Bitpay Mastercard Review

What is the Bitpay Mastercard Card?

The Bitpay Mastercard card is one of the many Bitcoin and cryptocurrency services provided by Bitpay. Although the company was originally founded as a Bitcoin payment processor all the way back in 2011 (only two years after the launch of the Bitcoin network itself), Bitpay has launched a variety of other products and services since this time. One of these products is the Bitpay Mastercard card, which allows users to easily convert their crypto assets into spendable value on a Mastercard prepaid card with the click of a button in the Bitpay mobile wallet. Combined with the Bitpay app for iOS and Android, Bitpay enables its users to manage all of their crypto financials in one easy-to-use interface.

What are the Benefits of the Bitpay Mastercard Card?

The biggest benefit of using the Bitpay Mastercard card is that there are no exchange fees associated with converting some bitcoin into dollars and placing that value on the card. That said, Bitpay adds mining and network fees associated with the Bitcoin transaction used to move funds onto the Bitpay Mastercard. These fees vary from time to time, so users should be sure to check the fees associated with adding funds to their Bitpay debit card before confirming the process.

Another key benefit of the Bitpay Bitcoin Mastercard is that it is available in the United States. Many other prepaid crypto cards have avoided this U.S. jurisdiction, but this card is available in all 50 states.

A third benefit of this crypto credit card that will probably be overlooked by many newcomers to the cryptocurrency space is that Bitpay is a reputable, trusted company that has been operating in the Bitcoin industry since 2011. No other companies offering Bitcoin prepaid cards have been around as long as Bitpay, and there are some extra assurances and peace of mind that can be enjoyed when choosing to become a user of such a reputable brand.

A final factor to consider with the Bitpay debit card is that the ATM limits are quite high. While other cards are often limited at a few hundred dollars’ worth of withdrawals per day, Bitpay cardholders are able to withdraw up to $6,000 from ATMs per day. Of course, some may view this as a potential security issue in situations where their cards are lost or stolen.

Potential Bitpay Mastercard Card Dealbreakers

While there are no cashback rewards associated with the Bitpay crypto debit card, there is also no proprietary token associated with the overall Bitpay platform, which helps users avoid the “Ponzinomics” associated with some of the other cards on the market. That said, some will still view the lack of a utility token associated with the Bitpay Mastercard card as a dealbreaker.

The Bitpay Bitcoin debit card is not free. It costs $10 to acquire the card, and this $10 fee must be paid again in situations where a user’s card was lost or stolen. There’s also a $5 inactivity fee charged to users if they do not use their card for a period of 90 days.

While it is a huge plus that the Bitpay Mastercard prepaid card is available in the United States, everybody else in the world is out of luck because the card is only available in the United States at this time. That said, Bitpay has offered Bitcoin debit cards on an international basis in the past, and they plan to do so again in the future.

A final dealbreaker to consider with the Bitpay Bitcoin card is that it does not support many cryptocurrencies. Only bitcoin can be used to load the card, according to Bitpay’s support center on their website. Other crypto assets are supported on the greater Bitpay platform, so it’s possible this policy could change in the future.

Is the Bitpay Mastercard Card Right for Me?

The Bitpay Mastercard is likely best suited for Bitcoin purists who live in the United States. If you’re someone who likes to dabble in a wide variety of altcoins, then this definitely isn’t the crypto credit card for you.

If you live outside the United States, you obviously won’t be able to gain access to this crypto debit card. However, you should keep checking the Bitpay website to see when this changes, as the company is currently working on bringing their card offering to other parts of the world.

As always, it’s important to check out all of the different crypto debit card options available in your particular jurisdiction before making a final decision. That said, the lack of fees associated with converting bitcoin into U.S. dollars on a prepaid Mastercard card in the United States has to be an extremely attractive offer to most people, even with the lack of cashback rewards. The high ATM withdrawal limits may also be too good for some Americans to pass up.