Hello Stackers! Bold is launching a credit card that’s backed by your bitcoin stack.
  • Spend dollars from a line of credit on your bitcoin, no credit checks necessary
  • Hold your own key in a collaborative custody multi-sig
  • Always be able to verify your coins are safe on the blockchain
  • Earn sats every time you spend fiat dollars
Bold makes it easy to live on bitcoin day-to-day while minimizing the need to convert BTC to fiat. This helps you avoid triggering capital gains tax and have fewer accounting headaches.
Better than traditional credit cards because its limits are higher, rates are lower, and rewards are in sats.
Better than bitcoin loans because you don’t start accruing interest right away. In fact, if you pay off your monthly balance, you pay no interest at all. Make payments in fiat or bitcoin, whatever suits your situation.
No rehypothecation. No shitcoins. No ETH. Never. Bold will always be Bitcoin only.
Launching summertime 2023. We’re very excited to get this into your hands.
Sign up for early access at getbold.io. Takes 30 seconds!
Let me know what you think and ask me any questions!
How does Bold make money?
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Bold's revenue comes from transaction fees on your purchases (and gives some of that back in reward sats) and if you decide to carry a balance.
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Get some of those juicy interchange fees
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This brilliant model takes advantage of tax rules and demonstrates Gresham's Law.
Spend bad money, save sound money.
Interchange revenue share models with credit card and banking networks is a money printing, albeit rent-seeking model that bitcoin and lightning will eventually replace.
Upon a particular market pricing representing another 100x +, bitcoin will transition from a store of value to a fulfilling medium of exchange money in a peer-to-peer economy.
Interchange fee-based business models are a volume game.
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"Spend bad money, save sound money."
Indeed!
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484 sats \ 4 replies \ @kr 1 Dec 2022
In your view, what is the biggest risk bitcoiners should be aware of when using Bold?
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Great question - we all know the price of bitcoin fluctuates. That means your credit limit does too.
So you need to stay within the acceptable LTV. We of course help you do so, and notify you if you are getting close to the limit.
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Really interesting product. So if a user's LTV crossed the acceptable threshold how would that impact the bitcoin held as collateral? And what could a user do to avoid losing that collateral?
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Our goal is for you to keep the bitcoin you put up as collateral. So we will be in communication at any point your LTV approaches critical levels. We are also developing some future "safety features" but those won't be ready at launch.
But the basic answer is that when your LTV crosses a dangerous threshold you will get a margin call to put up more collateral. You could also just pay down your balance owed.
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Just pay the bill probably if you don’t have the money then you get liquidated. That’s how margin works
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338 sats \ 3 replies \ @kr 1 Dec 2022
cool idea. can you elaborate on how your collaborative custody multi-sig system works?
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Sure. You are depositing your bitcoin with us as collateral, held in a multi-sig wallet. You keep one key, Bold has one and so does our key agent.
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I'll sign up for the waitlist later tonight.
I have some questions, mostly just to understand, not really deal killers.
Who is the "key agent"? Who pays them or how do they make money? Are they neutral, or are they just going to automate signing whatever you sign?
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Thank Jeff, the key agent is a neutral business whose sole purpose is the safe custody of keys . Very similar to other businesses like Unchained. Hope that helps.
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Interesting product!
Two questions: . In which countries will the card be available? . What kind of KYC (if any)?
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Thanks! We think so ;)
Launch is in the US, no specific timeline yet on other countries.
The Bold Card is built for bitcoiners (and built by bitcoiners). So we understand the need for privacy.
This is a credit card in the fiat world so the typical KYC rules apply. You do get the all the access and benefits of a credit card (fraud protection, chargebacks), so there are tradeoffs.
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So there is no capital tax unless we get liquidated?
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that's right, unless you decided to pay off your balance in bitcoin
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bolt needs to expand to more countries likes latin american countries. there is a very large market that until now has yet to be explored
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true! adopting bitcoin so important there
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Is the credit limit dynamic based on how much bitcoin is in the multisig wallet? Like can I withdraw any bitcoin that isn’t currently required to fulfill current debt on the card
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yes, your credit limit is solely based on your bitcoin's value. So if you reduced the bitcoin in the multi-sig it would reduce your credit limit
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How many middle east countries you support ?
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First launch with be in the US before we have our eyes on a global rollout.
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Why does location matter, if there is no KYC?
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Location matters because we are a regulated business and we have to get approval in each jurisdiction (in the case of the US, each State).
To clarify on KYC - despite the lack of credit check with a financial institution, customers of Bold do need to go through KYC in order to get the credit card, that is just how credit card transactions are required to work. It would of course be ideal not to have to KYC, but it's a necessary tradeoff. You do get fraud protection and chargebacks as a benefit from that.
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very cool product. Who is the key agent?
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Thanks! The key agent is Bold's banking partner, no names are public yet but we'll be announcing it when the time comes
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Hello @starbackr_builder I want to correct this answer as the above is not correct.
The key agent is an independent business whose sole function is to safely custody their client's keys. They are not our banking partner as I wrote above.
This model is the same as other collaborative custody solution like Unchained.
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Dumb question but why would a creditor accept multi sig as credit worthiness? Can’t we just vanish with the coins? I mean if a creditor gives me credit based off multi sig that i control I’m happy but just wondering what they’re benefiting from the deal.
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Not a dumb question - this gets into the nuance of the multi-sig. In our case, because the bitcoin IS the collateral, you hold one of the three keys.
This allows you to see your coins, but you do not have complete control.
Hope that clarifies
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So how do i request my coins and how long would it take? Also will bold be able to borrow against the bitcoin in those multisigs? Just cause it’s multisig doesn’t mean you can’t imply it’s a company asset like ftx did
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We do need to go through the requests to pull your coins to make sure your account is in good standing to do so, but it would not be a long wait (under a day maximum)
We will not rehypothecate your coins, you always have a key to verify that is the case. There are even third party services you can use to notify you if your coins move on the blockchain, and we encourage you do to whatever makes you comfortable with the setup. The coins will never move.
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Aaaand.....NO!
Sorry to ruin you campaign, but we are going towards a Bitcoin / Sat Standard not continuing to use fiat shitcards.
Just by sustaining their system you are sustaining SLAVERY. FIAT = SLAVERY and I will never support that.
Bitcoin adoption means we convince merchants to accept directly BTC not going back to fiat.

I WILL NEVER GO BACK TO FIAT!

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I look forward to the day when every merchant I deal with accepts my sats - just like you.
Until that time, we need a bridge that makes it easy for us who are on a bitcoin standard, and to welcome others to adopt bitcoin.
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Just by pushing those merchants to continue accepting fiat, you are not doing any good. Help them accept BTC, not fiat.
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This is a worthwhile initiative for sure. Also check out https://btcmap.org/map
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Yes, exactly, the merchants on that map are accepting ONLY BTC not worthless piece of shit fiat cards!
It's a fucking shame to use the word "Bitcoin" for a company that accept fiat!
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You are easily one of the most insufferable people on this website. I found a selfie.
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suck my balls
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You definitely need to calm down man. You're letting the perfect be the enemy of the good.
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Who the fuck are you to tell me to "calm down"? My mother? Even then, I will not listen to you.

I WILL NEVER "CALM DOWN" UNTIL ALL SHITCOINERS AND BANKSTERS WILL CALM DOWN AND FUCKING DIE!

I will never support any fiat company and/or let them fool again and again the weak minds with their tricks.
Can you read? They literally make you to spend fiat (so nothing burger innovation, just fooling you again and again):
Spend dollars from a line of credit on your bitcoin, no credit checks necessary
When people will realize that they are fooled!?
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You don't have to listen to anyone. I'm just a guy on the internet who likes Bitcoin, just like you. As a fellow sat-enjoyer I want to make a suggestion to you:
I personally think you need to take a break. Take a break from Bitcoin. Take a break from being online in general. Take a small week long vacation with no phones or computers. Hang out with friends and family, read some non-Bitcoin related books, Go to visit your local church, do some volunteering. Heck, go camping or hang out at the beach. Just something away from your keyboard.
Now I don't say this to be glib or to dunk on you. I'm saying this based on how you've responded to people in this thread and on this site in general. I'm beginning to learn that ideological possession is a thing and its not good, even if its for something good like Bitcoin. Frankly, I think you have a bad case of it.
Again: YOU DON'T HAVE TO LISTEN TO ANYONE. This is just my suggestion.
Are you aware of other non-bitcoin credit cards that use collateral in this way or this entirely new given Bitcoin's properties?
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We are closer to a secured line of credit if you're looking for comparables. But there's nothing on the market today that uses the amazing properties of bitcoin in this way, as a credit card.
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That's what I was looking for, thanks! I'm a debt-phobe so not super acquainted with the space. So this like a secured line of credit, which I presume could be any kind of asset, but Bitcoin allows the securing asset to be held in a collaborative manner rather than in some weird legal or custodial arrangement.
Are there any other unique advantages using Bitcoin gives Bold? Are all the KYC requirements the same, for example?
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Bitcoin is the asset, we only work with bitcoin. I think the world is starting to realize the benefits of it as collateral. And way easier than other assets that can be used as collateral - no rusty pipes or leaky roof :)
KYC is similar to a typical credit card, yes
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Sign up for early access at getbold.io.
What's this referring to?
Bull-poast with us:
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Bullish posting and boasting!
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Oh! Got it.
I was thinking that mention had to do with poa.st (on the Fediverse, ... whose members include a number of whack-a-doodles.)
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Will this be available worldwide or will it just be for those in the US
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To start it is in the US, no timeline yet for other countries
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Spend dollars from a line of credit on your bitcoin, no credit checks necessary
That means LITERALLY: give me your bitcoins and I will give you IOU fiat shitcoin.

I WILL NEVER DO THAT!

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Good point.
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This sounds REALLY interesting. Can’t wait to learn more as you all get closer to launch. Break a leg!
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Do you have an idea of what kind of interest rate you will charge? I might be missing it somewhere, but couldn't find it on a quick look around.
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We will have an APR that's lower than traditional credit cards. No specific details at this time but stay tuned
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They should be more competitive than Ledn's rates, right? Or at least on par?
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I know first-hand the Ledn model and I think safe to say that the overall amount of interest you'd pay will be much less with Bold. Main reason is with Ledn you take out the entire amount of your loan and start paying interest on it from day one.
With Bold, you can spend for a month and then at statement time decide what you want to pay down. If you pay it down completely, you pay no interest. But even if you carried the entire balance, it's only after that month that you being accruing interest.
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0 sats \ 0 replies \ @Gar 3 Feb
Still not launched yet, eh? Website says join the wait list?
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Any plans to implement lightning ?
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The main offering is 100% on-chain. We have some fun things in the works for customers to do while we launch this product. Those marketing initiatives will be implemented in Lightning
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wen available in Europe? 😙
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no timeline yet but stay tuned!
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Apart from being Bitcoin only, what are the differences with Nexo credit card?
And is KYC needed?
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Great question. We are bitcoin-only, would never try to get our customers to buy our own token! And you can hold a key to the coins you put up as collateral, whereas Nexo gives you an IOU.
All credit cards require KYC, including the Bold Card. There are some benefits to this, like chargebacks and fraud detection.
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Will you launch in Europe?
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Stay tuned, we'll have our eyes on Europe once we launch across the States.
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This helps you avoid triggering capital gains tax and have fewer accounting headaches. [...] Make payments in fiat or bitcoin, whatever suits your situation.
Oh, ... yes -- that's definitely something I wouldn't get with a bitcoin-funded debit card (where I load it with bitcoin and the bitcoin are converted to USD, either at the time I load or at the time my fiat purchase occurs).
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In which countries or regions is it available? Is there a different interest rate for each country?
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It will first be available in the US. Interest rates may vary by country but that's still to be figured out. Thanks for your interest
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Thx. You have Twitter account for stay tuned?