Hey everyone Scott Cunningham aka @scottcbusiness today we’re going to be talking about crypto Visa prepaid cards and
these are awesome awesome cards these are solutions now that you can spend
your crypto in Canada I’m not actually showing you the full card because it’s
got my information and the CVC and everything that obviously I don’t want
to be sharing because you can also spend these online but essentially you can
spend these anywhere that a Visa card is accepted you can also spend them or
rather you can withdraw funds from them at an ATM that is compatible with Visa
or Plus cards one of the major drawbacks by for these cards in Canada here is
that they don’t have Interac meaning you can’t insert the chip or tap you have to
swipe and it’s not really that big of a drawback but if you really don’t like
interacting with people like when I bought furnace filters with my bit VOC
card at Walmart I had to go over and sign because you always have to sign
when you swipe so you know that is something to keep in mind but you know
for the benefit it’s it’s really worth it because one of the biggest resistance
points and one of the most asked questions is yeah but can I spend
Bitcoin at the grocery store can I spend it at the convenience store now you can
and I struggled to find a solution in Canada for so so long but recently at
the Futurist conference in Toronto I met the bit vote eeeem and the local coin
card team and they had the solutions so I went and tested them I loaded $50
worth of Bitcoin onto both of them I had a little bit more issues uploading my or
loading my Bitcoin to bit low but the support team fixed that there was no
issues and yes so for both of the cards they’re both reloadable prepaid cards
you can spend them anywhere visa cards are accepted you don’t need a photo ID
to get them so there’s no kyc so that’s really nice it’s a very fast easy
process you don’t have to give them a ridiculous amount of documentation or
information you can only withdraw them from where ATMs accept visa or plus
cards and you can view your entire transaction history online in the same
way that you would with a bank so it’s got all the same functionality for the
most part with a few limitations now where things get a little bit more dicey
and it becomes more relevant to ask the question which card do I want to go with
we’re gonna look at some of the differences here and I’ve also linked
the bit foe like limitations and fees linked in the same thing for a local
coin below and I will add a visa ATM compatible locator link because there’s
a bunch of them online where you can search up these are compatible ATM and
then you’ll see a locator and it’ll show you the nearest ones the issue that I
had was trying to withdraw funds from my bank ATM at TD Canada Trust and it
wasn’t compatible with Visa cards so I obviously wasn’t able to do the
transaction and unfortunately one of the drawbacks for a local coin is that you
can be charged even if a transaction fails so I paid 50 Cent’s even though I
couldn’t take out the money so you know not ideal but as more companies release
cards these companies will be forced to improve as well as as there is a lot
more people are using these and they’re making more money they might be able to
lower some of the fees as they scale more in a more profitable way but I
digress so for bit Voe there’s no fees to activate your card and you don’t pay
any monthly fees there’s a one dollar purchase fee for whenever you make
purchases so it’s kind of not as ideal and then one dollar when you’re
withdrawing from an ATM the big issue with bit Volvo is that
your your your crypto whatever you put in I put in Bitcoin stays in the form of
Bitcoin and converts as I spend it meaning if Bitcoin if I put in you know
Bitcoin and it’s worth five thousand at the time and it goes up to ten thousand
and then I spend it okay well that’s great because I’m saving money but if I
put it in at ten thousand and it drops down eight thousand then I’m spending
more Bitcoin than I wanted to spend for the same product so volatility in in the
price of Bitcoin or whatever coin is kind of a big drawback for when you’re
using bit veau it’s the opposite for a local coin but we’ll get into that and
they do have a lot less fees but the volatility is a huge issue for me and
once they eventually introduce stable coins to being allowed to be spent on
their card that will really solve the issue and then you could just use die or
tether or whatever you decide that will probably solve the issue and then bid
vote will be the better choice though I’m leaning more towards currently more
towards local coin and you know you might not agree but we’ll see it you can
share your thoughts in the comments below so with the local coin the fees
are a lot higher so when you first get your card it costs five dollars and it
costs five dollars to load your money onto the card then when you load in the
future it’s only two dollars so that’s not as bad
changing your pin cost a dollar fifty and if you want to check your balance at
an ATM that cost seventy five cents you can easily just check your browser on
your phone or on your desktop though so there’s no point in doing that you do
pay a monthly fee though of two dollars and ninety cents so that is kind of an
ideal and when you would draw from an ATM it cost 250 but when you spend at a
point-of-sale system it’s free whereas with bit flow it’s one dollar so you’re
not spending when you’re just spending it like you would a normal card but when
you’re taking out money from an ATM it’s gonna cost you a bit more but you know
it’s a give-and-take relationship there although one thing that I that I did
gripe about is that if you’re using an ATM and the transaction isn’t successful
you may get charged 50 cents which is what I was charged the good thing though
about this card is that when you put your crypto in and you load it it’s
instantly converted to Canadian dollars so you don’t have any issues with
volatility now mind you if you put in Bitcoin when it’s low again with bit vu
and it goes up then you’re not going to be complaining but it’s still a risk
because no one wants to have you know a hundred dollars on their debit card and
then one day it’s worth 70 dollars and the next day it’s worth 120 so you only
spend on the day it’s worth 120 and all the days that’s worth 70 you don’t spend
I mean if you’re really really frugal and you want to save as much money as
possible you might as well do that and then just use your regular card on the
days that it’s worth less and then use that bit VOC card on the days it’s worth
more and then you’re not spending a monthly fee so it doesn’t really matter
but if you want to be using this crypto card every single day for all your
purchases you’re better off getting the local Coyne card and paying the monthly
fee and then not having issues with volatility you have a stable usable card
however again once they introduce stable coins for bit vivo it’s gonna be a lot
more attractive because it avoids a lot of these fees I also did have issues
when I originally uploaded to local coin but they solved it pretty quickly so
that wasn’t that bad but um yeah you can also go and check the de fees and
limitations here it would be better if they could avoid the monthly fees and if
they could get rid of the declined transaction charges because that’s kind
of annoying but mainly the monthly fees is the big turn-off
I would assume for most people but you’re kind of paying that as a
as like a fee to avoid all the risks of volatility and the rest of it so you
know it’s it’s a give-and-take relationship anyways 4-bit bow I took up
ten dollars from an ATM and then with local coin I bought the furnace filters
at Walmart and they both worked fine but then they both didn’t work when I tried
to withdraw from the ATM at TD because it’s a bank and it wasn’t compatible
with Visa I guess you know that happens and that makes sense why that that was
the case but I didn’t realize that first until I looked it up and realized that
you have to make sure it is a Visa compatible ATM and again I will add a
link for you to double-check that over although I’m pretty happy with both of
these cards they’re both great cards and they help
you overcome you know some of the the major major resistance points of crypto
where can I spend it at a regular store can I go to the movies can I do this now
you can and for the longest time that wasn’t possible in Canada now it is so I
highly recommend these cards thing is one card might be better for you than
the other card so you know decide which one works better for you I don’t
personally have a preference because there’s there’s benefits and drawbacks
to both of them so it really depends what you want to use I haven’t made a
decision as to which I’m gonna go with but again if bit vote just comes out
with stable coins then that’s an easy buy for me even though you have to spend
a dollar well well here’s the thing right it depends
how often you’re gonna use the card because if I have to spend a dollar for
every point-of-sale transaction then paying a monthly fee of 290 isn’t really
that bad because if you’re gonna spend more than
if you’re gonna transact with it more than three times a month you’re actually
better off paying the local Coyne card fee monthly to use that ideally they
would get rid of the fee and then they would be the more attractive card but
it’s it’s a give-and-take so you have to decide which is more beneficial for you
and what would you rather be doing I already explained
the two scenarios real quick again if you’re using it every single day you’re
probably better off to go with the monthly fee one and avoid the charges
for regular spending and no volatility issues if you don’t try to spend it
every single day and you’re really frugal you can avoid the monthly fees
and you will spend a dollar when you use it but if you’re only spending it when
Bitcoin is way up in value then it’s negligible because you’re gonna be
saving a ton of money on all of your purchases by doing it that way let me
know what you guys think though and while your experience is with either of
these cars or if you know any other solutions in Canada I would love to test
them because if there’s something better out there
I want it for myself and I’d love to review it for you guys as well and maybe
in the future I’ll get some footage of me actually using it but I didn’t have
anyone to film me and I wasn’t gonna film it because then you probably like
see me typing in my code or doing something so I figured it was easier to
just come back and share the experience with you guys afterwards but yeah let me
know if you know of any other Canadian solutions for crypto visa debit cards
and I appreciate that you watched the very end and if you did make sure to
comment hashtag number one ham in the comments below so I know that you
watched the very end thank you so much for watching don’t forget to comment
like and subscribe you are amazing have an amazing day I’m
Scott Cunningham aka @scottcbusiness signing off Cheers