51 sats \ 2 replies \ @ae52f929c 13 Jul 2023 \ on: pay with btc via credit card bitcoin
There was a thread posted just earlier you might find useful. The timing on your question is coincidentally perfect! #208286
On that list I like Bitrefill the most. You can use it to buy prepaid Mastercards. That list also mentions BitPay which is probably nearly what you are looking for.
Be aware of how tax laws in your area work and try to get a clear understanding of how BitPay exchanges Bitcoin to Dollars when you make a transaction using their card.
If BitPay is directly selling your Bitcoin to dollars then this is a capital gains tax event you need to track. Coinbase has a card and this is what they do.
However it is possible BitPay just credits your account instead. If that is the case then the credits on the account isn't the Bitcoin you sent to it. That Bitcoin got sent to Bitpay reserves and your account got credited a value that represents Bitcoin and fiat.
That means that BitPay is selling their own Bitcoin out of their own reserves and is responsible for all of the tax events that selling Bitcoin generates. But you don't have to worry about it because you're not selling Bitcoin to do the transaction. They just do the math to maintain the credit on your account.
Strike does something like this as well but unfortunately never released a debit card.
is it possible to return money from prepaid cards?😅
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I am not too sure but I don't think so. In the case of something like BitPay assuming it works as I described above they probably would also allow you to transfer back into Bitcoin. Instead of you sending Bitcoin to BitPay they will subtract the credited amount from your account and send Bitcoin to any wallet address you specify. Again the Bitcoin you're getting is just Bitcoin from BitPay's reserves. It isn't the same Bitcoin you deposited. There are some interesting implications in the details of that people can take advantage.
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