RE: Wirex Petition For Australian Dollar Support Gaining Traction: Some Exciting Updates This Week On Our Efforts To Push For A Bitcoin Backed Card For Australians
IMPORTANT NOTE
(& I'm all with you on this.) However, the bit about unbanking with wirex isn't 100% accurate and there are a number of costs incurred.
Quote
"This is an important feature as it provides the ability to free ourselves from bank issued cards when transacting."
A bank does issue the card on behalf of Wirex. it's a pre-paid, backed by Visa, bank card. Wirex is a card linked exchange.
Feel free to read the smallprint if you don't believe me.
..and I agree 3% is way too high a price to pay for the privilege of exchange.
though Wirex is generally a very well run outfit. (See my review) it works out that you pay multiple fees which banks don't charge for;
- a fee for the plastic card (online virtual card is free)
- a monthly fee for the card
- (usually) an exit exchange / withdrawal fee from BTC
- wirex exchange fee = how wirex make their money
- & card spending fee = how the card issuer makes their money
you don't get interest on balances either, but is a bit of a moot point considering most banks are paying the absolute minimum.
All said, there are multiple card issuers for bitcoin cards but Wirex is trusted and rated. Without verification, limits are strict.
Hey @outerground thanks for the comprehensive comment. You're on point and I should ammend my blurb. I personally am interested in dispensing of my bank issued card and replacing it with an offering like what's described here. I appreciate that the very nature of the POS (point of sale) terminals as bank issued devices require the bank infrastructure to an unavoidable extent for now but believe in supporting these burgeoning alt card companies as a force for good in the arena of finance.
Agree on the fee comments, certainly at this stage we adopt this tech at a financial and convenience cost. This we have to evaluate for ourselves. Tenx seem to have a better fee structure but seems to me to be in its infancy. Thanks for keeping the feet to the fire 👍
pleasure's all mine @nolnocluap (great name btw) Crypto is a journey and I think (we) collectively speaking are like pathfinders. Like all early adopters, (we) tend to pay the price for having it first, helping improve service and encouraging competition and then later benefiting from when it all does get better / easier / cheaper. Thanks for the heads up on Tenx.
That's a great way of putting it @outerground. Trend setters, paving the way!
pioneers ! brave adventurous pathfinders :) goldminers