As Bitcoin keeps growing, we watch while new cryptocurrency-related technologies arise every single day. This time, the Bitcoin debit card iBTCard – which stands for International Bitcoin Transfer Card – is the news of the day. Tradecoinz LLC is the company behind the project and plans to provide and alternative payment method to VISA and MasterCard.
Besides helping the users, the card will also be merchant friendly, supplying features like subscription payments that will help both entrepreneur and consumers, according to Cameron Halter.
The CEO of Tradecoinz says that iBTCard will also be able to integrate with existing point of sale systems, known as POS. And there’s more: the card will offer lower fees for merchants, between 0.5 and 1.25 percent.
To avoid any future complications, Halter assures that iBTCard will be registered as a money service business at FinCen and there will be integrated policies to prevent theft and money laundering, such as a numerical one-time password embedded on the card itself.
“Though many benefits exist, it doesn’t change the difficulty of developing such a system. We need to convince both merchants and consumers to use our card. In addition, we will need to convince POS manufacturers to integrate our services. However, if the community wants Bitcoin to be a respected currency, you need to increase its usage and acceptance. Integrating with pre-existing technologies people understand is a great way to do that”, says the CEO of Tradecoinz.
If you’re curious and want to try the service, the sign up period begins this Thursday (1). Past this point, iBTCard will start its fund raising campaign to boost the development of the service.