Dash interest payments & a Dash Visa/Mastercard ATM debit card

InTheWoods

InTheWoods

Well-known member
Foundation Member
Was thinking why not approach these guys and make the case for a Dash Visa/Mastercard debit card. They currently offer Bitcoin debit cards but via a partnership with Node40 they could do something better, a Dash debit card that pays interest. Won't that be much cooler than a simple Bitcoin debit card?
 
InTheWoods said:
Was thinking why not approach these guys and make the case for a Dash Visa/Mastercard debit card. They currently offer Bitcoin debit cards but via a partnership with Node40 they could do something better, a Dash debit card that pays interest. Won't that be much cooler than a simple Bitcoin debit card?
Click to expand...

How Coinbase does it in my mind is they just operate as an exchange and letting people load those funds onto a "debit" card would be a rather simple step, as long as the risk was managed, right?

I was also thinking this concept could be used to decentralize a service such as Bitpay... have the Budget buy back the Dash people don't want at market value would be one hell of a great idea, if it was feasible. Also would HUGELY increase peoples ability to use Dash.
 
TheDashGuy

Not sure about Coinbase. They are US only. These Ecoinio guys cover EU and the rest of the world. What you have to do is send coins to their web wallet and from there load up your card with the desired amount. It's pretty cool and you can have crazy high limits as compared to a standard debit card. As for security, all the deposits are insured:

Insurance

Funds are protected by insurance
All wallets in our system are protected by BitGo’s multi-signature technology, so you can sleep well every night knowing your funds are safe.
Moreover, the funds are also fully insured by one of the premier providers in the world, XL Group, a global insurance company operating in approximately 160 countries with total assets of over $45 billion with an A+ rating (S&P).
Given the young age of the blockchain technology overall, we understand that first of all you are concerned with security of your bitcoins. The good news is that we have sorted it out for you and all risks are on the insurance company now.
 
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InTheWoods said:
Was thinking why not approach these guys and make the case for a Dash Visa/Mastercard debit card. They currently offer Bitcoin debit cards but via a partnership with Node40 they could do something better, a Dash debit card that pays interest. Won't that be much cooler than a simple Bitcoin debit card?
Click to expand...

Interesting. So they are basically acting as an exchange (I think). I don't know if I see the partnership opportunity though. A user would have to load more than 1,000 Dash into their system and E-Coin would have to run a masternode for the card holder. So as long as the balance doesn't go below 1,000 the interest (rewards) would be available for use through the debit card. The part I'm tripping over is if you have 1,000 Dash why not just run your own masternode?

Would be interested in hearing more about your thoughts.
 
orangecycle said:
Interesting. So they are basically acting as an exchange (I think). I don't know if I see the partnership opportunity though. A user would have to load more than 1,000 Dash into their system and E-Coin would have to run a masternode for the card holder. So as long as the balance doesn't go below 1,000 the interest (rewards) would be available for use through the debit card. The part I'm tripping over is if you have 1,000 Dash why not just run your own masternode?

Would be interested in hearing more about your thoughts.
Click to expand...

Why do you have to have 1000 Dash? I believe Node40 aims to offer masternode shares as well so it could work with any amount of Dash. People could have hold Dash in that wallet, get paid interest and also get to have it linked to a debit card for daily shopping.
 
Like most of these debit cards loaded with Crypto, these guys don't offer it to US customers. Zapo is another with the same - no US customer deal. Looks pretty reasonable. $17 for the card and a 1% exchange rate to load with bitcoins. They have to be subsidizing the cost of the card with the exchange fee. I see your idea with enough deposits to own a masternode and then use the rewards to pay out interest. I could see this working to subsidize the cost of the debit card, but hard to believe it would be profitable enough to actually pay interest out.

Bitcoin needs this type of service. There is no way to use bitcoin without a debit card or atm for point of sale. Dash can go direct with instantx with no waiting, no fees. I see the crypto debit card solutions failing long term. The exchange fees will always be higher than just using a fiat bank account with debit card. There has to be a benefit for people to use crypto....like minimal transaction fees.

One way to do this:
Create a masternode share account - an interest bearing savings account with dash. Probably need some way to request a withdraw with a 7 day waiting period. Start with dash only (similar what node40 is doing now, but with ability to deposit and withdraw random amounts). Then add an exchange from dash-fiat. Then add debit on to this once it is big enough.

Or just skip the debit card and do the bitpay with Dash like thedashguy said. I think this would be a bigger benefit. Still need an exchange to make this work.
 
Solarminer

I believe either Coinbase or Circle offer debit cards in the US.

Yes. You don't need to deposit 1000 coins. Node 40 can make a deal with these guys to provide them the masternode keys and they in turn will send in the interest minus the maintenance cost to Ecoinio. It could be a very simple arrangement. Say 50 people hold collectively 5000 dash on the Ecoinio webwallet; Ecoinio can provide Node 40 five masternode keys and Node 40/Ecoinio can make regular payments to these 50 accounts.
 
TheDashGuy Coinbase doesn't like MN....Otherwise, I would have one of these nifty ...what do you call them. Debit cards...yes...

InTheWoods Yeah, Node40 doesn't need a full masternode, but they do need enough for a share, and I believe they have a wait for withdraw. If you are doing a savings account where you have random amounts taken at random times...Yeah Econio or Node40 still have a little magic box stuff to do to make it happen. It should be possible....
 
bluebit said:
take a look at Wagecan, they offer a BTC Mastercard, and pay interest in your savings account, but it's not much.
Click to expand...
Perhaps these guys are worth contacting as well. They could pay way higher interest on a Dash mastercard.
 
upload_2016-2-12_13-36-51.png


https://twitter.com/WageCan/status/698100850942701569
 
This would be huge news if Wagecan made a Dash Mastercard and you could earn 7-10% interest/year in your saving account. Would be killer!!! I already own a Wagecan Bitcoin Mastercard, works great, only downside are the ATM fees when withdrawing cash.
 
bluebit said:
This would be huge news if Wagecan made a Dash Mastercard and you could earn 7-10% interest/year in your saving account. Would be killer!!! I already own a Wagecan Bitcoin Mastercard, works great, only downside are the ATM fees when withdrawing cash.
Click to expand...

If anybody has an inside contact with them, I would be happy to chat. Feel free to DM me.
 
I am new to Dash - so hi!
This debit card with interest payments is a fantastic idea!

Is there a general way/service for non-technical people where they can earn interest on their DASH?
(without running their own masternode)

I mean let us think of a service where people just can transfer their DASH to and earn like 7% interest on it.
An online wallet/store for DASH with regular interest payments.

7% interest payments would be huge and investors would flock to DASH.

But the service needs to be easy, like opening an account with Poloniex.
 
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