Bitcoin debit cards are a great tool to spend cryptocurrency in the world today. Most people use this to spend Bitcoin for groceries or shop online. But getting funds off these cards is rather difficult, sometimes. SpectroCoin, one of the many Bitcoin debit card providers has introduced a new unload feature.
Bitcoin debit cards come in two different forms. One type lets users send funds to a Bitcoin wallet address, which is converted to fiat currency on the fly whenever a payment is made. This also makes it easier to move funds off the card, as it is the same as withdrawing a Bitcoin balance from any other platform.
The other type of Bitcoin debit cards, such as the ones offered by SpectroCoin, convert incoming Bitcoin top-ups to fiat currency based on the current market value. For card withdrawals, users will need to visit an ATM or send a payment to themselves, which can be rather annoying to deal with.
Thankfully, SpectroCoin introduced a whole new feature that will remove any friction associated with this process. There is a 0.5% fee associated with this process, and users can complete a maximum of two unloads per day. Moreover, there is a maximum unload limit of 2,250 EUR/GBP/USD per transaction.
The new ‘unload Card” feature has been added to the SpectroCoin web interface. Users then select the card from which they want to reduce the balance, and enter a wallet address. Orders will need to be confirmed and verified through two-factor authentication. Once everything is said and done, the Bitcoin transfer should be completed in mere seconds.
It will be interesting to see whether or not other Bitcoin debit card providers will offer a similar feature. Having Bitcoin top-ups converted to a fiat currency balance right away may give users a better idea of how much they can spend, but it also nullifies any effect a Bitcoin price increase may have. This solution seems to offer a good way to remove excess funds from a card at a somewhat acceptable fee.
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