Saturday, May 3, 2014

Bobby Jain & The World's First Bitcoin Debit Option

By Robin Setser

Bitcoin is a popular service - this much is known - but it is one that is not used very commonly in the United States. It certainly can be utilized and while it is a means of digital money being distributed amongst various parties, I would like to think that existing options like PayPal are far more commonplace. With that said, did you know that there a bitcoin debit option will rise to the surface? It is a story that more than deserves coverage by Bobby Jain.

The bitcoin wallet company known as Xapo looks to be at the forefront of this concept. Wired put forth an article that talked about how bitcoin customers will be able to utilize this unique type of currency, putting it forth in order to be used at a number of stores. Keep in mind that, as of now, this option will only work in areas that take MasterCard and Visa. While this might seem limiting on the surface, the mere idea of this option indicates a shift in the way that digital money is given and received.

The idea of linking one's bitcoin account to an actual card to swipe is brilliant, to say the least, and will certainly go over well with various customers. After all, you do not want to be limited as far as places to spend money are concerned. What Xapo is looking to do, from my perspective, is bring the idea of bitcoins to another level and it definitely seems as though this will be the case in the future. Given the fact that Xapo has $20 million in VC funding, expectations are undoubtedly high.

The article made mention of the fact that every bitcoin customer, if they take up this option, will have only one debit card that can be used with as few restrictions as possible. To say that this is a positive nugget of news would be an understatement, which is a point that Bobby Jain could agree with. If you'd like to know specifics, the number on the credit card can check into Xapo in order to verify that sufficient funds are available. Names along the lines of Jain will attest to the fact that this concept is, on paper, quite sophisticated.

Will this option be able to attain a strong user base? I do not know if it will be able to do so at the onset, since bitcoins are not used by everyone. However, this does not account for the long-term picture, which gives me hope that bitcoin customers will take up the debit option once it comes into effect. I have no reason to believe that they wouldn't want to try it, either. To me, it only helps them to spend this type of currency in ways that will help them the most.

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