The process of digital currency adaptation by the mainstream requires specific actions and technological innovations. Today a lot is being said about legislative changes for bitcoins and different merchants and services accepting cryptocurrency, but the process of using bitcoins is not attractive enough for mainstream consumers if a person can’t easily withdraw bitcoins as cash.
The new Cryptex Card promises to be the first fully Bitcoin-compliant ATM debit card that helps you quickly and securely convert digital money into cash.
The card is designed by Cryptex Inc. and Snappy Group Ltd. based in Hong Kong. They presented a new Bitcoin ATM debit card at the Inside Bitcoins Conference
in New York on Monday, April 7.
New Opportunities with Cryptex Card
No more waiting for online exchangers to send a bank transfer to withdraw your Bitcoin holdings as fiat money. Currently, the card can only operate with BTC and USD, but in one of the interviews Jamon Rahn, Cryptex co-founder and CEO, said they are planning to build in capabilities for other currencies.
"This is a huge development for bitcoin," said Rahn, "because bitcoin ATMs are sparsely located and bitcoin exchanges make withdrawal a burdensome affair. We are vastly increasing liquidity and convenience for holders of bitcoin."
The Cryptex Card works on existing ATM networks all around the world. To be exact, developers say it is accepted in eighty countries. As for the United States, it will be accepted by about 90% of ATMs.
Moreover, customers will be able to pay with it just like any other debit card.
How It Works
The developers say that using the Cryptex Card is as easy as using any other online money transfer mechanism.
There are three steps you must do to withdraw Bitcoin as cash:
1. Send your Bitcoin to a Cryptex Card unique deposit address;
2. Make known how much Bitcoin you want on your card and it is then converted;
3. Cash becomes available on your card & accessible on the existing global ATM Network.
Cryptex assures that it “provides competitive exchange rates based on the amount of Bitcoin you want to convert”.
Simply order your Cryptex card and you will even get free global shipping. The Cryptex Card’s issuer is PVB Card Corp, licensed to Union Pay International.
Note: there is a strict KYC & AML monitoring procedure and you must upload your ID & Proof of Address.
Positive and Negative
“A new debit card-based digital currency service aims to get around one of the biggest problems faced by holders of bitcoin: the very limited number of outlets for spending or converting their digital currency,” said Michael J. Casey, editor and senior columnist covering global economics and markets at The Wall Street Journal, in his report about Cryptex Card.
Though, some of the users in cryptocommunity have already noticed
that this new card was most probably developed for US and Chinese customers and it is still unknown what fees will be charged for each operation.
Still, the Cryptex Card is another step in Bitcoin payment development and digital currency promotion. It should make the option of using bitcoins mush easier and flexible.