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XAPO Review
This claims to the pioneer Bitcoin debit card in the market today. But it isn’t true. It was Bitwala who first offered the debit card service for the general public. However, XAPO was the first to link their card with Bitcoin. It is no secret that being the innovator has its pros and cons. The benefit, of course, is that you set a new benchmark for others to follow on your own terms. But the flip side is that you are also the one to make and bear the mistakes. There always comes someone with a better and smarter version of your thing.
XAPO also made many blunders, the biggest being unbranded cards sent to customers. But it swiftly recovered from this slip up and are still one of the leading companies in the marketplace.
This article takes a brief look at some of its XAPO debit card specifics.
Advantages
- Customers don’t have to bear any maintenance fee during its first year of use.
- XAPO focuses on security. It offers many layers of activates for its users.
- There is no top-up fee associated. This is what gives them a competitive advantage as no other company offers that.
Disadvantages
- It is out of service currently. The company ended ties with Visa.
- It will be launched again in 2019, but, it isn’t available for now.
- Before closing its operations, XAPO didn’t service US clients, making it impractical.
- The waiting time is almost a month. If you wish to receive it sooner, there is a relatively expensive shipping fee.
- New rules of XAPO require stringent verification which wasn’t the case before. Previously, it offered anonymity to anyone who asked for it.
XAPO Bitcoin Debit Card Charges
- You need to pay $20 in order to issue the XAPO Bitcoin debit card.
- $1 is charged monthly as a maintenance fee, though, new users don’t have to pay any dollars as maintenance fee in the first year.
- If you wish to change its PIN, you will have to pay an additional $1.
- If you lose the card, you will have to pay $12 for a replacement.
- The XAPO Bitcoin debit card can be requested via express or free delivery.
- Express delivery costs $55.
- If you opt for free delivery, the card takes approximately 25 days to arrive without a parcel tracking option
- You have to pay $2.5 domestically and $3.5 internationally when withdrawing money from an ATM using the XAPO Bitcoin debit card.
- There is a 3% conversion rare when converting currencies
- There aren’t any POS changes when dealing in native currency.
- Using the card abroad costs an additional 3%.
Summary
- Virtual card: Yes
- Physical Card: Yes
- Card type: Visa
- Mobile app: Yes
- Supported cryptocurrencies: Bitcoin (BTC) and Ethereum (ETH)
- Supported fiat currencies: EUR, GBP, and USD
- Anonymous: No
Final Word
XAPO is a well-renowned brand with a solid upbringing in the cryptocurrency marketplace. They were once the market penetrators, made a few blunders, but have learned from them over time. It is unfortunate that some XAPO Bitcoin debit card issuers didn’t settle well with Visa, resulting in their card becoming unavailable. Hopefully, once all this is done and dusted, XAPO Bitcoin debit card will once again reign the cryptocurrency space like before.
The latter part of 2009 introduced everyone to the world of blockchain technology. With Bitcoin as its front liner, the idea of blockchain technology was well received by everyone, and soon enough, the system responded with a simple complexity of its own. Surprisingly, most people often confuse the idea of blockchain and bitcoin as one and the same, when in reality, they are not.
The difference between both concepts is one that is not easy to identify without prior knowledge.
To understand it in simple terms, blockchain is like a universe, a universe where the currency is bitcoin. One fascinating fact about the world of blockchain is that you do not have to know the nitty gritty of the system before you can effectively utilize the technology. An understanding of the dynamics, peculiarities, and complexities that lies within the system enables you to grasp its full potential.
What is blockchain technology?
Just like the name implies, blockchain is a chain of vast and widely spread database where the storage devices and information are not controlled and accessed by a simple server. The database is capable of storing an infinite amount of information in the form of records. These records are referred to as blocks. The content of each block features a link to the former and a timestamp.
Blockchain also makes use of encryption and encrypted file to protect the privacy of its users. Encryptions are private keys that allow a blockchain user to make different writing to their files. This feature enables the account holder to protect what is theirs.
Also, encryption ensures that the distribution of blockchain among users is in synchrony.
How did blockchain technology come about?
Just like every other thing in the jet age, internet coupled with electronic money facilitated the development of blockchain. The emergence came about from researchers attempt to answer the question of whether they could create a decentralized means of payment that is built solely on trust.
Nick Sabo was the man that conceived the modern blockchain ideas in 1998. As revealed by his newsletter, he postulated a theory that was referred to as the bit-gold protocol. This idea served as the foundation of what we now know as Bitcoin. Prior to that period, Adam Beck conceived his own “Hashcash” protocol, a model of cryptocurrency. Sadly enough, the time of development coincides with the time when people knew little or nothing about fast internet capacity and storage devices. As a result, the development did not enjoy the support that it yearned for.
Not to be daunted by this occurrence, the execution of the project was implemented 11 years later when Satoshi Nakamoto introduced a protocol known as digital cash. This protocol led to the development of the initial blocks of bitcoin.
What is decentralization?
When it comes to sharing information, making use of a decentralized internet platform is not rocket science. However, when valuables like money are concerned, we often resort to the centralized methods that banks and other financial institutions use. Of a truth, internet payment procedures like PayPal has been around for a long time, however, they cannot be used without some bank instruments like the credit card.
This kind of integration is what blockchain technology strive to eliminate. The financial sector performs three major services of registering transaction, confirming the identity of users and finalization of contracts. Blockchain technology is capable of assuming these roles and carry them out effectively.
What is Bithumb?
Popular in the Asian region, the Korean stock exchange cryptocurrency Bithumb entered the market in 2015. The service is owned by BTC Korea.com Co. Ltd based in Seoul. Cryptocurrency trading on the site is available to registered users.
Service in 2017 was attacked by hackers, resulting in a loss of several billion won. The criminals stole the personal data of 30,000 clients of the company, that is, 3% of the existing client base. The leak occurred as a result of hacking the employee computer exchange. The administration of the cryptocurrency exchange Bithumb applied to the police and reimbursed the lost money to the clients. Due to this, the reputation did not suffer and after some time the platform became a leader in the world, demonstrating the largest trading volume per day.
Indicators
From the published audit reports, it follows that as of December 31, 2017, customer accounts for $ 6 billion were stored in the accounts of the exchange, including bitcoins (Bitcoin) for 1 billion, Ripple (XRP / USD) for 1.6 billion, QTUM for 0.6 billion, EOS (EOS / USD) at 0.65 billion, ethers (ETH / USD) at 0.6 billion, Bitcoin Cash (EXANTE: Bitcoin.Cash) at 0.5 billion, Bitcoin Gold at 0.3 billion. Own funds amounted to 400 million dollars. Bithumb controls 75.7% of the South Korean bitcoin market and about 10% of the world one. At last count, the stock exchange accounts for half of all trade in the ether in the country.
Services
Bithumb offers two types of accounts – regular and corporate. When registering, individuals are required to provide their name, email address and telephone number; companies must provide a legal address.
In March, Bithumb announced its intention to launch a new service that allows customers to pay for cryptocurrency in more than 6 thousand stores around the world.
In addition, Bithumb plans to place special terminals in restaurants and cafes in South Korea, giving its customers the opportunity to pay in cryptocurrencies. For this purpose, the exchange has signed agreements with three Korean terminal manufacturers – Uno Space, TROS Systems and IYU.
Registration and Verification
You can start using the functionality of the service and trade in tokens, you can go through the registration procedure. Initially, you will have to enter the necessary data in a special form and then confirm the phone number. Filling out the form, specify the following information:
- email address;
- telephone number;
- first name;
- password for account security.
Going through the registration procedure, you must indicate whether the client is a natural or legal person. You will need to enter information about the nationality and after authorization using a phone code, you must accept the conditions set by the administration. You will need to click buttons 10.2 and 10.1, where information about all the documentation is provided. You have to confirm your belonging to a race by solving a captcha that checks if you are using a computer program to enter.
Commissions
While reviewing the Bithumb exchange, one cannot but mention commission fees charged by the site administration for opening deals. Regardless of the type of transaction, that is, sales or purchases, the service charge will be 0.15%. You can reduce this amount to 0.075% if you use the coupon, which gives the right to a discount. There are proposals that allow avoiding the payment of commission at the opening of trading positions on the site.
Reviews Bithumb
The feedback received by the Bithumb Exchange indicates that users from outside of South Korea have problems with verification. Also during the registration process, it is often difficult to obtain a phone code to confirm the phone number.
What Are Cryptocurrency Debit Cards?
A few years ago, only a few initiates knew about cryptocurrency. Now, every day cryptocurrencies are gaining more and more popularity, so it is completely natural that crypto economics is expanding, occupying all new areas. For example, quite soon cryptocurrency debit cards may appear in circulation. Accordingly, it will also be possible to pay for purchases and services in cryptocurrencies using such a card.
Cryptocurrency debit cards
Cryptocurrency debit card is a relatively recent development in the blockchain world. In fact, it is the same plastic card as a regular bank debit card, but with one significant difference: instead of the usual money on it – cryptocurrency.
This map serves to solve the main problem of cryptocurrency – ease of use outside the virtual world. With the help of a cryptocurrency debit card, ordinary everyday purchases can be made by paying with a cryptocurrency. At the same time, the card will automatically convert the cryptocurrency into the corresponding fiat currency required by the seller at the current exchange rate. Such a system is based on a mobile phone application. The application, in this case, becomes a combination of a cryptocurrency wallet with the exchange.
Crypto Card Features
Today, the presence of a card tied to Bitcoin greatly simplifies the life of cryptocurrency owners. Using a Bitcoin debit card, you can remove a cryptocurrency almost as easily as any other currency in the first ATM. Isn’t all the owners of savings in digital coins dreaming of this?
Previously, they had to go through all the “circles of hell” in order to withdraw money, and also risk at the same time getting nothing at all. Simply put, there are not so many safe and effective translation methods. But with the advent of cards, it is as easy to manage Bitcoins as money from a regular credit card.
How can to spend cryptocurrency?
Currently, two methods are available. One of them is special terminals for the cryptocurrency, which are installed in the place of trade. This is the equipment that interacts with the application in the mobile phone and removes the value of the purchase in cryptocurrency from the wallet. However, this method has one big disadvantage – for its implementation in practice, the involvement and interest of sellers is necessary. In addition, their willingness to pay for the installation of additional equipment for receiving digital payments is required.
How the world of plastic cards works
So, you go into any Bitcoin plastic card service and order a card for yourself. It will be issued by the service itself, if it has a banking license, or by a partner bank, if there is no license. The card is linked to the payment system (VISA, MasterCard, Unitpay, etc.), can have accounts in one or more fiat currencies (dollar, euro, yuan, etc.) and cryptocurrencies (Bitcoin, Litecoin). If the card accounts are only in fiat currency, then to replenish it, you need to change the bitcoins to the card currency and transfer to the account. For cards with accounts in the crypt, such an exchange occurs automatically at the internal rate of the service (or the exchange to which it is attached) at the time of the transaction.
It is worth noting that a plastic card is not tied to a Bitcoin address directly, but tied to a Bitcoin account (wallet) in the service that issued the card. This allows you to conduct transactions almost instantly, because, as we all know, the blockchain does not provide such an opportunity. The risks of the method are obvious: your bitcoins, in fact, are at the disposal of a third party and if this third party closes for some reason or is robbed, the funds will disappear.