Bitinvest is a Brazilian company that provides users a market to buy, sell, and store digital currencies. At the moment, Bitinvest only supports bitcoin and Litecoin, but the exchange plans to support other currencies in the future. Today, Bitinvest announced a new, simple way to use bitcoin practically anywhere in Brazil. It’s called Coincard, and it’s a prepaid MasterCard debit card that can be loaded with BTC.
How it Works
Using a Coincard couldn’t be simpler. After signing up for the card, Bitinvest will deliver it anywhere in the world. Next, a cardholder will be given a unique bitcoin address. This address is used to load the card, and deposited bitcoins will instantly be converted to Brazilian Reais. Once the card is loaded, it can be used anywhere in Brazil where MasterCard is accepted.
Perhaps the single biggest benefit of Coincard is that it’s so simple and intuitive. The card can easily be loaded, since Bitinvest handles the conversion from BTC to BRL (Brazilian Reais). If cardholders want to convert BRL back to BTC, this can be done as well. Furthermore, Coincard has the typical security features one would expect from a traditional debit card. It can only be used with a personal PIN, and if the card is lost or stolen, it can easily be deactivated, and any funds in the card will be transferred to a new Coincard. Finally, Coincard can be used in the millions of locations in the country where MasterCard is accepted.
Coincard seems like a great tool for anyone living in or traveling to Brazil. With the 2014 FIFA World Cup starting soon, many bitcoiners will be travelling to the country and could definitely benefit from Coincard. It’s unfortunate that Coincard works exclusively in Brazil, but hopefully others will take note and develop similarly simple solutions for other countries.