BCCPay is a debit card for Bitconnect users. Find out everything you need to know about the payment system today in our review.
What Is BCCPay?
BCCPay, found online at BCCPay.co, is a new website unveiled by the Bitconnect team. The website explains how users can use the Bitconnect debit card to load, transfer, and spend several currencies for purchases and ATM withdrawals.
Bitconnect has hyped their BCC debit card for months. It’s been listed as a major upcoming feature since Bitconnect was launched.
The debit card isn’t scheduled to be released in the near future. Registration for the debit card is scheduled to open at 9am on December 1, 2017. However, BCCPay doesn’t explain when the card is actually expected to launch.
How Does BCCPay Work?
BCCPay promises to make it easy to spend your cryptocurrency. You sign up for the BCCPay app, then order a physical or virtual card through that app.
To use your card, you’ll need to deposit Bitcoin (BTC) or Bitconnect (BCC) into your account. BCCPay claims that your wallet can be used to load your debit card for purchases “in multiple fiat currencies”, including USD, GBP, and EUR.
Once you’ve activated your card, you can use it for online purchases, ATM withdrawals, and ordinary credit card payments. The official BCCPay website explains how you can use your Bitconnect debit card at 30+ million ATMs and 35+ million locations worldwide.
Obviously, BCCPay isn’t the only debit card that lets you spend cryptocurrencies in the real world. Dozens of payment card providers have appeared over the last few years. However, I believe BCCPay is the first card that lets you spend Bitconnect. Obviously, since 95% of Bitconnect trades take place on a single, privately-owned trading platform, many card issuers have steered clear of the controversial digital token.
BCCPay Features And Benefits
Low Transaction Fees: BCCPay claims to charge a 0.25% fee when transferring money from Bitconnect or Bitcoin into fiat currencies. The BCCPay website states that this is the only fee you’ll pay to use your debit card (more on that later).
Unlimited Deposits and Withdrawals: Most debit cards have limits due to KYC/AML verification. The Bitconnect debit card website, however, claims “there are no limits on deposits and withdrawals of bitcoin or Bitconnect from your BCCPay wallet.”
Multi-Currency Support: Your debit card can support USD, GBP, and EUR. It appears you can use these currencies interchangeably, although BCCPay is not totally clear on how that works. They just say, “You can use these accounts to load your card anytime.”
Virtual or Plastic Card: Virtual cards can be issued instantly, while plastic cards can be shipped worldwide.
BCCPay claims that card users only pay a 0.25% fee to use their card, and there are no other hidden fees. However, that’s not totally true. If you read the fine print on the BCCPay website, you’ll find additional fees listed:
Spending Money Online or Offline: Free
Monthly Service Fee: 1 USD/EUR/GBP
Domestic ATM Withdrawals: 2.50 USD / 2.25 EUR / 1.75 GBP
International ATM Withdrawals: 3.50 USD / 2.75 EUR / 2.25 GBP
The company also claims there are no limits on its cards Again, that’s not true whatsoever. Instead, users are restricted to about $400 to $2500 of spending per day at the first KYC verification level. If you bump up to KYC level 2, then you’ll still have daily limits – so it’s unclear where BCCPay gets its “unlimited spending” claim from.
ATM withdrawals are restricted to 400 USD / 400 EUR / 320 GBP per day on KYC level 1 accounts, for example, and 2,000 USD / 2,000 EUR / 1600 GBP per day on KYC level 2 accounts. There are also maximum daily load limits at both verification levels.
The BCCPay website provides a full explanation of card limits here.
The crypto community has generally accepted that Bitconnect is a Ponzi scheme bound to collapse in the near future. The company still hasn’t revealed anything about its founders or management team, and there’s zero evidence that the company is making any money outside of new membership fees and the deposits of gullible investors.
That’s why we’re not completely convinced that the BCCPay debit card exists: like everything else about Bitconnect, it could all just be smoke and mirrors. The company has still not published any proof of its earnings or magical “trading robot” that makes profitable trades 100% of the time, for example.
We also don’t have a release date for the card. The BCCPay.co website, which just came online in early November, states that card registrations open on December 1 at 9am UTC. However, it’s unclear if the card will be available immediately after – or if it won’t be released for months.
In any case, you should be wary any time you see the word “Bitconnect” online. We’ll post an update when – or if – the Bitconnect debit card is ever released.