What is a bitcoin debit card?
A bitcoin debit card is a regular debit card just like any other debit card in South Africa, with one main difference being that it is not issued by your bank, or funded by your bank account. The debit card is instead issued by an cryptocurrency exchange or company, and you fund it with your bitcoin or other cryptocurrency via the cryptocurrency exchange website.
Spend your bitcoin anywhere you can use a debit card
A bitcoin debit card will allow you to effectively let you spend your bitcoin anywhere South Africa where Visa or Mastercard debit cards are accepted for payment, which is pretty much everywhere. You can easily use the debit card to swipe in a store at teller, to shop online, or you could even use it to withdraw cash at an ATM.
Is there a bitcoin debit card that works in South Africa?
A few years ago there was a lot of different bitcoin debit cards available to South African users, but the main companies issuing the cards were forced to pull out of African markets due to European regulations.
South African based cryptocurrency exchange iceCUBED (Known locally as iCE3) is now issuing locally produced cryptocurrency debit cards for people in South Africa!
Once again we are able to spend cryptocurrency using a debit card, instead of withdrawing the Rand to your bank first, and using your ‘regular’ bank issued debit card.
Many of our users want to buy goods and services with their crypto, and the iceCUBED Crypto Debit Card gives power to users who can now spend bitcoin at merchants countrywide. – iceCUBED crypto exchange CEO Gareth Grobler
Where can I get a bitcoin debit card in South Africa?
The bitcoin debit card is available from iceCUBED cryptocurreny exchange in South Africa who have been in operation since 2013 in South Africa, and are a trusted crypto exchange.
- If you are not already a member of ice3, use our affiliate link and get a 50% discount on your trading fees here: https://ice3.com.
- If you need assistance registering on iCE3 exchange, you can follow our step-by-step guide to register and buy bitcoin
Right now members are able to pre-register for the debit card as it will be distributed from June 2020. Members of iCE3 who are AIC token holders will be the first ones to receive their cards, followed by the rest of the members who do not hold AIC token on the exchange.
Users of iceCUBED exchange can store funds in the cryptocurrency of their choice on the exchange, and automatically convert that to South African Rand when they want to make a payment with the card.
How much does the card cost?
This is the best part, the card only costs R250, and that includes being courier delivered directly to your door!
- Cost to swipe or pay with card: FREE!
- Cost to withdraw cash at an ATM: R10 to R18 (Depending on the ATM Bank Issuer)
- Cost to get cash back at teller in store: R3 to R5 (Depending on the store)
- Monthly maintenance fee: R10 per month
If you are already a member of iCE3 exchange, or have just registered, you can head over to the Accounts page, and then go to the Debit Card page, where you will be able to find out more information once you are able to place your order for the card.
You can also pre-register for the card using the same email address you use for your existing account on iCE3 exchange via their blog here: https://ice3x.co.za/crypto-debit-card/