Over the past few weeks, we have seen several exchange platforms integrating credit and debit card payments in order to allow customers to purchase their digital currency with more traditional payment methods. On the other hand, we have also seen Bitcoin debit cards, such as provided by E-Coin and Xapo. 247Exchange is taking things a whole new level, as they announced their funding of debit and credit cards with Bitcoin AND altcoins.
247Exchange – Bitcoin and Altcoin Withdrawals
While the concept of buying digital currency with credit or debit card is nothing new, this feature is not available to anyone in the world. 247Exchange’s implementation of withdrawing Bitcoin and altcoins to credit or debit cards will be globally available, according to their recent press release.
If you own a Visa or Mastercard credit or debit card, you can make use of this service right away. To take things to a new level, prepaid credit and debit cards are also supported by this new feature, which is a world’s first when it comes to cryptocurrency-related top-ups. Last but not least, users of the 247Exchange platform can withdraw their funds in local currencies, such as USD or EUR.
“It’s always been a headache for everyone to exchange Bitcoin to fiat money with minimal losses. If you look at the market, you’ll see that only a few companies offer such services as withdrawing cryptocurrencies to credit cards. Maybe we’re not the pioneers, but we’re among the first ones. With our service Bitcoin becomes one step closer to real money. It’s never been so easy to transform Bitcoin into USD, Euro or another fiat currency,” 247exchange.com CEO Alexey Maximenko told CryptoArticles.
247Exchange was one of the first cryptocurrency exchange platforms to integrate paying with credit or debit card in order to buy digital currency, which took place at the end of 2014. Because of this added feature, customers can now use Bitcoin or altcoins to pay for anything in the world wherever credit or debit cards are accepted.
Not only does this make the conversion from fiat to cryptocurrency, and cryptocurrency back to fiat incredibly easy and convenient, but it also opens up a whole slew of new opportunities for Bitcoin enthusiasts. Some examples include paying your loan in Bitcoin, transfer money to friends with Litecoin or Peercoin.
Rather High Fees Compared To Other Options
Most of you would expect a service like this to charge ridiculously high fees, but you would be sorely mistaken this time. 247Exchange does everything they can to keep the fees as low as possible. However, it is still quite a high fee to my personal liking to be honest, as you can see in the screenshot below .
In fact, I will receive less with transferring it to my credit card compared to when using a regular SEPA transfer, as that gives me 5.5 EUR more. Even though the SEPA fee is actually 8 euro, which is higher than credit/debit card withdrawals, I end up receiving less money than just moving funds to my bank account.
The new service offered by 247Exchange makes it a lot easier for most people to receive instantly spendable fiat currency when cashing out Bitcoin or altcoins. However, at the current costs required to perform that type of transactions, I doubt it will be popular any time soon.