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Attempts have been made to create a bitcoin card that offers instant conversions to fiat currency and reliable exchange rates, but up until now, such efforts have not come to fruition.
Hash Card will convert cryptocurrencies to fiat currency in real time, and will be accepted by tens of millions of merchants worldwide. The card will allow users to spend cryptocurrencies wherever credit and debit cards are accepted, both online and at physical stores. It will work online and in the bricks-and-mortar space. The card will facilitate spending bitcoin and more than 25 altcoins, with more altcoins to be added over time.
Hash Card seeks to make cryptocurrency a part of people’s daily life via an iOS and Android user-friendly wallet combined with a debit card. The card will help the cryptocurrency ecology by encouraging cryptocurrency use on a daily basis.
The card will also allow users to exchange money at precise interbank exchange rates. The funds will be instantly available on the recipient’s Hash Card.
Card To Be Available Soon
Hash Card has almost completed its beta stage testing to enable it to launch during the public token sale, scheduled to begin May 1. The cards will be limited to the first 3,000 subscribers, and will be distributed in batches every two weeks.
Subscribers can visit hashcard.io and complete a 3-minute onboarding process, including remote KYC, to sign up for the card.
Precise interbank rates will be guaranteed. With no fees or additional markups, the cardholder will receive a savings of up to 7% compared to high street banks.
Accounts will be funded immediately with bitcoin and Ether. Fiat funding will also be available in the fourth quarter of 2018.
Users will have the option to exchange cryptocurrency into USD and keep the card balance in USD. This will allow users to minimize cryptocurrency volatility.
A user transferring ETH to their Hash Card to book a spa overseas will not have to wait for the exchange to send a traditional wire/SEPA transfer, and the funds will be instantly available on their Hash Card.
The card will have a global reach with the exception of the U.S., which is excluded at the present time.
Wallet App To Be Available
The Hash Card wallet will be available on both iPhone and Android systems and protected by multi-signature technology, SSL encryption and two-factor authentication.
By using the HashApp, users will be able to view both crypto and fiat balances in their wallet.
The card will be free during the initial token crowd sale, and will cost $100 thereafter. The $100 is payable in HSHC tokens.
The use of the card is free providing annual spending is more than $1,000 or if the user holds 10,000 tokens for six months.
There are no annual or monthly fees to use the card. There is a 1.75% transaction fee for ETH/BTC swipe or exchange, and a 2% ATM withdrawal fee. The first 3,000 subscribers will have a flat fee of just 0.5%.
Card renewal and replacement of lost or stolen cards are $25, payable in HSHC tokens.
The standard card will be available to anyone except for Chinese nationals, although the card will be accepted in China.
Cards with lower transaction fees will be available in the third quarter.
Token Sale Scheduled
The token sale will run from May 1 to June 12, beginning 3 p.m. GMT.
There will be a token supply of 150 million tokens, of which 60% will be put up for sale, with a hard cap of between 9 million and 90 million tokens and a soft cap between 3 million and 20 million tokens.
The remaining tokens after the token sale will be destroyed.
The token price will be $0.10 USD.
Tokens will be issued for 72 hours after the token sale completes.
There will be a 30% bonus minimum contribution of $100 for the first 48 hours, followed by a 20 bonus minimum contribution of $50 for the third through 12th days, a 15% bonus minimum contribution of $25 for days 13 to 22, a 10% bonus minimum contribution of $5 for days 23 to 32, and a 5% bonus minimum contribution of $0.10 for days 33 to 42.