CoinCard, the world’s first crypto credit card that works just like a traditional bank-issued credit card, is now available for pre-order. The Crypto Private Investor Group (CPIG), the company behind the launch of CoinCard, says that the card will be available for users in July of 2015.
In an exclusive interview with Bitcoinist.net, John Caceres of CPIG said the early adopters of cryptocurrencies will be able to pre-order a card; the first 1,000 applicants will be able to take advantage of a limited edition card where all transactions fees, with exception of the annual fee, are waived. The company aims to foster adoption of cryptocurrencies worldwide, and the launch of CoinCard is a path towards fulfilling that goal.- CPIG offers two card options that are accepted everywhere MasterCard is accepted;
- Use crypto to pay down balances;
- No transaction fees when used as a credit card for purchases or when preloaded using crypto;
- Pay the way desired;
- Worldwide acceptance, both online and at the point-of-sale;
- High-performance Security;
- Two-factor authentication (2FA);
- Use any altcoin and Buy / Sell in any currency;
- Immediate processing of transactions;
- Uses Blockchain technology.
Talking about CoinCard, John Caceres says,
“CoinCard Basic is designed to function as a debit card. CoinCard Elite can work either as a higher utility, lower fee debit or credit card. Whether debit or credit card, both CoinCards can be used anywhere MasterCard is accepted. Like all MasterCard branded products, all insurance, warranty and affinity programs exist on the CoinCard Basic or Elite products. Provision for Visa and American Express version are currently being considered.”
CoinCard can be used at ATMs worldwide. However, what distinguishes it from all other cards is that cryptocurrencies can be used to either pay down revolving balances or used as a debit card drawing on the cryptocurrency accounts of its user. Caceres says that CoinCard’s annual fees are competitive to traditional cards at $50USD for a “Basic” card and $100USD for an “Elite” card. If used as a debit card, CoinCard is reloadable from anywhere in the world, and the user may load their card using cryptocurrencies including Bitcoin, Paycoin, and many others. Users of CoinCard Elite that have credit lines extended will be able to use their cryptocurrency to pay down their extended or revolving credit.
The CPIG sees huge potential in crypto cards. Caceres says their intent in making CoinCard available is to gain wider and greater acceptance of cryptocurrencies as a whole, to promote cryptocurrencies and their utility in the worldwide marketplace. Caceres says,
“Sure, we have a favorite in Paycoin. We imagine that other card providers will follow our lead in the adoption of altcoins as payment of balances due. Of course, as we all have seen, there are detractors, those that wish to undermine the success of crypto and they have a loud voice. But as a representative from the US SEC alluded to during an interview with Martin Spurlock Inside Man about Bitcoin that aired on CNN February 19, 2015, and I paraphrase…crypto is here to stay.”
Here is an excerpt of the interview with John Caceres with Bitcoinist.net
Tell us about your company and the services it offers?
John Caceres: The Crypto Private Investor Group (CPIG) was formed to create and promote cryptocurrencies. Cryptocurrencies, as a whole, have the ability to create a new payment / financial consideration system. Inherent in a cryptocurrency payment system are features such as lower merchant and consumer costs, significantly greater security and the possibility of creating a single currency…a digital currency that crosses boarders throughout the world creating a global marketplace where commerce flows easily.
The CPIG will seek to quiet the maelstrom swirling around the crypto category. To undo the negative impact, outcome and perception from circumstances like Mt. Gox and those that seek to undermine the category’s success through the use of negatively sensationalized press covering the category based upon conjecture versus fact.
The CPIG is impartial and coin agnostic, serving as a guiding light to the future of cryptocurrency and its utility and adoption in a global marketplace.
Are there similar services/product provider?
John Caceres: While there are other debit cards, it is our belief that CoinCard is the only credit card that accepts cryptocurrencies as payment for revolving balances or extended credit. As our press release and the website, reservecoincard.com, indicates, CoinCard Basic is a debit card and CoinCard Elite works as both a debit card and credit card. If a person unable to secure credit with CoinCard, the user’s account will default to a debit card.
Competition from the traditional credit cards?
John Caceres: The CoinCard works the same as a both a debit card and credit card, with the exception that it will accept cryptocurrencies as payment for revolving balances or extended credit, or to preload if used as a debit card. Users will be able to preload the debit card version from anywhere in the world as well as pay down their credit balances.
How is it better than the traditional credit cards accepting cryptocurrencies?
John Caceres: To our knowledge, CoinCard is the only credit card that allows cryptocurrencies as payment. That is a key point of differentiation. Inherently that makes it better in that users’ privacy is honored, there is greater security and the likelihood of identity theft is mitigated. That is a beautiful and essential element to cryptocurrencies and Blockchain technology.
Tell us about the features for safe and secure transactions?
John Caceres: I believe, or hope, the response above answers this question.
Any special offers available these days for customers?
John Caceres: The first 1,000 to reserve a CoinCard (500 CoinCard Basic and 500 CoinCard Elite) will receive one year free of transaction fees, excluding the annual fee.
Message for our readers or special offers for them?
John Caceres: While there has already been demand for reservations of CoinCard, readers are entitled to the same offer as outlined in response to your earlier question.
Image Source: reservecoincard.com
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