Brazilian Bitcoincompany Bitinvest has introduced
a prepaid MasterCard that can be loaded with Bitcoins and used throughout Brazil.
Great idea, right? Anyone heading to the World Cup this year can live day-to-day off Bitcoin wealth.
One big problem: There is a big World Cup logo on the page. Not only is FIFA intensely protective of its intellectual property, but Visa is a major World Cup sponsor.
So, not only is Bitinvest exposing itself to legal action from FIFA, but it is also exposing Bitcoin to further narratives about operating outside the law, the media headlines are not hard to imagine “Bitcoin hackers ignore copyright laws to launder money”.
Coincard and Bitinvest
Problems aside, the idea of a MasterCard prepaid with Bitcoin is sound from a user-experience perspective. In effect, it turns a plastic card into a swipeable digital wallet, with all the associated benefits, while piggybacking on existing technology, card readers.
on a somewhat similar idea — the Cryptex Card, which allows you to convert Bitcoins into fiat money and withdraw it from an ATM — earlier this week.
The card issuer itself is a company called Acesso
; Bitinvest appears to be just handling the Bitcoin payment processing side.
Bitinvest is a Brazilian Bitcoin exchange created by entrepreneur FlavioPripas, who has already found success with an earlier venture, Fashion.me, a social shopping site. "We offer a safe and practical environment where our customers can buy, sell and store currency through a prepared tool to act globally; however, we are not giving up the advantages of our local knowledge of the Brazil and Latin American markets," Pripas told IDG Now! Brasil.