if people hoard it and drive the price up. [nakamotoinstitute.org]

Original Submission