The Coinsis Bitcoin Credit Card Will Also Support Blackcoin
Coinsis and Blackcoin May Be Partnering Up For BTC/BC Debit/Credit Card
Bitcoin debit and credit cards are all the rage. There are several either on the market or in the pipeline right now. One of those is Coinsis.
Technically, Coinsis is not a Bitcoin debit card at all. Instead, it
will quickly exchange Bitcoin for USD and then load it on the card. The
process takes about 15 minutes, after that, the money can be spent
instantly. It isn't quite the instant conversion to fiat some people
were hoping for, it works similar to Cryptex's card rather than Xapo's. The Xapo card pays
the credit processor with their own funds and then reimburses
themselves using the customer's wallet. The Coinsis still beast the vast
majority of current methods of changing cryptocurrencies into fiat.
One advantage of Coinsis' system over Xapo's is that Coinsis never
has control of your coins, and all BTC transactions take place on the
blockchain.
Their demo video (you can check it out on their official site) shows
the card being used to buy gas, cigarettes and Starbucks. Its very
impressive, despite its rather amateurish production values.
The system is also planned to allow users to send bitcoin through email and conventional methods (addresses, QR code).
Coinsis has been around officially since June, but didn't receive
much press after releasing their demo video. The connection with
Blackcoin comes way of an announcement by Steven Mckie,
one of Blackcoin's lead developers. Blackcoin also mentioned the report
on Twitter, which got a quasi-confirmation by Coinsis, who said an
announcement would be forthcoming. According to Blackcoin, Coinsis'
other features will also work with Blackcoin.
We reached out to Coinsis for confirmation. James Ross, one of two
co-founders of Coinsis, got back to us and confirmed that they have
verbally agreed to enter into a partnership with Blackcoin.
“Yes, Coinsis and BlackCoin have reached a verbal [agreestevenment] toward a partnership integrating BlackCoin, with the Coinsis Bitcoin credit card platform.
We're in talks with these really smart guys at BlackCoin to finalize the details and develop a long and rewarding relationship for both our companies and, more importantly, the digital currency community as a whole.
We firmly believe the upcoming release of the Coinsis Bitcoin/ Alt Coin credit card will serve as a global bridge connecting early adopters "Coined users" to the mass consumers "UnCoined users" and enable people to transact more, on their own terms, with total control over their buying/spending experience.”
Blackcoin's price has continued to drop, a long running trend since
June. Save for a brief period after Bittrex and Blackcoin announced that
the exchange was considering adding Blackcoin markets (I was told by
Bittrex last night that those plans are still being considered). This
downward trend is happening despite of a very active development
community that is continually adding features to the coin. It will be
interesting to see if the release of this card, or the news of its
arrival, has any effect on the price of the currency.
Blackcoin developer Steven McKie also pointed out that loading
Blackcoin onto the debit card should be much quicker than Bitcoin,
because of the digital currency's quicker confirmation times.
Coinsis is new on the scene and has not yet revealed much about the
card outside of its demonstration video. Currently, we are unaware of
how high the fees will be or what kind of regulatory hoops they have
jumped through. The card runs on the VISA network, which has allowed
prepaid Bitcoin debit cards on its market in the past (although, that
decision often rests with a bank and not VISA).
Another interesting note from their comment was the reference to the
card as a “Bitcoin / Alt coin credit card” which seems to imply other
altcoins are planned at some point. We have reached out to Coinsis for
clarification (as well as a few other questions) and will update this
story appropriately.
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