Bitcoiners are getting enthusiastic as more and more opportunities to use their cryptocurrency in the real world are popping up: the Cryptex Card, a global bitcoin-to-cash ATM and debit card is the latest addition. The startup based in Hong-Kong announced on Monday that they will begin shipment of theirs cards in the next two months.
With the Cryptex Card, the cardholder sends bitcoin to an address linked with the card, which converts it to cash, instead of buying products directly with bitcoin. The card is then used for withdrawing money at more than 90 percent of U.S. ATMs and additionally at some ATMs in over 80 countries. The cards have been tied to Union Pay, a Chinese card provider, which allows the debit card to work anywhere.
The bitcoin network has been trying to tackle the exchange of the currency for fast cash. One of the other bitcoin debit cards, Bitplastic, charges a fee of 0.25 BTC for one debit card, which is a hurdle for bitcoin owners who don’t have enough invested to change back into cash. Other bitcoin ATM companies such as Lamassu and Robocoin are currently installing their machines throughout the world, but the Cryptex card might be a viable option for some liquidity for bitcoin holders that aren’t in a major city.
Cryptex don’t charge for its card or the shipping so they profit on the exchange rate from their role as money transmitters. It will most probably be cheaper for bitcoin enthusiasts to simply sell their coins on the market and receive the cash directly in their bank accounts rather than putting it in a debit card.