Bitpay emails its European cardholders earlier today announcing to shut all Bitpay card accounts from Wave Crest. The card will cease to work after October 31, and users will no longer have access to their dashboard.
Bitpay explains saying, “We are now working to sunset Bitpay accounts related to the Wave Crest Bitpay card. In 30 days, we will be turning off access to your Bitpay card dashboard. If you need to store your card’s transaction data for any purpose. Please export your transaction data before your card dashboard access ends on Wednesday, October 31st, 2018.”
These debit card by Bitpay would allow users to load them with cryptocurrencies. Then use them in the real world as any debit card would. And the issue arises now as Wave Crest has its license from Visa revoked.
“As you know, your Bitpay card’s issuer Wave Crest Holdings Ltd. stopped providing service for your Bitpay Card as of October 2017 or January 2018,” explains the Atlanta-based firm.
Since Bitpay’s debit card will stop, there are other alternatives for European users like Revolut and Wirex for crypto-to-debit needs. Many startups in this niche are developing the Europe counterparts to tackle this issue.
This technology or idea, to spend the cryptos using a debit card is very radical but we are still tied to the traditional financial network. Te users can still download their transaction history in a CSV file for record and tax keeping purposes. If you are a Bitpay debit card holder, it is recommended for you to download all your transaction details in CSV format.
What is your opinion on shutting down these debit cards? Do you already have an alternate for this problem? Let’s Discuss.
Image Credits- ytimg, WP engine